List of Schemes in Sikkim

Financial services including remittance, credit, insurance, pension, savings and deposit accounts are available to the poorest and neediest sections of our society through the Pradhan Mantri Jan-Dhan Yojana.

India’s Modi-led government has launched three new plans known as the Jan Suraksha Schemes, following the success of Pradhan Mantri Jan Dhan Yojna, an accidental cover scheme, which proved a hit with the country’s residents upon its launch. They include things like health insurance for the poor and pensions.

In order to participate in the PMJJBY, participants must be between the ages of 18 and 50 and have a bank account. In order to open a bank account, Aadhar would serve as the primary form of KYC. The Rs. 2 lakhs life insurance policy will be in effect from June 1st to May 31st, and it will be renewed. If the insured person dies for whatever reason, they are covered up to Rs. 2 lakhs under this plan’s risk coverage.

Pradhan Mantri Jan Dhan Yojana (PMJDY)

An Indian government financial inclusion programme, the Pradhan Mantri Jan Dhan Yojana (PMJDY, transl. Prime Minister’s People’s Wealth Scheme), has been launched to provide Indian citizens with access to financial services like bank accounts, remittances and credit. Minors of the age of 10 and older can open an account with a guardian to manage it. On August 28, 2014, Indian Prime Minister Narendra Modi announced the commencement of the Financial Inclusion Campaign. On August 15, 2014, he made this announcement in his first Independence Day speech.

On August 15, 2014, Prime Minister Narendra Modi inaugurated the programme. One of the campaign’s catchphrases is “Mera Khaata, Bhagya Vidhaata” A number of earlier government initiatives, notably Swaabhimaan, had failed, prompting the launch of this new initiative. In 2011, the Indian government launched a programme to expand financial services to the countryside.

15 million bank accounts were opened on inauguration day by the Ministry of Finance’s Department of Financial Services. From August 23 to 29, 2014, the Government of India opened 18,096,130 bank accounts as part of its financial inclusion push, according to the Guinness Book of World Records. A total of 792 billion (about US$12 billion) have been transferred into 318 million new bank accounts as of the 27th of June, 2018.

From Jan Dhan to Jan Suraksha

For a long time, the majority of Indians were without health, accident, or life insurance. According to the 66th Round of the NSSO Survey of 2011-12, 88 percent of the total labour force of 47.29 crore workers had no statutory pension plan. To address this, the 2015-16 budget included Pradhan Mantri Suraksha Bima, Atal Pension, and Pradhan Mantri Jeevan Jyoti Bima, three social security programmes. Jan Dhan Yojana’s platform is used to provide individuals with protection in the event of illness, accident, or old age.

To build a universal social security system for all Indians, the Indian government suggested using bank accounts as a starting point for launching new programmes for the poor and underprivileged as well as unorganised sector workers. This was spurred on by the Pradhan Mantri Jan Dhan Yojana’s success. It was on 9 May, 2015, when Prime Minister Narendra Modi introduced the three social security initiatives to help the poor and downtrodden.

Pradhan Mantri Suraksha Bima Yojana was launched by the government of India to encourage citizens of India to have insurance access and coverage. It costs Rs. 12 to join the scheme and provides accidental death or total disability insurance as well as partial disability insurance. Between two and four years are the typical terms for both forms of insurance. Rs.1 lakh for partial disability and Rs.2 lakh in case of death or total disability are covered by insurance. One’s bank account is automatically deducted for tax-free long-term insurance premiums. To ensure that their loved ones are taken care of in the event of their death or total incapacity, subscribers can designate a beneficiary. There are a number of conditions to be qualified for this programme:

• The applicant must be an Indian citizen aged 18 to 70
• A savings account at any Indian bank would be sufficient for the premiums to be deducted
• Aadhaar card and standard KYC documents should be provided when applying
• The programme is open to all Indian citizens

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

The Pradhan Mantri Government-backed life insurance in India is the government-backed Jeevan Jyoti Bima Yojana. Finance Minister Arun Jaitley first addressed it in his Budget speech for the year 2015 in February 2015. On May 9th, Prime Minister Narendra Modi inaugurated the programme in Kolkata. As of May 2015, only 20% of Indians were covered by any type of insurance; this programme tries to remedy that disparity.

People between the ages of 18 and 50 who have bank accounts are eligible for the Pradhan Mantri Jeevan Jyoti Bima Yojana. A yearly premium of 330 ($4.30) is required. In the Pradhan Mantri Jeevan Jyoti Bima Yojana, the Goods and Services Tax is excluded. In May of each year, the sum will be deducted from the account. The insurance policy covers you for a year, from June 1 to May 31. Those who sign up for automatic debit will have their subscriptions renewed for an additional 55 years. Individuals over the age of 50 are not eligible for this programme. This programme does not need a person to submit a medical report or certificate when they enrol. The candidate will receive 2 lakh ($2,600) in the event of his or her death, regardless of the cause. You must link your aadhaar card to your participating bank account in order to take advantage of the Pradhan Mantri Jeevan Jyoti Bima Yojana’s many benefits.

Pradhan Mantri Jan Dhan Yojana’s bank accounts will also be linked to this scheme. The majority of these accounts began with a 0 credit balance. This and other initiatives to minimise the number of zero balance accounts are being pursued by the government.

This service is now available to all Bank account holders via their net-banking service or by filling out a form at the bank branch.

The premium is debited from the insured’s bank account on a pre-determined schedule. After the insured’s death, the insured’s family members will receive an amount insured of 2 lac rupees.

CONCLUSION

Jan Dhan Yojana would give universal banking coverage in all 6 lakh villages by giving each household a Basic Banking Account. It aims to give all rural and urban households access to financial services such bank accounts with RuPay Debit cards, credit, remittance, Insurance, and Pension. The Mission integrates marginalised groups of society into the financial mainstream and makes government subsidy transfers more efficient. It’s the first step toward economic equality and financial accessibility.

The three-tier social security systems outlined in the current year’s budget would spread a safety net of protection to all strata of society against deprivation and uncertainty.

PMSBY and PMJJBY will give a large population accessible and affordable personal accident and life insurance. It will improve insurance awareness and penetration/density. Jan Dhan to Jan Suraksha promotes financial inclusion, financial stability, and overall Indian growth.