Pension Scheme ‘Abhaya Hastam’ by YSR

abhayahastam

This Program is Launched on February 6, 2009 by DR.YS Rajasekhar Reddy To make every woman in the state proud, YSR gave them an assurance in the form of ‘Abhayam’ pension scheme. After crossing 60, they can have their pension too without depending on anyone. As an extension to the Pavala Vaddi scheme, the women would be provided with monthly pension by saving one rupee a day. The scheme is the first of its kind in the state in the entire country.

Ten million women were insured on a single day on November 1, 2009 under the unique scheme. The event made its way into the Guinness Book of World Records.

A minimum of Rs 500 is paid every month after completion of 60 years of age. LIC and Provident Fund oversee the implementation of the scheme.

Scholarships to the children of enrolled members would be provided.

This scheme works in principal of contribution amount Rs. 365 per annum by the SHG woman and Government co contribution amount Rs. 365 per annum into her pension amount. The interest that earned from corpus generated for each member till the completion of 60 years of her age is used for giving monthly pension from Rs. 500 to Rs. 2200 based on the age of the member. Each enrolled member under the scheme is entitled to get minimum pension of Rs. 500 after completion of 60 years of her age and all the enrolled members between age group of 18 to 59 years are eligible to get Insurance coverage under JBY scheme.

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