New Delhi. As we celebrate the 7th anniversaries of three social security (Jan Suraksha) schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY), let us focus on how these schemes have provided affordable insurance and security to people (Jan Suraksha), their achievements and salient features. PMJJBY, PMSBY, and APY were launched by Prime Minister Shri Narendra Modi on 9th May 2015 from Kolkata, West Bengal. These three social security schemes are dedicated to the welfare of the citizens, recognizing the need for securing human life from unforeseen risks/losses and financial uncertainties. In order to ensure that the people from the unorganized section of the country are financially secure, the Government launched two insurance schemes –Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY); and introduced Atal Pension Yojana (APY) to cover the exigencies in the old age. While the PMJJBY and PMSBY provide access to low-cost life/accidental insurance cover to the people, the APY provides an opportunity for saving in the present for getting a regular pension in old age.
While celebrating the 7th anniversary of the Scheme, Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman said, “One of the main objectives under the National Mission for Financial Inclusion announced by the Hon’ble Prime Minister on August 15, 2014, was to expand the coverage of insurance and pension in order to provide the poor and marginalized 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. The number of people who have enrolled and benefitted from the above schemes over the last seven years is a testimony to their success. These low-cost insurance schemes and the guaranteed pension scheme are ensuring that financial security, which was available to a select few earlier, is now reaching the last person of the society,” the Finance Minister said.
Giving an overview of providing facilities to the poor, the Finance Minister said, “Today, even the poorest of the poor can have a life insurance cover for Rs 2 lakh at less than 1rupee a day under PMJJBY and accident insurance of Rs 2 lakh at less than 1 rupee month under PMSBY. All the citizens of the country in the age group 18 to 40 can subscribe for receiving a pension after the age of 60 by paying a minimum amount of Rs42 per month.”
Providing security with convenience to citizens through PMJJBY, especially duringCOVID-19 pandemics, Smt. Sitharaman said, “Under PMJJBY, a cumulative number of12.76 crore persons have enrolled since inception for life cover, and families of 5,76,121persons have received claims for Rs. 11,522 crores under the scheme. The scheme has proved extremely useful for low-income households during pandemics as in FY21, almost50% of claims paid out were due to COVID-19 deaths. Major changes were brought in the claim settlement process for quick and easy settlement of claims during the pandemic period. These changes brought in for easy settlement of claims are still continuing. Since the beginning of the pandemic i.e., April 1, 2020, till February 23, 2022, a total of 2.10lakh claims amounting to Rs 4,194.28 crore were paid with a settlement rate of 99.72%.”
The Finance Minister said that in a similar spirit, “28.37 crore people have enrolled for accident cover since the launch of PMSBY, and a number of Rs 1,930 crore has been paid towards 97,227 claims. More than 4 crore people have already subscribed to the scheme.”
On this occasion, Union Minister of State (MoS) for Finance Dr. Bhagwat Kishanrao Karadsaid, “On this 7th anniversary of these schemes, I congratulate all the banks and
insurance companies for successful implementation of these schemes and request them to continue working with the same zeal and dedication till the last person is covered.”Going ahead, as announced by the Hon’ble PM in this regard on his last IndependenceDay address, it will be our endeavor to ensure that every eligible person in the countries covered under these social security schemes for insurance and pension,” Dr. Karadstated.
As we celebrate the seventh anniversary of PMJJBY, PMSBY, and APY, let us take a look at the features and glance over their achievements so far. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Scheme: PMJJBY is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason.
Eligibility: Individuals in the age group of 18-50 years having a savings bank or an official 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 55years upon payment of the premium.
Benefits: Life cover of Rs. 2 Lakh in case of death due to any reason against a premium of Rs. 330/- per annum.Enrolment: Enrolments under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of a post office savings bank account. The premium under the scheme is auto-debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.
Detailed information about the scheme and the forms (in Hindi, English, and Regional languages) are available on https://jansuraksha.gov.in.Achievements: As of 27.04.2022, the cumulative enrolments under the scheme have been more than 12.76 crores and an amount of Rs. 11,522 crore has been paid for 5,76,121claims.Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Scheme: PMSBY is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident.
Eligibility: Individuals in the age group of 18-70 years having a savings bank or an official account are entitled to enroll under the scheme.Benefits: 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.Enrolment: Enrolment under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of a post office savings bank account. The premium under the scheme is auto-debited every year from the subscriber’s bank account based on a one-time mandate from the account holder. Detailed information about the scheme and the forms (in Hindi, English, and Regional languages) are available on https://jansuraksha.gov.in.Achievements: As of 27.04.2022, the cumulative enrolments under the scheme have been more than 28.37 crores,s and an amount of Rs. 1,930 crore has been paid for 97,227 claims.