Prime Minister Narendra Modi with West Bengal Chief Minister Mamata Banerjee.

Three key social security schemes had a nationwide launch this evening, with Prime Minister Narendra Modi flagging off the process in West Bengal, where he is on a two-day visit.

The schemes - which include accident insurance, life insurance and a pension plan -- target the people from the economically deprived and the unorganised sections, who are neither covered by any form of insurance nor get any pension.

Pointing out the necessity for such schemes, PM Modi, in his address, said, "The journey to development will be incomplete if the poor do not share its fruits".

"Banks were nationalised for the poor but did we see the poor in the banks? Eighty-90% of people do not have access to pension and insurance," he said. "But all the troubles happen to the poor, not the rich," he said, "They sleep on footpaths, they have to die..."

The Prime Minister, who reached Kolkata after a quick visit to Dantewada, shared stage with Chief Minister Mamata Banerjee and the Centre's junior minister for Finance Jayant Sinha. In her address, Ms Banerjee had said today was an auspicious occasion for the launch, the day being the 153rd birth anniversary of poet Rabindranath Tagore.

The government's initiative comes as the opposition Congress is seen as positioning itself as the champion of the farmers fighting for land rights and concerns have been raised over the government's commitment towards welfare schemes.

While the government has claimed Jan Dhan Yojana, its flagship financial inclusion scheme, has been immensely successful, critics have pointed out that most of the bank accounts opened under the scheme are not operational. This is where the new schemes are expected to help.

The accident insurance (Pradhan Mantri Suraksha Bima Yojana) will offer a renewable accidental death-cum-disability cover of Rs 2 lakh for a premium of Rs 12 per annum.

The life insurance scheme (Pradhan Mantri Jeevan Jyoti Yojana) will offer a renewable one year life cover of Rs 2 lakh for a premium of Rs 330.

The Atal Pension Scheme, which will be between Rs 1000 and Rs 5000, will focus on the unorganised sector which does not pay any income tax.