Social Security Insurance Schemes

Social Security Schemes

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Social Security Insurance Schemes

The Ministry of Finance, Government of India, in its Union Budget FY 2015-16, launched three social security schemes.

The schemes were launched as social security measures to help citizens prepare for unforeseen circumstances and old age.  Therefore, these schemes have been introduced at very low premiums. The Government offers these schemes only to bank account holders and the premiums are to be collected from the customer through an auto debit to the bank account. They are available to all citizens who meet the eligibility criteria.

All banks are required to offer these schemes to their customers by entering into tie-ups with insurance providers (Life & General).

We at IndusInd Bank have tied-up with

  • Life Insurance Corporation of India (LIC) for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
  • Cholamandalam MS General Insurance for Pradhan Mantri Suraksha Bima Yojana (PMSBY)
  • Pension Fund Regulatory and Development Authority (PFRDA) for Atal Pension Yojana (APY)