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Monday, September 27, 2010

LIC launches Swavalamban, a pension scheme for unorganized sector

The Union Finance Minister presented the Swavalamban pension scheme of LIC to the Nation as announced in the budget 2010-11 

The Finance Minister has unveiled a new pension scheme of LIC called- Swavalamban, for the workers in unorganized sector, at a function in Raghunathganj in Murshidabad district of West Bengal on 26 September. 

To encourage the people from the unorganized sector to voluntarily save for their retirement and to lower the cost of operations of the New Pension Scheme (NPS), the finance minister had announced in the Union Budget 2010-11 presented on 26 February 2010 that Government will contribute Rs 1000 per year to each NPS account opened in the year 2010-11. 

The finance minister had also announced that this initiative, "Swavalamban" would be available for persons who join NPS, with a minimum contribution of Rs 1000 and a maximum contribution of Rs 12000 per annum during the financial year 2010-11. The scheme will be available for another three years. 

The finance minister had allocated a sum of Rs 100 crore for the year 2010-11. It was expected to benefit about 10 lakh NPS subscribers of the unorganized sector. 

Swavalamban Yojana is administered by Pension Fund Regulatory and Development Authority and LIC is the Facilitator. Many workers from beedi industry and insurance agents have enrolled themselves in the new scheme. 

This new pension scheme of LIC covers members of the unorganized sector in the age group of 18 to 55. The minimum monthly premium is Rs 100, and the minimum and maximum annual premium are Rs 1000 and Rs 12000, respectively and the policy holder starts getting pension when he/she attains 60 years of age. 

The LIC has already successfully implemented social security schemes like Aam Admi Bima Yojana and Janashree Beema Yojana and now it is given the responsibility of facilitating the scheme.
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