Kurukshetra - Back

Social Security Schemes

What is meant by “Social security”?

1. Social security is a system of protection of individuals who are in need of such protection by the State as an agent of society.

2. It is needed in situations like retirement, resignation, death, disablement, etc.

3. State has to play an important mandate to provide a protective cover to the poor, weak, deprived and disadvantaged.

4. It may refer to social insurance, where people receive benefits or services in recognition of contributions to an insurance program.

How is social security beneficial?

1. It will promote progress by making men and women more efficient and productive.

2. It brings a more positive attitude to structural and technological change.

3. It has come to be linked to job benefits.

Which are the key initiatives?

1. Pradhan Mantri Jan Dhan Yojana

a) It is a financial inclusion programme applicable to 20-65 years age group.

b) It aims to expand and make affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions.

c) It aims to bring banking services to rural areas.

2. Pradhan Mantri Jeevan Jyoti Beema Yojana

a) It is a Government-backed life insurance scheme in India.

b) It is available to 18-50 years age group with bank account.

c) Annual premium = Rs.330.

d) In case of death due to any cause, the nominee would receive Rs.2 lakhs.

3. Pradhan Mantri Mudra Yojana

a) It aims to “fund the unfunded” by bringing such enterprises to the formal financial inclusion system and extending affordable credit to them.

b) It enables a small borrower to borrow from all Public Sector Banks, Private Banks, Foreign Banks, Micro Finance Institutions and NBFC for loans up to Rs.10 lakh for non-farm income-generating activities.

4. Pradhan Mantri Vaya Vandana Yojana (PMVVY)

a) It is a pension scheme announced by the Government exclusively for the senior citizens aged 60 years and above.

b) It provides an assured return of 8%/annum payable monthly for 10 years.

c) It also allows for premature exit for the treatment of any critical/terminal illness.

5. Pradhan Mantri Suraksha Bima Yojana

a) It is a Government-backed accident insurance scheme in India.

b) Eligibility: 18-70 years age group with bank account.

c) Annual premium = Rs.12

d) Payment to the nominee = Rs.2 lakh (in case of accidental death or full disability) and Rs.1 lakh (in case of partial permanent disability).

6. Atal Pension Yojana

a) It is a Government-backed pension scheme in India.

b) It is primarily targeted at the unorganized sector.

c) All subscribing workers below the age of 40 are eligible for pension up to Rs.5,000 per month on attainment of 60 years of age.

d) Eligibility: 18-40 years.

7. Stand-Up India scheme

a) It aims to facilitate bank loans between 10 lakh and 1 crore to at least 1 SC/ST borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise.

b) Loan can be repayable in 7 years.

8. Swachhta Udyami Yojana

a) It is an integral part of the ‘Swachh Bharat Abhiyan’.

b) It is aimed at financing viable community toilet projects and sanitation-related vehicles.

9. Green Business Scheme

a) It aims to promote green businesses to support sustainable livelihoods of SCs and Safai Karmcharis.

b) It will provide financial assistance to economic activities that could address the issues of climate change like E-rickshaw, solar pumps, etc.

Where progress can be seen?

1. These schemes work towards the upliftment of weaker sections of society.

2. The amounts of benefits accruing to different social groups, income groups, and occupation groups have been huge.

3. The schemes have set the foundation for an upcoming growth graph in all respects.