Pradhan Mantri Yojana Scheme: Who Should Avoid It

The Government of India had started three social security schemes on May 9, 2015. The objective of these social security schemes was to bring all Indians under the insurance plan, but most of them have not benefited from it.

These social security schemes are Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, and Atal Pension Yojana.

Do you really need these plans? Will you really benefit from these schemes? Or are these plans really worth it for you? You will find answers to all these questions here.

Let Us Understand What These Plans Offer:

Prime Minister’s Security Insurance Scheme

Under this scheme, if a person dies suddenly due to an accident or becomes completely disabled, then an insurance amount of Rs 2 lakh will be payable, and in the case of a partial disability, an amount of Rs 1 lakh will be payable.

This amount should be at least ten times greater than the amount given under the Medi-Cal scheme. The amount of two lakh rupees kept for social security is very low, which is also insufficient for the people living in the villages.

Pradhan Mantri  Jeevan Jyoti Bima Yojana

Under this scheme, an amount of two lakh rupees is payable in case of death due to any reason. The amount of any life insurance should be such that it can meet the financial needs of the dependents for a long time in the future.

When the breadwinner is no more, then the assistance amount of Rs 2 lakh is very little for that family.

Atal Pension Yojana

This is a guaranteed pension plan offered by the government. The person who invests in this scheme will get a guaranteed pension in the range of 1,000 to 5,000.

But the question arises regarding this: will this small amount be sufficient after retirement? Investing in provident funds, equity, and NPS can be better options than this.

Then Who Should Take These Plans?

Under these plans, there is a very small amount of life insurance cover. This financial aid is not suitable for middle- and upper-class individuals.

These schemes have been made keeping in mind those very poor people who have no idea about life insurance. Providing social security to such persons is a challenging task for the government.