On May 9, 2022, Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Atal Pension Yojana (APY) complete 7 years of providing social security net.
- These were launched by Prime Minister Narendra Modi on 9th May 2015 in Kolkata, West Bengal to provide affordable insurance and security to people from the unorganized section of the country.
- 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.
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 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 premium.
Benefits: Life cover of Rs. 2 Lakh in case of death due to any reason against a premium of Rs. 330/- per annum.
Achievements: As on 27.04.2022, 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.
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 a post office account are entitled to enroll under the scheme.
Benefits: Accidental death cum disability covers of Rs.2 lakh (Rs.1 lakh in case of partial disability) for death or disability due to an accident.
Achievements: As on 27.04.2022, 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.
Atal Pension Yojana (APY)
Background: 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).
Eligibility: 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.
Benefits: Subscribers would receive the guaranteed minimum monthly pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years, based on the contributions made by the subscriber after joining the scheme.
Recent Related News:
i.The United Nations (UN)’s World Food Programme (WFP) in India, has partnered with The Akshaya Patra Foundation (TAPF), a not-for-profit organisation, to enhance the effectiveness of the Pradhan Mantri – Poshan Shakti Nirman (PM POSHAN) scheme (earlier known as National Programme for Mid-Day Meal in Schools).
ii.On 5th January 2022 The Power Ministry successfully completed 7 years of distributing and selling LED lights under its flagship Unnat Jyoti by Affordable LEDs for All (UJALA) programme. UJALA initiative is the world’s largest zero subsidy domestic lighting programme with more than 78 crore LEDs distributed across the country.