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).