Social Security Coverage: Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Atal Pension Yojana (APY) complete eight years of providing social security coverage
Social Security Coverage: As we celebrate the eighth anniversaries of the three social security schemes, let us recount how these schemes have enabled affordable insurance and security to people, their achievements, and salient features. The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY) were launched by Prime Minister Shri Narendra Modi on May 9th, 2015, from Kolkata, West Bengal.
Jan Suraksha Schemes for Citizens’ Welfare : Social Security
The three schemes, dedicated to the welfare of the citizens, recognise the need for securing human life from unforeseen events and financial uncertainties. To ensure that people from the unorganised sections of the country are financially secure, the Government launched two insurance schemes —PMJJBY and PMSBY—and introduced APY to cover exigencies in old age.
Smt. Nirmala Sitharaman, Union Finance and Corporate Affairs Minister, said, “These three social security schemes are devoted to the well-being of citizens, acknowledging the importance of safeguarding human life against unforeseen risks, losses, and financial uncertainties. These schemes aim to provide essential financial services to individuals from underprivileged backgrounds, thereby reducing their financial vulnerability.”
| Scheme | Enrolments (as of April 26th, 2023) | Families supported | Claims received (in Rs. crore) |
|---|---|---|---|
| PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) | 34.2 crore | 6.64 lakh | 13,290 |
| PMSBY (Pradhan Mantri Suraksha Bima Yojana) | 16.2 crore | 1.15 lakh | 2,302 |
| APY (Atal Pension Yojana) | 5.2 crore | N/A | N/A |
According to the Finance Minister, as of April 26th, 2023, the total number of enrolments under the Jan Suraksha Schemes were 16.2 crore for PMSBY, 34.2 crore for PMJJBY, and 5.2 crore for APY. The PMJJBY scheme provided crucial support to 6.64 lakh families who received claims worth Rs. 13,290 crore, while under the PMSBY scheme, more than 1.15 lakh families received claims for Rs. 2,302 crore. No information was provided regarding claims under the APY scheme.
Features and Achievements : Social Security
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Social Security
Scheme: PMJJBY is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason.
Eligibility: Persons in the age group of 18-50 years having an individual bank or a post office account are entitled to enroll under the scheme. People who join the scheme before completing 50 years of age can continue to have the risk of life cover up to the age of 55 years, subject to payment of the premium.
Premium: The premium is Rs.330 per annum, which is automatically debited from the bank account.
Benefits: In case of the unfortunate demise of the enrolled person, the nominee will receive a sum of Rs.2 lakh.
Pradhan Mantri Suraksha Bima Yojana (PMSBY): Social Security
Scheme: PMSBY is an accident insurance scheme that provides coverage for accidental death and disability.
Eligibility: Individuals aged between 18-70 years having an individual bank or post office account can enroll under the scheme. People who join the scheme before completing 70 years of age can continue to have the risk of accident cover up to the age of 75 years, subject to payment of the premium.
Premium: The premium is Rs.12 per annum, which is automatically debited from the bank account.
Benefits: In case of accidental death or permanent disability, the enrolled person or their nominee will receive a sum of Rs.2 lakh or Rs.1 lakh, respectively.
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FAQs: Social Security
What is Atal Pension Yojana (APY) Scheme?
Atal Pension Yojana (APY) is a government-backed pension scheme launched to provide a sustainable pension income for the unorganized sector. It is administered by the Pension Fund Regulatory and Development Authority (PFRDA). The scheme is available to all Indian citizens between the age group of 18 and 40 years.
How can I login to Atal Pension Yojana (APY) Scheme?
To login to the Atal Pension Yojana (APY) Scheme, you need to visit the official website of the National Securities Depository Limited (NSDL) and enter your APY account number and the bank account number registered with the APY.
What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-sponsored accidental insurance scheme that provides accidental death and disability coverage to Indian citizens. The scheme is available to all individuals between the age group of 18 and 70 years with a savings bank account.
What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in Hindi?
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme available to Indian citizens. The scheme provides life insurance coverage of Rs. 2 lakh in case of the policyholder’s death due to any reason.
What are the details of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-sponsored life insurance scheme that provides life insurance coverage of Rs. 2 lakh in case of the policyholder’s death due to any reason. The scheme is available to all Indian citizens between the age group of 18 and 50 years.
What are the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
The benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) include life insurance coverage of Rs. 2 lakh in case of the policyholder’s death due to any reason. The scheme is affordable and has a low premium of Rs. 330 per year.
What is Pradhan Mantri Jan Dhan Yojana?
Pradhan Mantri Jan Dhan Yojana is a government scheme aimed at providing access to financial services such as savings accounts, remittance, credit, insurance, and pension to the unbanked population of India.
What is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana is a government scheme launched to provide affordable housing to the economically weaker sections, low-income groups, and middle-income groups of urban and rural areas in India.
What are the details of Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accidental insurance scheme that provides accidental death and disability coverage to Indian citizens. The scheme has a low premium of Rs. 12 per year and is available to all individuals between the age group of 18 and 70 years with a savings bank account.
