PMJJBY and PMSBY are low-cost insurance schemes, while APY is a scheme to cover the exigencies in old age
Social security schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) have completed seven years of their launch. PMJJBY and PMSBY are low-cost insurance schemes, while APY is a scheme to cover the exigencies in old age. The schemes were launched by Prime Minister Narendra Modi on May 9, 2015. Here’re the basic details of the schemes and their achievements:
Pradhan Mantri Jeevan Jyoti Bima Yojana
PMJJBY is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason. Individuals in the age group of 18-50 years having a savings 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 covered up to the age of 55 years upon payment of the premium.
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Life cover of Rs 2 lakh in case of death due to any reason against a premium of Rs 330 per annum.
“As on April 27, 2022, the cumulative enrolments under the scheme have been more than 12.76 crore and an amount of Rs 11,522 crore has been paid for 5,76,121 claims,” the finance ministry said in a statement on Monday.
Mantri Suraksha Bima Yojana
PMSBY is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident. Individuals in the age group of 18-70 years having a savings bank or a post office account are entitled to enroll under the scheme. Accidental death cum disability cover of Rs.2 lakh (Rs.1 lakh in case of partial disability) for death or disability due to an accident.
“As on April 27, 2022, the cumulative enrolments under the scheme have been more than 28.37 crore, and an amount of Rs 1,930 crore has been paid for 97,227 claims,” the ministry said.
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Atal Pension Yojana
The Atal Pension Yojana (APY) was launched to create a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector. It is an initiative of the Government to provide financial security and cover future exigencies for the people in the unorganized sector. APY is administered by Pension Fund Regulatory and Development Authority (PFRDA) under the overall administrative and institutional architecture of the National Pension System (NPS).
APY is open to all bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen. Subscribers would receive the guaranteed minimum monthly pension of Rs 1,000 or Rs 2,000 or Rs 3,000 or Rs 4,000 or Rs 5,000 at the age of 60 years, based on the contributions made by the subscriber after joining the scheme.
“As on April 27, 2022, more than four crore individuals have subscribed to the scheme,” the ministry said.
