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New social security schemes to widen financial inclusion: Ficci
New Delhi: Industry body Federation of Indian Chambers of Commerce and Industry (Ficci) on Saturday welcomed the government’s move to launch three new social security schemes which it said is intended at widening the financial inclusion process.
“As part of the financial inclusion process, this is a very important step forward in our country’s ability to provide adequate and affordable social protection to all citizens and widen the financial security net to the unorganised and underprivileged sector,” said Jyotsna Suri, president, Ficci.
Prime Minister Narendra Modi will launch the three new social security schemes during his visit to Kolkata later in the day. He will launch the ‘Atal Pension Yojana’ (APY), ‘Pradhan Mantri Suraksha Bima Yojana’ (PMSBY) and ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJJBY).
Under the PMSBY scheme, a person will be provided personal accident insurance cover for Rs.200,000 for an annual premium of Rs.12. The cover is for accidental death or permanent total disability.
The scheme will be available to people in the age group of 18 to 70 years with a savings bank account, who give their consent to join and enable auto-debit on or before May 31 for the coverage period – June 1 to May 31 – on an annual renewal basis.
The second scheme PMJJBY, will offer a renewable one year life cover of Rs.200,000 to all savings bank account holders in the age group of 18 to 50 years, covering death due to any reason, for a premium of Rs.330 per annum per subscriber.
On the other hand, the pension scheme APY focuses on the unorganised sector and provides subscribers a fixed minimum pension of Rs.1,000, 2,000, 3,000, 4,000 or 5,000 per month starting at the age of 60 years, depending on the contribution option exercised on entering at an age between 18 and 40 years.
Thus, the period of contribution by any subscriber under APY would be 20 years or more.
The benefit of fixed minimum pension enjoys sovereign guarantee.
While the scheme is open to bank account holders in the prescribed age group, the central government would also co-contribute 50 percent of the total contribution or Rs. 1,000 per annum, whichever is lower, for five years.
The government contribution will be for those joining the scheme before Dec 31, 2015, are not members of any statutory social security scheme and are not income tax payers.
According to the industry body, once the new schemes take-off, they would encourage people to come within the fold of the formal financial system.
Suri added that the industry body will partake in the effort to provide the maximum outreach for these schemes.
“We would also connect with our member bodies and regional chambers spread across the country to permeate and share the information further,” Suri added.
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.