IC83 Study Notes | Page: 43

Pradhan Mantri Suraksha Bima Yojana is a government backed accident Insurance scheme in India. It has an annual premium of 12 excluding service tax, which is about 14% of the premium. In case of accidental death of full disability, the payment to the nominee will be 200,000 and in case of partial disability 100,000.
Pradhan Mantri Jeevan Jyoti Bima Yojana is a government backed Life insurance scheme in India. Bank account holders aged between 18 nad 50 years are eligible to apply for this scheme. The annual premium is of Rs. 330 which is directly debited from account.
Pradhan Mantri Jeevan Jyoti Bima Yojana scheme is offered/administered by the Life Insurance Corporation (LIC) and other life insurance companies like SBI, ICICI etc. through their tie ups with the interested banks like SBI, ICICI, Canara Bank etc.
Atal Pension Yojana is a government-backed pension scheme in India targeted at the unorganised sector. Under this scheme, a subscriber would receive a minimum fixed pension of Rs 1,000 per month and in multiples of Rs 1,000 per month thereafter, up to a maximum of Rs 5,000 per month, depending on the subscirbers contribution, which itself would vary on the age of joining this scheme.
Labour welfare refers to all such services, amenties and facilities to the employees that improve their working conditions as well as standard of living.

Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam