Jan Suraksha Schemes | Social Security with PMJJBY, PMSBY, and APY

The Jan Suraksha Schemes, namely Pradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) complete 8 years of providing social security cover

 Key Points

• PMJJBY, PMSBY and APY were launched by Prime Minister Shri Narendra Modi on 9^thMay, 2015 from Kolkata, West Bengal.
• The three schemes are dedicated to the welfare of the citizens, recognising the need for securing human life from unforeseen eventualisation and financial uncertainties.
• In order to ensure that the people from the unorganised section of the country are financially secure, the Government launched two insurance schemes —PMJJBY and PMSBY; and also introduced APY to cover the exigencies in the old age.

Background

• In the year 2014, the National Mission for Financial Inclusion was launched
• With the primary objective of ensuring that every citizen in India has access to banking facilities, financial literacy, and social security coverage.
• Building on this initiative, the Prime Minister Shri Narendra Modi introduced three Jan Suraksha schemes on 9^thMay 2015, with the aim of further promoting and advancing financial inclusion in the country.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

• PMJJBY is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason.
• It is administered by LIC or any other life insurance company in partnership with banks / Post office.
• 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 covered up to age of 55 years upon payment of regular premium.
• Life cover of Rs. 2 Lakh in case of death due to any reason against a premium of Rs. 436/- per annum.
• 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 post office savings bank account.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

• PMSBY is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident.
• It is administered by Public Sector General Insurance Companies (PSGICs) or any other general insurance company in partnership with banks / Post offices.
• Persons in the age group of 18-70 years having an individual 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 against a premium of Rs.20/- per annum.
• 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 post office savings bank account

Atal Pension Yojana (APY)

• 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 unorganised 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 who are not income tax payers and the contributions differ, based on pension amount chosen.
• Subscribers would receive the guaranteed minimum monthly pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 after the age of 60 years, based on the contributions made by the subscriber after joining the scheme.
• Subscribers can make contributions to APY on monthly/ quarterly / half-yearly basis.
• Subscribers can voluntarily exit from APY subject to certain conditions, on deduction of Government co-contribution and return/interest thereon.

Achievements of Jan Suraksha Schemes

• 2 crore, 34.2 crore and 5.2 crore enrolments have been done under PMJJBY, PMSBY & APY respectively till 26^thApril 2023.
• PMJJBY scheme has provided crucial support to 6.64 lakh families who have received claims for Rs. 13,290 crore.
• Under PMSBY scheme, more than 1.15 lakh families have received claims for Rs. 2,302 crore.
• For both PMJJBY and PMSBY schemes, simplification of claim process has resulted in speedier settlement of claims, the Finance Minister added.
• More than 5 crore individuals have subscribed to APY scheme.

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