Over the last couple of months most of us are likely to have heard of the  recently launched low cost Pradhan Mantri Schemes, thanks to the huge publicity through advertisements, hoardings and our personal bankers sending us emails on how to avail of these. Though most of these are low premium, low benefit schemes primarily targeted at the lower income group, it is open for all. If one does not need these for himself or herself, he or she can help their domestic helps/workers and businessmen can encourage their employees to subscribe to these. More details as follows-

Pradhan Mantri Jeevan Jyoti Bima Yojana

• A death benefit of Rs 2 Lakhs at a nominal premium of Rs 330 per year.
• Available to all bank account holders in the age group of 18 years to 50 years.
• The premium will be directly debited from the beneficiary’s bank account every year.
• Each eligible family member can take one policy each.

Pradhan Mantri Suraksha Bima Yojana

• Accidental death and full disability cover of Rs. 2 Lakh for a premium of Rs 12 per year.
• All account holders in the age group of 18 years to 70 years.
• 1 lakh paid in case of partial disability.
• Each eligible family member can avail of this.

Atal Pension Yojana

• A pension scheme for citizens of India aged between 18 years and 40 years, monthly sums to be paid till age 60.
• Monthly pension of Rs 1000/- , Rs 2000/-, Rs 3000/-, Rs 4000/- or Rs 5000/- from age 60 depending upon the amount and number of monthly contributions made.
• More suitable for workers in the unorganized sector and lower income bracket. Mandatory to have a bank account.
• For those joining the scheme between 1 June 2015 and 31 December 2015 who are non tax payers and not covered by any other social security scheme, government’s co-contribution is available for the first 5 years.

Pradhan Mantri Jan Dhan Yojana

For those desirous of opting for any of the above schemes but who do not have a bank account, this is a savings account with no minimum balance requirement. The debit card which comes along with the account has an accident insurance of Rs 1 Lakh and life insurance of Rs 30,000/-. An over draft facility of up to Rs 5000/- is also available.