Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Atal Pension Yojana (APY) complete seven years of providing social security net to the beneficiaries on Monday 9 May, 2022
Prime Minister Narendra Modi-led Central government’s flagship life insurance scheme – Pradhan Mantri Suraksha Bima Yojana (PMSBY), accidental insurance scheme – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and pension scheme – Atal Pension Yojana (APY) have on Monday, 9 May, completed seven years of providing social security net to the beneficiaries.
According to the latest figures by the government, till 27 April, 2022, cumulative enrolments under the PMJJBY have been more than 12.76 crore. An amount of 11 thousand 522 crore rupees has been paid for over 5 lakh 76 thousand claims.
The cumulative enrolments under the PMSBY have been over 28.37 crore and an amount of one thousand 930 crore rupees has been paid for over 97 thousand claims.
Meanwhile, in the last seven years, more than 4 crore individuals have subscribed to Atal Pension Yojana. The APY provides a subscriber aged 18-40 years with a guaranteed pension of Rs 1,000 to Rs 5,000 per month after attaining the age of 60 years, depending on the contribution.
All the three social schemes were launched by Prime Minister Narendra Modi on 9 May, 2015 in Kolkata, West Bengal.
The Government launched two insurance schemes – PMJJBY and PMSBY – in order to ensure that the people from the unorganised section of the country are financially secure. The Atal Pension Yojana was introduced to cover the exigencies in the old age.
Both PMJJBY and PMSBY provide access to low cost life or accidental insurance cover to the people. The APY provides an opportunity for saving in the present for getting a regular pension in the old age.
Insurance cover under PMJJBY and PMSBY
PMJJBY provides life insurance cover of Rs 2 lakh at Rs 330 per annum to all account holders aged between 18 and 50, and has provided claims for Rs 11,522 crore to families of 576,121 people.
The Ministry of Finance has informed that nearly 50 per cent of claims were paid out for COVID-19 deaths.
PMSBY, on the other hand, provides accident cover of Rs 2 lakh at Rs 12 per annum to account holders aged 18 to 70, about Rs 1,930 crore has been paid towards 97,227 claims in seven years. , the ministry added.