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Economy, Schemes & Policies
Mahesh

10/05/22 08:24 AM IST

Social Security Schemes

In News 
  • Pradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) complete 7 years of providing social security net.
  • PMJJBY, PMSBY and APY were launched by Prime Minister Shri Narendra Modi on 9th May, 2015 from Kolkata, West Bengal.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
    • Scheme: PMJJBY is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason.
    • Eligibility: 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
    • Till now, cumulative enrolments under the scheme have been more than 12.76 crore and an amount of Rs. 11,522 crore has been paid for 5,76,121 claims.
    Pradhan Mantri Suraksha Bima Yojana (PMSBY)
    • Scheme: PMSBY is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident.
    • Eligibility: 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.
    • Benefits: 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.
    • As of now, 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.
    Atal Pension Yojana (APY)
    • Background: The Atal Pension Yojana (APY) was launched to create a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector.
    • It is an initiative of the Government to provide financial security and cover future exigencies for the people in the unorganized sector.
    • APY is administered by Pension Fund Regulatory and Development Authority (PFRDA) under the overall administrative and institutional architecture of the National Pension System (NPS).
    • Eligibility: APY is open to all bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen.
    Significance 
    • 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.
    • In order to ensure that the people from the unorganised section of the country are financially secure, the Government launched two insurance schemes –Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY); and introduced Atal Pension Yojana (APY) to cover the exigencies in the old age.
    Source-PIB

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