The three social security scheme of the government of India Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) completed seven years on 9 May 2022.
- PMJJBY, PMSBY and APY were launched by Prime Minister Shri Narendra Modi on 9th May, 2015 from Kolkata, West Bengal.
- These social security schemes target the unorganized sector in India.
- All these schemes come under the administrative control of the Union Ministry of Finance.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- The PMJJBY is a life Insurance scheme for people in the age group of 18 to 50 years having a bank account and who has given their consent to join / enable auto-debit.
- Aadhaar would be the primary KYC for the bank account.
- The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable.
- Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason.
- The premium is Rs. 330 per annum which is to be auto-debited in one installment from the subscriber’s bank account on or before 31st May of each annual coverage period under the scheme.
- The scheme is being offered by Life Insurance Corporation and all other life insurers
- As on 27.04.2022, the cumulative enrolments under the scheme have been more than 12.76 crore.
- It is regulated by Insurance Regulatory Development Authority of India (IRDAI)
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- It is a general insurance scheme for people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.
- Aadhaar would be the primary KYC for the bank account.
- The risk coverage under the scheme isRs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability.
- The premium of Rs. 12 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment.
- The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company.
- As on 27.04.2022, the cumulative enrolments under the scheme have been more than 28.37 crore.
- It is regulated by Insurance Regulatory Development Authority of India (IRDAI)
Atal Pension Yojana
- The Atal Pension Yojana (APY) was launched on 09.05.2015 to create a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganized sector.
- APY is administered by Pension Fund Regulatory and Development Authority (PFRDA).
- APY is 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.
- The monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.
- The minimum pension would be guaranteed by the Government.
- Subscribers can make contributions to APY on a monthly/ quarterly / half-yearly basis.
- As on 27.04.2022 more than 4 crore individuals have subscribed to the scheme.
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