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SOCIAL SECURITY & PENSION SCHEMES
1. Atal Pension Yojana (APY)
- Launched in 2015 to provide social security to workers in the unorganized sector.
- Eligible Age: 18 to 40 years.
- Pension Amount: ₹1000 to ₹5000 per month (based on contributions).
- Pension begins at age 60.
- Government co-contributes 50% of the subscriber’s contribution or ₹1000/year for 5 years (if joined before March 2016).
- Regulated by PFRDA (Pension Fund Regulatory and Development Authority).
2. National Pension System (NPS)
- Voluntary long-term retirement savings scheme.
- Open to Indian citizens between 18 and 70 years.
- Two accounts:
- Tier I – Mandatory for tax benefits; limited withdrawals.
- Tier II – Voluntary savings; allows full withdrawal.
- Offers investment in equity, corporate debt, and government bonds.
- Regulated by PFRDA.
- Tax benefits under Sec 80CCD(1), 80CCD(1B), and 80CCD(2).
3. Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM)
- Targets unorganized workers earning less than ₹15,000/month.
- Entry age: 18 to 40 years.
- Pension: ₹3000/month after 60 years of age.
- 50% contribution by the government; 50% by the subscriber.
- Requires Aadhaar and bank account.
- Managed by the Ministry of Labour & Employment.
4. Employees’ State Insurance Scheme (ESIC)
- Provides medical, sickness, maternity, and disability benefits to insured workers.
- Applicable to companies with 10+ employees.
- Contributions: 3.25% from employer, 0.75% from employee.
- Covers worker and family.
- Offers free healthcare through ESIC hospitals and clinics.
5. Employees’ Provident Fund Organisation (EPFO)
- Compulsory retirement savings scheme for organized sector.
- Contributions: 12% of basic + DA by both employee and employer.
- Includes:
- EPF: Provident fund savings.
- EPS: Pension scheme.
- EDLI: Life insurance scheme.
- Managed by EPFO under Ministry of Labour & Employment.
- Mandatory for firms with 20+ employees.
🛡️ INSURANCE SCHEMES
6. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- Personal accident insurance scheme.
- Annual premium: ₹20.
- Coverage:
- ₹2 lakh for accidental death or permanent disability.
- ₹1 lakh for partial disability.
- Age: 18 to 70 years.
- Auto-debit from savings bank account.
7. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- Life insurance for natural or accidental death.
- Annual premium: ₹436.
- Sum assured: ₹2 lakh.
- Age: 18 to 50 years (coverage till 55 years).
- Renewable every year with auto-debit facility.
8. Ayushman Bharat – PM Jan Arogya Yojana (PM-JAY)
- World’s largest publicly funded health insurance program.
- Coverage: ₹5 lakh/family/year for hospitalization.
- Benefits for over 10 crore poor and vulnerable families.
- Cashless and paperless services at empaneled hospitals.
- Covers secondary and tertiary care.
9. Aam Aadmi Bima Yojana (AABY)
- Insurance scheme for landless rural households.
- Age: 18 to 59 years.
- Annual premium: ₹200 (50% borne by government).
- Benefits:
- ₹30,000 for natural death.
- ₹75,000 for accidental death.
- ₹37,500 for permanent partial disability.
- Also provides scholarships for children of beneficiaries.
