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Kerala PSC India Year Book Study Materials Page 208Book's First Page
The amendment Act removed archaic and redundant provisions in the legislations and incorporated certain provisions to provide Insurance Regulatory and Development Authority of India (IRDA) with the flexibility to dischange its functions more effectively and efficiently. It also provided for enhancement of the foreign investment cap in an Indian insurance company from 26 per cent to an explicitly composite limit of 49 per cent with the safeguard of Indian ownership and control. The Insurance Laws (Amendment) Act, 2015 also enabled foreign reinsurers to set up branches in India. It also enable Lloyds of UK and its members to operate in India through setting up of branches for the purpose of reinsurance business or an investors in an Indian Insurance Company within the 49 per cent cap. Pradhan Mantri Vyay Vandana Yojana Government launched the Pradhan Mantri Vyay Vandana Yojana (PMVVY) to protect elderly persons aged 60 years and above against a future fall in their interest income due to the uncertain market condition, as also to provide social security in old age. The Scheme is being implemented through LIC of India. It provides an assured return of 8 per cent per annum payable monthly for 10 years. The differential return i.e., the difference between return generated by LIC and the assured return of 8 per cent would be borne by Government of India as subsidy on annual basis. It was open for subscription for a period of one year i.e., from 4th May, 2017 to 3 rd May, 2018. In pursuance of Budget 2018-19, Government approved the extension of Pradhan Mantri Vyay Vandana Yojana up to 31st March, 2020 and enhanced the limit of maximum purchase price of ₹ 7.5 lakh per family to ₹ 15 lakh per senior citizen. Aam Aadmi Bima Yojana For the benefit of the weaker sections of the society, Government of India floated a highly subsidized insurance scheme, viz., Aam Aadmi Bima Yojana (AABY) which is administered through Life Insurance Corporation of India. Under this social security scheme below poverty line (BPL) and marginally above poverty line citizens are covered under 48 identified occupations. The scheme provides death cover of ₹ 30,000/- in case of natural death. In case of death or total disability (including loss of two eyes/two limbs) due to accident, a sum of ₹ 75,000/- and in case of partial permanent disability (loss of one eye/ limb) due to accident, a sum of ₹ 37,500/- is payable to the nominee/ beneficiary. All these benefits are paid for a nominal premium of ₹ 200/- per member per annum, out of which ₹ 100/- is borne by the central government through Social Security Fund maintained through LIC of India, and the balance premium of ₹ 100/- is borne by the member and/or nodal agency and/or central/state government department which acts as the nodal agency. In addition, there is an add on benefit of scholarship at the rate of ₹ 1,200/- per annum per child for two children per family of the insured members studying from 9th to 12th standard (including ITI courses). Social Security Schemes Atal Pension Yojana The Atal Pension Yojana (APY) was launched in May, 2015, to address the longevity risks among the workers in unorganised sector who are not covered under any statutory social security scheme. The APY is focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA).