On May 9 2025, the Government of India(GoI) commemorated the 10th anniversary of the three schemes : Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY). All three schemes were envisioned to provide affordable financial protection to all, particularly the underserved and vulnerable sections of society.
- The ‘Jan Suraksha’ schemes, comprising PMJJBY, PMSBY and APY ,were launched by Prime Minister(PM) Narendra Modi on 9th May 2015Â in Kolkata, West Bengal(WB).
- These flagship schemes aim to broaden the insurance and pension landscape by protecting citizens against life’s uncertainties and providing long-term financial resilience.
- Over 23.63 crore, 51 crore and 7.6 crore enrolments have been done under PMJJBY, PMSBY & APY respectively till April 2025.
About Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
i.Purpose: The scheme is designed to provide Life Insurance cover for death due to any reason.
ii.Managed by: The scheme is managed by Mumbai(Maharashtra) based Life Insurance Company (LIC), though participating banks or post offices may partner with any life insurance company for its implementation.
iii.Age Limit: Individuals aged 18–50 with accounts in participating banks or post offices can join the scheme by consenting to auto-debit. The cover shall be for one-year period stretching from 1st June to 31st May.
iv.NRI (Non-Resident Indian):Â NRI having an eligible bank account with a bank branch located in India is eligible for purchase of PMSBY cover through this account subject to fulfilment of the terms and conditions relating to the scheme.
v.The following is the premium to be paid for the scheme:
| S.No. | Enrolment in | Premium |
|---|---|---|
| 1 | June, July and August | Rs. 436 |
| 2 | September, October and November | Rs. 342 |
| 3 | December, January and February | Rs. 228 |
| 4 | March, April and May | Rs. 114 |
vi.Benefit: On the event of subscriber’s death due to any cause, Rs. 2 lakh is payable to his/her nominee.
vi.As on 23.04.2025, the scheme has recorded 10.66 crore female enrollments and 7.08 crore enrollments from Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders.
- As of April 23, 2025, the PMJJBY has achieved over 23.63 crore cumulative enrollments, with Rs.18,397.92 crore disbursed for 9,19,896 claims.
About Pradhan Mantri Suraksha Bima Yojana (PMSBY):
i.Purpose: This yojana provides coverage of up to Rs.2 lakh for accidental death or disability, at an affordable premium of less than Rs.2 per month.
ii.Age limit: All Individual bank/ Post office account holders of the participating banks/ Post office in the age group of 18 to 70 years can enrol into this scheme.
iii. Managed by: PMSBY is managed by the Ministry of Finance(MoF), Government of India, and is implemented through participating public and private sector general insurance companies in collaboration with banks and post offices for enrollment and premium collection.
iv.NRI:Â NRI having an eligible bank account with a bank branch located in India is eligible for purchase of PMSBY cover through this account subject to fulfilment of the terms and conditions relating to the scheme.
v.Premium: Premium to be payable is Rs.20/– per annum per member.
v.The following are the benefits:
| S.No. | Table of Benefits | Sum Insured |
|---|---|---|
| 1. | Death | Rs. 2 lakhs |
| 2. | Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot | Rs. 2 lakhs |
| 3. | Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot | Rs. 1 lakh |
vi.As on 23.04.2025, the scheme has recorded 23.87 crore female enrollments and 17.12 crore enrollments from PMJDY account holders.
- As of April 23, 2025, the PMSBY has recorded over 51.06 crore cumulative enrollments, with Rs.3,121.02 crore disbursed against 1,57,155 claims.
About Atal Pension Yojana (APY):
i.Purpose: This yojana 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.
ii.Managed by: It is administered by Pension Fund Regulatory and Development Authority (PFRDA) under the overall administrative and institutional architecture of the National Pension System (NPS).
iii.Age Limit: All bank account holders in the age group of 18 to 40 years and who are not income tax payers are eligible to enrol in this scheme.
iv.Benefits: Guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.
v.NRI: A NRI, who is not an income tax payer under the income-tax Act,1961 is eligible to open APY account.
vi.Payment frequency:Â Subscribers can make contributions to APY on monthly/ quarterly / half-yearly basis.
vii.Withdrawal Procedure:
- On attaining age of 60: Upon completion of 60 years, the subscribers will submit the request to the associated bank for drawing the guaranteed minimum monthly pension or higher monthly pension, if investment returns are higher than the guaranteed returns embedded in APY.
- In case of death of the subscriber due to any cause after the age of 60: Pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension wealth accumulated till age 60 of the subscriber would be returned to the nominee.
- Premature death (before the age of 60): Spouse of the subscriber can continue contribution to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years.
viii.Females constitute around 47% of total subscribers enrolled under Scheme.
- As of April 29, 2025, more than 7.66 crore individuals have subscribed to the scheme.
About Pension Fund Regulatory and Development Authority (PFRDA):
Chairperson – Deepak Mohanty (Until May 2025)
Headquarters – New Delhi, Delhi
Established – 2003
