PM Modi's Social Security Schemes: Over 55 crore enrollments registered in 8 years in three national programmes

About 55 crore people have enrolled themselves in the three new national social security schemes launched by Prime Minister Narendra Modi in 2015.

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 crores, 34.2 crore and 5.2 crores, respectively in eight years of its existence, the Finance Ministry has said in a statement.

Finance Minister Nirmala Sitharaman said that these social security schemes are dedicated to the welfare of the citizens, recognising the need for securing human life from unforeseen risks 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 PMJJBY and PMSBY and introduced APY to cover the exigencies in old age, she said.

The PMJJBY and PMSBY schemes provide access to low-cost life/accidental insurance coverage to the people and the APY provides a saving opportunity for getting a regular pension in old age.

“One of the main objectives under the ‘National Mission for Financial Inclusion’ announced by the Prime Minister on August 15, 2014, was to expand the coverage of insurance and pension in order to provide the poor and marginalised sections of the society the much-needed financial security through affordable products,” she said.

“The three Jan Suraksha schemes have brought the insurance and pension within the reach of the common man. The number of people who have enrolled and benefitted from the above schemes over the last seven years is a testimony to their success. These low-cost insurance schemes and the guaranteed pension scheme are ensuring that financial security, which was available to a select few earlier, is now reaching the last person of the society,” the Finance Minister said.

Giving an overview of providing facilities to the poor, she said, “Today, even the poorest of the poor can have a life insurance cover for Rs 2 lakh at less than 1 rupee a day under PMJJBY and accident insurance of Rs 2 lakh at less than 1 rupee a month under PMSBY.”

All the citizens of the country in the age group 18 to 40 can subscribe to receiving a pension after the age of 60 by paying a minimum amount of Rs 42 per month, she added.

Providing security with convenience to citizens through PMJJBY, especially during the Covid-19 pandemic, Sitharaman said, “Under PMJJBY, a cumulative number of 12.76 crore persons have enrolled since inception for life cover and families of 5,76,121 persons have received claims for Rs. 11,522 crores under the scheme.”

“The scheme has proved extremely useful for low-income households during the pandemic as in FY21, almost 50% of claims paid out were due to Covid-19 deaths.

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. People who join the scheme before completing 50 years of age can continue to have the risk of life cover up to the age of 55 years upon payment of the premium.

Benefits: Life cover of Rs. 2 Lakh in case of death due to any reason against a premium of Rs. 330/- per annum.

Enrolment Process: Enrolments under the scheme can be done by visiting the branch or website of the bank of the account holder or at the post office.  The premium under the scheme is auto-debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.

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.

Enrolment Process: Enrolment under the scheme can be done by visiting the branch or website of the bank of the account holder or at the post office.  The premium under the scheme is auto-debited every year based on a one-time mandate from the account holder.

Atal Pension Yojana

Background: The scheme was launched to create a universal social security system for all Indians, especially the poor, the underprivileged 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 the pension amount chosen.

Benefits: 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.

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