The three Jan Suraksha schemes of the Indian government, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY), today completed 7 years of providing social security with the commitment of recognizing the necessity to protect human life from unanticipated risks and economic uncertainty. PMJJBY, PMSBY & APY were launched by Prime Minister Narendra Modi on 9th May 2015 from Kolkata, West Bengal.
During the Scheme’s 7th anniversary celebrations, Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, remarked “One of the main objectives under the National Mission for Financial Inclusion announced by the Hon’ble Prime Minister on 15 August 2014 was to expand the coverage of insurance and pension in order to provide the poor and marginalised sections of the society the much-needed financial security through affordable products.” “The three Jan Suraksha schemes have brought the insurance and pension within the reach of the common man”, she further added.
The government launched two insurance schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) – to ensure that people from the unorganised sector of the country are economically secure, as well as the Atal Pension Yojana (APY) to cover the needs of the elderly.
FM Nirmala Sitharaman gave an overview of providing welfare provisions to the poor and said that under PMJJBY, the poorest of the poor can get a life insurance cover of Rs 2 lakh for less than 1 rupee per day and an accident insurance cover of Rs 2 lakh for less than 1 rupee per month. By paying a minimum of Rs 42 a month, all citizens of the country between the ages of 18 and 40 can sign up to receive a pension after reaching the age of 60.
Let’s know about the three schemes and its achievements in detail:
-PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY)
PMJJBY is a one-year life insurance program that is renewable year after year and provides coverage for any cause of death. Individuals between the ages of 18 and 50 who have a savings bank or post office account are eligible for the program. People who join the scheme before they reach the age of 50 can continue to be insured for life risks until they reach the age of 55 by paying a premium. For a cost of Rs. 330 each year, one can get a life insurance policy worth Rs. 2 lakh in case of death under any circumstances. The premium for the scheme is deducted automatically every year from the account holder’s bank account based on a one-time requirement. As of April 27, 2012, there were more than 12.76 crore people enrolled in the plan, with Rs. 11,522 crore paid out for 5,76,121 claims.
– PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY)
PMSBY is a one-year accidental insurance plan that can be renewed year after year, providing coverage for accidental death or disability. Individuals between the ages of 18 and 70 who have a savings bank or post office account are eligible to participate in the scheme. Accidental death and disability insurance of Rs.2 lakh (Rs.1 lakh in case of partial impairment). As of April 27, 2012, more than 28.37 lakh people have enrolled in the scheme, and 97,227 claims had been paid out for a total of Rs. 1,930 crore.
– ATAL PENSION YOJANA (APY)
APY is offered to all bank account users between the ages of 18 and 40, and contributions vary depending on the amount of pension chosen. Subscribers will get a guaranteed minimum monthly pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, or Rs. 5000 when they reach the age of 60, based on their payments after entering the programme. The subscriber’s monthly pension is available to him, then to his spouse, and after their deaths, the subscriber’s pension corpus, as accrued at age 60, is restored to the subscriber’s nominee. More than 4 crore people have signed up for the scheme as of April 27, 2022.
