Interacting with the beneficiaries of various social security schemes, Prime Minister Narendra Modi, on Wednesday, said it is important for women to be financially secured and expressed his happiness over inclusion of women in financial mainstream through opening up of more bank accounts.
The Prime Minister underscored the three aspects on which government stressed on — banking the unbanked, funding the unfunded and financially securing the unsecured. Government came up with the platform to open the doors of the banks for the poor, easy access of capital to budding entrepreneurs and social security cover for the poor and vulnerable.
PM Modi further highlighted the significant achievement of the government by extending social security cover to 50 crore people, up from about 5 crore in 2014.
He said that these social security schemes of centre help to cope up with the uncertainties of life and heard beneficiaries experiences and life journeys.
Government is committed to simplify all the facilities for the elderly and had launched various schemes and policies in last four years keeping in mind the severity of problems related to old age.
Last year centre launched Pradhan Mantri Vaya Vandana Yojana to provide social security to elderly persons aged 60 years and above against a future fall in their interest income due to the uncertain market conditions.
Under this scheme, citizens above 60 years of age get 8 percent assured returns for 10 years. If the returns fall below 8% then the government compensates itself. Apart from this, the government is also giving tax incentives to senior citizens. The basic limit of tax rebate on income for them has been increased from 2.5 lakh to 3 lakh.
Overall, around 20 crore people have been brought under the safe net of insurance plans in just 3 years through the three schemes, Prime Minister Jyoti Jyoti Bima Yojna, and Prime Minister Jyoti Jyoti Bima Yojana, and Atal Pension Scheme.