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Government Social Security Pension Schemes: All You Need To Know

The central government has launched several social security schemes for the economically weaker section of the society to financially empower them during emergencies and old age.

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Outlook Money
January 30, 2024
Social Security Schemes

Social Security Schemes

The central government has launched several social security schemes for the economically weaker sections of the society to empower them financially in old age. There are pension, life and health insurance schemes which they can subscribe to at a very nominal contribution. While these schemes have been around for some time, the government may at its discretion change the rules for the benefit of the underprivileged people and ensure their financial and social security.

The following are a few social security schemes run by the government for the economically weaker section of the society to empower them financially in old age.

1. Pradhan Mantri Shram Yogi Maan-Dhan Yojana

It is a voluntary pension scheme that allows people to contribute to the plan as per their financial capacity. The monthly contributions can range from Rs 55 to Rs 200 based on the beneficiary’s entry age. Under this plan, the beneficiary and the central government contribute to the plan in 50:50 ratios. The beneficiary must be an Indian citizen belonging to the unorganised sector, such as street vendors, agricultural workers, construction, leather, handloom, and mid-day meal workers, rickshaw pullers, rag pickers, carpenters, fishermen, etc. to subscribe to the plan.

Also, the beneficiary’s age must be 18-40 years at the time of subscribing, with an income below Rs.15,000 per month and shouldn’t be a member of the Employees Provident Fund Organisation (EPFO), Employees’ State Insurance Corporation (ESIC) and the National Pension System (NPS), etc.

Under this plan, the beneficiaries are entitled to receive monthly assured pension of Rs.3000 after reaching 60 and after the policyholder’s death, the spouse is eligible for 50 per cent of the monthly pension. If both husband and wife join the scheme, they will get a pension of Rs 6,000.

2. Pradhan Mantri Jeevan Jyoti Yojana

It is a death benefit scheme for people belonging to the underprivileged section of the society. The subscriber must be an Indian citizen in the age group of 18 to 50 years to be eligible. They must also have a Jan Dhan account or a savings bank account linked with Aadhaar. Under the scheme, the beneficiary gets Rs 2 lakh as death benefit if the original member dies due to any cause. The yearly premium for the scheme is just Rs.436.

3. Pradhan Mantri Suraksha Bima Yojana

It is another insurance scheme for the economically weaker section. The scheme offers Rs. 2 lakh for accidental death and full disability and Rs 1 lakh for partial disability. The beneficiary pays only Rs 20 as premium annually for the scheme. 

To be eligible for the scheme, the subscriber must be an Indian Citizen in the age group of 18 to 70 years with a Jan Dhan account or a saving bank account linked with Aadhaar.

4. Atal Pension Yojana

This scheme is open for individuals aged 18-40 years who is an Indian citizen and belongs to the weaker section of the society. Depending on the monthly contributions, the beneficiary can earn a monthly of Rs 1000 to Rs 5,000 rupees. Also, after the subscriber’s death, the nominee, who can be the spouse or other nominated member, gets the accumulated pension amount.

5. Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana

This scheme offers annual health coverage of Rs 5 lakh per family belonging to the weaker section of the society. The plan covers secondary and tertiary hospital care for free. Those belonging to the scheduled caste and scheduled tribe households and families with no male members aged 16 to 59 years, baggers, etc, can also apply for the Ayushman Bharat scheme.

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