Social security initiatives of GOI

Atal Pension Yojana is a government-backed pension scheme in India targeted at the unorganised sector. In Atal Pension Yojana, for every contribution made to the pension fund, the government will contribute an equal amount to his/her fund. Depending on the contribution made between 18 and 40, at the age of 60 a sum of 1,000, 2,000, 3,000, 4,000, or 5,000 will be paid monthly.

This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme and the contributions will be deducted automatically. Most of

these accounts had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes.

Pradhan Mantri Suraksha Bima Yojana is a government-backed accident

insurance scheme in India. As of May 2015, only 20% of India's population has any kind

of insurance, this scheme aims to increase the number.

Pradhan Mantri Suraksha Bima Yojana is available to people between 18 and 70 years of age with bank accounts. It has an annual premium of 12 excluding service tax, In case of accidental death or full disability, the payment to the nominee will be 200,000 and in case of partial disability Rs.100,000. Full disability has been defined as loss of use in both eyes, hands or feet. Partial disability has been defined as loss of use in one eye, hand or foot.

This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme.

Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed Life

insurance scheme in India.

Pradhan Mantri Jeevan Jyoti Bima Yojana is available to people between 18 and 50 years of age with bank accounts. It has an annual premium of Rs. 330 excluding service tax, which is above 14% of the premium. In case of death due to any cause, the

payment to the nominee will be Rs. 200,000/- This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme.

National Pension System (NPS) is a defined-contribution pension system operated by the Government of India. In 2004, the Government of India decided to move from adefined-benefit pension system to a defined-contribution pension system. Apart from

offering a range of investment options to employees, the scheme allows individuals to

make decisions about where their pension fund is invested, permits limited withdrawal

prior to retirement and reduces the total pension liabilities of the Government of India.

The scheme is structured in two tiers. A tier-1 account is a basic retirement pension

account available to all citizens from 1 May 2009. It does not permit withdrawal of funds

before retirement. A tier-2 account is a Prospective payment system (PPS) account that

permits some withdrawal of pension prior to retirement under exceptional

circumstances, usually related to the provision of health care. 

The pension scheme isadministered on behalf of the government by the Pension Fund Regulatory andDevelopment Authority (PFRDA).

Insurance in India Life Insurance Corporation (India) (LIC) is headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore (US$240 billion). As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year. The company was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation. Founding organisations The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Calcutta in 1818 by Bipin Behari Dasgupta and others. Its primary target market was the Europeans based in India, and it charged Indians heftier premiums. Surendranath Tagore (son of Satyendranath Tagore) had founded Hindusthan Insurance Society, which later became Life Insurance Corporation. The Bombay Mutual Life Assurance Society, formed in 1870, was the first native

insurance provide

LIC

Today, the LIC has 8 zonal offices, around 109 divisional offices, 2,048 branches and 992 satellite offices and corporate offices; it also has 54 customer zones and 25 metro- area service hubs located in different cities and towns of India. It also has a network of 1,337,064 individual agents, 242 Corporate Agents, 89 Referral Agents, 98 Brokers and 42 Banks for soliciting life insurance business from the public.

Slogan

LIC's slogan yogakshemam vahamyaha is inSanskrit language which translates

English as "Your welfare is our responsibility". This is derived from ancient Hindu text, the Bhagavad Gita's 9th chapter, 22nd verse. The slogan can be seen in the logo, written in Devanagariscript. ===