Pradhan Mantri Jeevan Jyoti Bima Yojana completes 8 years

Tags: Government Schemes National News

Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana completed eight years on 9th May.

An overview of the news

• These schemes are playing a vital role in providing social security and affordable insurance to the people.

• These three schemes were started by Prime Minister Narendra Modi on this day on May 9, 2015 from Kolkata in West Bengal.

• The government had launched two insurance schemes Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana to make the people belonging from unorganised sections financially secure.

• The government also introduced Atal Pension Yojana to cover the exigencies in the old age.

Pradhan Mantri Jeevan Jyoti Bima Yojana

• This plan is a one-year life insurance plan that is renewable from year to year to offer coverage for death due to any reason.

• The plan provides life cover of Rs 2 lakh in case of death due to any reason for a premium of Rs 436 per annum.

Pradhan Mantri Suraksha Bima Yojana 

• This is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to an accident. 

• The scheme provides accidental death cum disability cover of two lakh rupees against a premium of 20 rupees per annum.

Atal Pension Yojana

• Under this scheme subscribers would receive the guaranteed minimum monthly pension ranging from one thousand to five thousand after the age of 60 years, based on the contributions made by the subscriber.