Enrollment in PM’s social security schemes cross 55 crore mark in 8 years

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) on Tuesday completed eight years of service. Citing data on this 8th anniversaries of these social security schemes, Finance Ministry said that 16.2 crore, 34.2 crore and 5.2 crore enrollments have been done under PMJJBY, PMSBY and APY respectively till April 26, 2023. This takes the total enrollment under these three schemes to 55.6 crore.

On PMJJBY scheme, the Finance Ministry said that it has provided support to 6.64 lakh families who have received claims for Rs 13,290 crore. Under PMSBY scheme, around 1.15 lakh families have received claims for Rs 2,302 crore.

PMJJBY is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason. People in the age group of 18-50 years having an individual 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 covered up to age of 55 years upon payment of regular premium.

Under this, life cover of Rs 2 lakh in case of death due to any reason against a premium of Rs 436 per annum is provided.

Enrollments under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of post office savings bank account.

PMSBY is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident. People in the age group of 18-70 years having an individual 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 against a premium of Rs 20 per annum is provided under this.

Enrollment under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of post office savings bank account.

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 unorganised 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).

APY is open to all bank account holders in the age group of 18 to 40 years who are not income tax payers and the contributions differ, based on pension amount chosen. Under this, subscribers receive the guaranteed minimum monthly pension of Rs 1,000 or Rs 2,000 or Rs 3,000 or Rs 4,000 or Rs 5,000 after the age of 60 years, based on the contributions made by the subscriber after joining the scheme.