Important Schemes Launched by Government of India
Here are some Important Schemes Launched by Government of India.
Pradhan Mantri Jeevan Jyoti Bima Yojana:
This is a low premium insurance scheme which will link with the Pradhan Mantri Jhan Dhan Yojna.
Key points of the scheme:
1. Age limit – 18 yrs – 50 yrs
2. Premium payable for this scheme is Rs.330 per year i.e. less than Rs.1 per day.
3. Risk coverage of Rs.2 Lakh in case of death for any reason.
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Atal Pension Yojana (APY):
This scheme is mainly for workers in unorganized sector. The scheme will be administered by the Pension Fund Regulatory and Development Authority (PFRDA) and replace the previous government’s Swavalamban Yojana NPS Lite.
Key points of the scheme:
1 Minimum & Maximum pension –The subscribers who will joined the scheme would receive the fixed pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions.
2 Age limit: 18 yrs – 40 yrs.
3 A subscriber can contribute for minimum period of 20 years or more and pension payment will start at the age of 60 years.
4 The government of India has decided to co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, i.e., from 2015-16 to 2019-20, who join the NPS before 31st December, 2015 and who are not income tax payers.
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Pradhan Mantri Suraksha Bima Yojana:
It is an insurance scheme which covers death or disablement of the policyholder caused due to accident or accidental injuries.
Key points of the scheme:
1. Age limit: 18 yrs – 70 years.
2. The scheme will be a one year cover, renewable from year to year and would be administered through the Public Sector General Insurance Companies in collaboration with Banks.
3. Risk coverage: The Pradhan Mantri Suraksha Bima Yojana will offer an accidental death and full disability cover of Rs. 2 Lakh and for partial disability cover of Rs. 1 Lakh.
4. Premium: Rs.12 per annum. The premium will be directly auto-debited by the bank from the subscribers’ account.
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Sukanya Samriddhi Yojana:
This is a small deposit scheme for the girl child.
Money can be used for future of girl child (eg. Marriage, Higher Education etc.)
Key points of the scheme –
1. Age Limit – The upper age limit of the girl child for opening this account is 10 years. The govt. has given a relaxation of one year in the upper age limit for those opening accounts till December 1, 2015
2. Minimum & Maximum deposit: The minimum deposit under the scheme is Rs. 1000/-. The maximum deposit is Rs. 1.5 lakhs.
3. Interest rate: The government will announce the interest rate of the scheme every year. However, the government of India has increased the rate of interest from 9.1% (2014-15) to 9.2% (2015-16) for this financial year.
4. Maturity period: The maturity period of the scheme is 21 years from the date of account opening, though deposits need to be made only for the first 14 years.
5. The minimum lock-in in period under the Sukanya Samriddhi Yojana is 11 years.
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Pradhan Mantri Krishi Sinchayee Yojana (PMKSY):
Agriculture Irrigation Scheme.
Key points:
1 Scheme aims at providing irrigation facilities to every village in the country by converging ongoing irrigation schemes implemented by various ministries.
2 Budgetary allocation: 1,000 crore rupees for fiscal year 2015-16.
3 Funding Pattern: Centre- States will be 75: 25 per cent. In case of north-eastern region and hilly states it will be 90:10.
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Pradhan Mantri Jan Dhan Yojana:
Financial inclusion initiative Pradhan Mantri Jan Dhan Yojna has entered into the Guinness Book of World Records, by opening nearly 11.50 crore bank accounts in the shortest period of time. The Guinness Book of World Records has also recognized the achievements made under PMJDY and has given a certificate stating that the most bank accounts opened in one week as part of the financial inclusion campaign is 1.8 crore.
Key points:
1 'Pradhan Mantri Jan Dhan Yojana' Scheme for financial inclusion launched was launched by Prime Minister Narendra Modi on 28th Aug 2014 to help the poor open bank accounts.
2 The slogan of the scheme is “Mera Khata – Bhagya Vidhaata”
3 The scheme aims to open minimum 15 Crore Bank accounts by 15 Aug. 2015
4 Every person will be eligible to receive an accident insurance cover of up to Rs. 1 Lakh. HDFC Ergo General Insurance will provide the accident cover under the scheme
5 An additional Rs. 30,000 life insurance cover will be provided for those opening bank accounts before January 26, 2015. Life Insurance Corporation (LIC) will provide the life insurance cover
6 The scheme will provide Rs 5,000 overdraft facility for Aadhar – linked accounts, and Ru Pay Debit Card for all account holders
7 A minimum monthly remuneration of Rs 5,000 will be given to the business correspondents who will provide the last link between account holders and the bank
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Pradhan Mantri Kaushal Vikas Yojana (PMKVY):
The scheme aims to impart skill training to youth with focus on first time entrants to the labour market and class 10 and class 12 drop outs.
The scheme will be implemented by the Union Ministry of Skill Development and Entrepreneurship through the National Skill Development Corporation (NSDC). It will cover 24 lakh persons and skill training would be based on the National Skill Qualification Framework (NSQF) and industry led standards
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Bhagyashree scheme
It is girl child scheme was launched in Maharashtra. Bollywood actress Bhagyashree is the brand ambassador of the scheme.
Key points of the scheme:
(i) The state government will deposit an amount of 21200 rupees in bank for a girl child born in a Below the Poverty Line (BPL) family.
(ii) The scheme aims at providing one 1 lakh rupees on maturity after the girl completes 18 years of age.
(iii) The scheme would be linked to the Beti Bachao Beti Padhao scheme of Union Government.
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