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Millennium Post

Ambit of security cover widened

Arun Jaitley announced an universal social security system which includes insurance coverage in accidents, health, life and a pension scheme for all. “A large portion of India’s population is without any insurance coverage – health, accident or life. Worrisomely our young population also ages and it is also going to be pension-less. Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana, I propose a universal social security system for all, especially the poor and unprivileged,” the Finance Minister said.

The accident cover of Rs 2 lakh will be available for an annual premium of Rs 12 or Re 1/day. According to industry estimates, 63 million people have been driven into poverty due to the high cost of healthcare. Seventy three per cent of the country’s population live in rural areas and 26.1 per cent are below the poverty level.
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