PMJJBY, PMSBY, and APY complete seven years of providing social security net

Tags: National Government Schemes Latest

Pradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) completed seven years of providing social security on 9 May.

• All these three schemes were launched by Prime Minister Narendra Modi on 9th May 2015 in Kolkata, West Bengal. 

• These schemes have been successful in providing affordable insurance and security to the people.

• These three social security schemes are dedicated to the welfare of citizens, recognizing the need to secure human life from unforeseen risks or losses and financial uncertainties.

• Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

• It is a one year life insurance plan which is renewed year after year

• It provides coverage for death due to any reason.

• Persons in the age group of 18-50 years having a savings bank or post office account are eligible to enrol under this scheme.

• Life cover of Rs 2 lakh in case of death due to any reason with a premium of Rs 330 per annum.

• As on 27 april 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)

• It is a one year accident insurance plan which is renewed year after year.

• It provides coverage for death or disability due to accidents.

• Persons in the age group of 18-70 years having a savings bank or post office account are eligible to enrol under this scheme.

• Accidental death cum disability cover of Rs 2 lakh (Rs 1 lakh in case of partial disability) for death or disability due to accident.

• As on 27 april 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)

• It is open to all bank account holders in the age group of 18 to 40 years and the contribution varies depending on the pension amount chosen.

• After joining the scheme, the subscribers will get a minimum monthly pension of Rs 1000 or Rs 2000 or Rs 3000 or Rs 4000 or Rs 5000 at the age of 60 years depending on the contribution made by the subscriber.

• More than 4 crore persons have subscribed to this scheme till 27th April 2022.