Indian Post Office offers various schemes catering to different financial needs of customers. Among these, small savings schemes provide security and assistance during challenging times. One such scheme is the Public Safety Scheme, comprising three key initiatives.
Overview of Public Safety Scheme
Under the Public Safety Scheme, the Post Office offers three significant schemes aimed at providing financial security and support to individuals and their families.
Prime Minister Jeevan Jyoti Insurance Scheme
Prime Minister Jeevan Jyoti Insurance Scheme is a term insurance plan designed to offer financial assistance to the insured’s family in the event of their demise.
With a nominal annual premium of Rs 436, individuals aged between 18 to 50 years can secure coverage of up to Rs 2 lakh.
This scheme provides crucial financial aid to the insured’s family during difficult times, addressing various needs that may arise.
Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana is tailored to benefit financially disadvantaged individuals who may struggle to afford premiums charged by private insurers.
Established in 2015, this scheme offers insurance coverage of up to Rs 2 lakh in case of accidental death or disability due to an accident.
With an incredibly low annual premium of Rs 20, even individuals from economically weaker sections can afford this coverage.
The scheme extends its benefits to individuals aged between 18 to 70 years, providing crucial financial assistance when needed the most.
Atal Pension Yojana
Atal Pension Yojana is a government initiative aimed at securing a regular income for individuals during their old age. By contributing to this scheme, individuals can receive a monthly pension of up to Rs 5,000, depending on their investment.
Eligible participants include Indian citizens aged between 18 to 40 years who are not taxpayers. This scheme offers a practical solution for ensuring financial stability during retirement years.
