The Pradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) have recorded enrolments of 16.2 crore, 34.2 crore and 5.2 crore, respectively in eight years of its existence, the Finance Ministry has said in a statement.

Hailing the success of the schemes, Prime Minister Narendra Modi said, “The Jan Suraksha schemes launched 8 years ago have been a source of strong support for crores of Indians. They have provided an effective social security cover to the people.”

These three schemes were launched by the Modi on May 9, 2015 from Kolkata. “These social security schemes are devoted to the well-being of citizens, acknowledging the importance of safeguarding human life against unforeseen risks, losses, and financial uncertainties. Also, these schemes aim to provide essential financial services to individuals from underprivileged backgrounds, thereby reducing their financial vulnerability,” the statement quoting Finance Minister Nirmala Sitharaman said.

Further, the Minister said that PMJJBY has provided a crucial support to 6.64 lakh families receiving ₹13,290-crore worth claims. Similarly, under the PMSBY scheme, Sitharaman said that over 1.15 lakh families benefitted by claiming ₹2,302 crore. The simplification of claim processes has resulted in speedier settlement under PMJJBY and PMSBY, the Minister added.

“It is encouraging to see that these schemes are being implemented through a targeted approach to maximise their reach,” Sitharaman concluded. Echoing it further, Minister of State for Finance, Bhagwat Kisanrao Karad said the government has adopted a targeted approach for covering people in the rural areas and campaigns are being organised throughout the country at each Gram Panchayat providing coverage to eligible beneficiaries under the scheme. While complementing all field-level functionaries for success of these schemes, he exhorted them to keep up the efforts to further enhance the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

PMJJBY

It is a one-year life insurance scheme renewable yearly offers death coverage. Persons aged between 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 can continue to have the risk of life covered up to the age of 55 years upon payment of regular premium. The life cover is for ₹ 2 lakh for a premium of ₹ 436 per annum.

PMSBY

PMSBY is a one-year accidental insurance scheme renewable yearly. It offers coverage for death or disability due to accident. Persons between 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 ₹2 lakh (₹1 lakh in case of partial disability) are paid for a premium of ₹20 per annum.

APY

APY is open to all bank account holders aged 18 to 40 years who are not income tax payers and the contributions differ, based on the pension amount chosen. Subscribers would receive a guaranteed minimum monthly pension of ₹1,000 and multiples thereof up to ₹5,000 after completing 60 years based on the subscriber’s contribution.

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