Chief Minister launches social security schemes in State

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CM Ibobi addressing during the launching function.
CM Ibobi addressing during the launching function.

IMPHAL, May 9: As a part of the nation-wide launch of the three social security schemes by Prime Minister Narendra Modi today in Kolkata today, the schemes were as also launched by Chief Minister Okram Ibobi Singh, today at the Chandrikiti Auditorium, Palace compound, Imphal.

The three schemes included Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Chief Secretary of Manipur, PC Lamkungna; Principal Security (Finance) Dr J Suresh Babu also attended the function.

Spelling out the primary objective of the scheme, the Chief Minister further said that it is to provide universal social security system for all Indians ensuring that no Indian citizen will have to worry about illness, accidents or penury in old age.

He continued, `We still have 27 Blocks without banks in remote areas of the state. Hence all the financial institutions should extend maximum cooperation to the government to launch these schemes beyond the accessible urban areas.`

PMSBY offers accidental death cum disability cover of Rs 2 lakh to all savings bank account holders in the age group of 18-70 years at a premium of just Re 1 per month while PMJJBY offers a life insurance cover of Rs 2 lakh for an annual premium of Rs 330 for all bank account holders between 18-50 years.

APY is eligible for all bank account holders between 18-40 years. The pension scheme will focus on the unorganised sector and provide subscribers a fixed minimum pension of Rs 1000, 2000, 3000, 4000 or Rs 5000 per month to benefit from the age of 60 years post retirement, depending on the contribution option exercised on entering at an age between 18 and 40 years.

The fixed minimum pension is guaranteed and the Central Government would also co-contribute 50 per cent of the total contribution for a period of 5 years for those joining the scheme before December 31, 2015 for those who are not members of any statutory social security scheme and are not income tax payers.

Continuing his speech the Chief Minister said that it is a very good opportunity to various groups associated with State Government programmes, like MGNREGA workers, Aanganwadi workers, Self Help Groups, farmers, Vidya Volunteers/Para- teachers, industrial workers, government employees at all levels across departments etc. to subscribe to these schemes through their bank accounts, added the Chief Minister.

Further elaborating on the schemes, he said that in case of person in the age group of 18 to 50 years opt to join Surakhsa Bima Yojana and Jeevan Jyothi Bima Yojana, such persons will get significant insurance cover of upto Rs. 4 lakh (in the event of accidental death) from both the two schemes subscribed to together, at a very reasonable premium of Rs.330/- for PMJJBY and Rs. 12/- for PMSBY per annum.

This would enhance the level of insurance penetration in the country and would serve the cause of extending critical insurance cover at a very affordable cost through a systematic bank account based platform, he asserted.

Under these schemes, all the eligible family members who hold bank accounts in their names could enroll and ensure social security, said the Chief Minister adding that he appealed to all the eligible people to utilize this opportunity and get enrolled in the schemes.

The Chief Minister also urged the Chairmen/CMDs/MDs of Banks to ensure that the entire banking network down to the last branch/Business Correspondents is mobilized to take up an outreach and awareness building initiative through all means including distribution of pamphlets etc to create awareness of the proposed enrolment drive.

Pointed out that in Manipur, e-payment in the government sector has been introduced since 2011, he said that all government payments including payment of salaries and all beneficiary related schemes have been made mandatory through e-payment except for a small number of identified payments. Revealing that the state Government is seriously pushing for direct cash transfers to beneficiaries through their bank accounts, the Chief Minister said that there are still bottlenecks in opening of bank accounts. However, all these efforts require an efficient and affordable banking system that can reach out to all, he said.

Stating that both the Central and State Governments are committed for financial inclusion and expanding banking network, but for successful implementation of this major initiative, the co-operation of the banks is most essential, he further said.

Exuding his confidence, the Chief Minister said that the launch today will give a new and meaningful direction to the insurance and pension sectors and pave way for the financially excluded citizens to access the benefits of the Schemes.

During the launching session, live telecast of the address of Prime Minster from Kolkata was also screened besides the Chief Minister also distributed Certificates of Insurance/ Passbooks to 10 subscribers.

While applauding the initiative Dr J. Suresh Babu, IAS, Principal Secy. (Finance) said, `It is a historic beginning of social security schemes in this country. I appeal to all to access such a benevolent scheme.`

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