Current Scoop: Important Government Schemes

Nowadays, in competitive exams, many questions are asking from government schemes. In this series of "Current Scoop", we will discuss “Government Schemes” which comes under Ministry of Finance. We will cover other schemes in upcoming articles.

Current Scoop: Important Government Schemes

Schemes under Ministry of Finance

1. Pradhan Mantri Vaya Vandana Yojana (PMVVY)-

• For the senior citizens aged 60 years and above
• The Scheme provides an assured return of 8% p.a. payable monthly (equivalent to 8.30% p.a. effective) for 10 years.
• The scheme is exempted from Service Tax/ GST.
• The PMVVY scheme will be available until May 3, 2018.
• The scheme will be operated by LIC.

2. Jan Suraksha Yojana-

(i) PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA-

• PMJJBY is a one-year life insurance scheme.
• Renewable from year to year, offering coverage for death due to any reason and is available to people in the age group of 18 to 50 years
• Premium of Rs.330/- per annum per member
• life cover of Rs. 2 lakhs

(ii) PRADHAN MANTRI SURAKSHA BIMA YOJANA-

• Premium of Rs.12 per year
• Age group 18 to 70 years
• Under it, risk coverage available will be Rs.2 lakh for accidental death and permanent total disability and Rs. 1 lakh for permanent partial disability

 (iii) Atal Pension Yojana-

• Launched in 2015 and replaced ‘Swavalamban Scheme’.
• Open to all bank account holders who are not members of any statutory social security scheme.
• Focussed on all citizens in the unorganised sector
• Age Criterion-
  Minimum age- 18 years
  Maximum age- 40 years
• The Union Govt. would also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower.
• Subscribers would receive the fixed pension at the age of 60 years, depending on their contributions.

3. PRADHAN MANTRI MUDRA YOJANA (PMMY)-

• Launched in 2015
• In this scheme, Mudra (Micro Units Development and Refinance Agency) bank has been opened to fund all MFI (Micro Financial institutions) which provide loans to the MSMEs.
• The lending priority will be given to SC/ST enterprises.
• MUDRA Bank has launched three loan instruments:
  (i) Shishu- loans up to Rs 50,000
  (ii) Kishor- loans above Rs 50,000 and up to Rs. 5 lakhs
  (iii) Tarun- loans above Rs 5 lakh and up to Rs 10 lakh

4. Varishtha Pension Bima Yojana-

• To provide social security to the persons who are above or equal to 60 years.
• Implemented through LIC.
• It will provide an assured pension based on a rate of return of 8% per annum for ten years.
• Varishtha Pension Bima Yojana -2017 is proposed to be open for subscription for a period of one year from the date of launch.

Take a look at the latest government jobs. To help you in your preparation, gradeup has launched IBPS PO Test Series for Prelims and Mains Exam. You can get IBPS PO 2017 Test Series here and attempt free mock tests now!

All the best for your exams.

Team gradeup.