Much to the delight of the people, the government has set a target for three social security plans which includes life insurance, accident cover and a pension scheme. Finance Minister Arun Jaitley has assured that the government is seriously looking to increase the insurance coverage in India to 40-50 percent of the population. Where it is presently only 20 per cent. This scheme is covered under the social security initiate launched a fortnight ago on Saturday.
This scheme comes at a nominal premium with life cover premium at Rs. 330 a year. While the accident insurance policy costs Rs. 12 annually with both coverage of Rs. 2 lakh each.
The government has not failed to acknowledge that pension will be the slowest moving product with life insurance demand expected to scale in the next few weeks.
The success of the scheme, too has no bounds. With over 7.6 crore opting for them, having launched just a fortnight ago. A whooping majority of 5.8 crore have opted for accident insurance policy, while the latter 1.8 crore have so far bought the life cover.
Till May 20, the Atal Pension Yojana has recorded 78,000 takers, as shown on the government website.
With only 11 per cent of population having pension plans, the Atal Pension Yojana aspires to make in to a far bigger pensioned society. Quoting Arun Jaitley in a news conference.
Addressing the media in the run-up NDA government’s anniversary celebrations, Arun Jaitely has said, “UPA’s attempt to reduce the stature of Prime Minister’s position by setting up power centre outside the government (National Advisory Council), we always felt such a system cannot continue in a democracy and we have reversed that. In this government the last word belongs to the Prime Minister and that is how it should be.”
The Finance Minister also appreciated the Modi Government saying that it’s a major government initiative and unlike the other governments in the past the Modi Government did not attempt to push such policies on the eve of elections.
Tags: Arun Jaitley india Lok Sabha Polls Narendra Modi
