Thursday, July 9, 2015

Can We do this for People Around Us

Let me start with a disclaimer. Whatever I write is with a view to bring out a way in which we can help people secure their future around us and not to canvass about the schemes of the Union government about which I would talk in this post. I must admit though that in my personal opinion, I find them very good.

We, the people having good houses to live and reasonable (as per individual scale because what is reasonable income for me may not be reasonable for an industrialist) income every month are very fortunate people and fall in top few percent people in this country. We have capacity and knowledge to subscribe to various insurance schemes, pension schemes and also insurance cum pension schemes.

But we do have around us, many people who serve us dutifully and sincerely, Dhobis, Watchmen, Gardeners, Street vendors, delivery boys and such umpteen other people who neither have knowledge nor financial might to afford such schemes.

One thing is almost assured. All of them have a bank account, regular one or 'Jan Dhan Yojana' one. Also all of them are likely to have Aadhar card.

If we all advice two to three individuals (forgot the Kam wali in previous paragraph) to subscribe to the recently launched govt schemes for Accident insurance, Life Insurance and Pension, rather, get after them till they do so, we are going to do a great service to human beings around us without spending a paisa from our pocket.

Let us see the schemes (required because it is us who will have to provide information about these schemes to them).

In the Accident insurance scheme called Pradhan Mantri (and not named after an individual) Suraksha Beema Yojana (Prime Ministers Security Insurance Scheme) which has been launched recently, an individual authorizes his bank to auto debit Rs 12 per year to subscribe to this scheme. The person also gives name of a nominee. In the event of accident the person's nominee gets Rs Two Lakh on death. On disability due to accident there are differential rates of payment.

The biggest risk that Auto Drivers, Rickshaw Pullers, Cyclists, etc face is road accident and thus far they are cover less against accident and most are the sole bread earners for the family. Subscription of Rs 12 per year will give a Rs Two Lakh cover to the individual. Details of the scheme can be read on internet (including

In yet another scheme launched on very same day called Prashan Mantri Jeevan Jyoti Beema Yojana (a Life insurance scheme), a subscription of Rs 330 per year will get the insured person a life cover of RsTwo Lakh  in event of death under any eventuality. The process is similar and is completed with the help of individual's bankers. Some details can be read at

These two schemes costing Rs 342 per year would provide an insurance cover of Four lakh in case of death of insured or two lakh or part thereof in case of an accident resulting in disability. What better security a family can have. I would not like to get in to a debate on value of two lakh or four lakh today or ten years hence. Remember these persons are cover less at the moment and the assurance they have today is Rs ZERO (immortal figure which will have the same value after hundreds of years), in there case, some cover is better than none. In a thirty year span, an individual would have paid just Rs 9860 to acquire this cover.

Another important scheme is Atal Pension Yojana. The eligibility is age between 20 and 40 year. Presuming that a 30 year old person wants Rs 5000 PM pension after the age of 60, the person has to pay Rs 577 pm for 10 years that comes to just Rs 69240 in that period. He would have nearly recovered the invested money in first year of pension itself. some details are at

Again I would not get in to debate of this amount would become double in seven or eight years if invested etc. If these people could invest and had that kind of spare money, they would have done so.

My objective of writing this blog is to bring to the notice of my friends and readers these schemes and request them to educate one or two people around them who are less fortunate than us. This will serve two purpose, one these people can avail them and provide some security to themselves and to the future of their families and second, we get to serve humanity without spending any money (just spend some talk and little time to talk).

As for me, I could motivate three or four people (partially, some took one scheme, some two and one odd all three) to subscribe to one or more schemes.

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