7th anniversaries of three social security (Jan Suraksha) schemes

• Recently, the Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY) completed 7 years of providing social security net.
• These three social security schemes are dedicated to the welfare of the citizens, recognising the need for securing human life from unforeseen risks/losses and financial uncertainties.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

• A one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident.
• Individuals in the age group of 18-70 years having a savings bank or a post office account are entitled to enroll under the scheme.
• Accidental death cum disability cover of Rs.2 lakh (Rs.1 lakh in case of partial disability) for death or disability due to an accident.
• 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.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

• A one-year life insurance scheme renewable from year to year offering coverage for death due to any reason.
• Individuals in the age group of 18-50 years having a savings bank or a post office account are entitled to enroll under the scheme.
• Life cover of Rs. 2 Lakh in case of death due to any reason against a premium of Rs. 330/- per annum.
• The cumulative enrolments under the scheme have been more than 12.76 crore and an amount of Rs. 11,522 crores have been paid for 5,76,121 claims.

Atal Pension Yojana (APY)

• To create a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector.
• An initiative of the Government to provide financial security and cover future exigencies for the people in the unorganized sector.
• Administered By: Pension Fund Regulatory and Development Authority (PFRDA) through the National Pension System (NPS).
• Open to all bank account holders in the age group of 18 to 40 years and the contributions differ, based on the pension amount chosen.
• Subscribers would receive the guaranteed minimum monthly pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years, based on the contributions made by the subscriber after joining the scheme.
• Payment frequency: Subscribers can make contributions to APY on a monthly/ quarterly / half-yearly basis. More than 4 crore individuals have subscribed to the scheme.

Exam Track

Prelims Takeaway

• Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
• Atal Pension Yojana (APY)
• Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Mains Track

Q. The union government launched two insurance schemes, along with one for pension, under the Jan Suraksha Yojana. Examine the objectives, features and viability of these schemes. (250 Words)