7 years of PMJJBY, PMSBY, and APY

May 10, 2022

Social security schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) have completed seven years of their launch.

When were the schemes launched?

These three schemes were launched by Prime Minister Narendra Modi on May 9, 2015 in Kolkata.

What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

It is a life insurance scheme that offers coverage for death due to any reason.
Any individual in the age group of 18-50 years having a savings bank or a post office account are eligible to enroll under the scheme.
It provides life insurance cover of Rs 2 lakh against a premium of Rs 330 per annum.

What are the achievements of PMJJBY?

As on April 27, 2022, the cumulative enrolments under PMJJBY have been more than 12 crore and an amount of Rs 11,522 crore has been paid for around 5.76 lakh claims.

What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

It is accidental insurance scheme that offers coverage for death or disability due to accident.
Any individual in the age group of 18-70 years having a savings bank or a post office account is eligible to enroll under the scheme.
It provides accidental death cum disability cover of Rs.2 lakh for death or disability due to an accident. Rs.1 lakh is provided in case of partial disability.
The premium that should be paid is Rs 12 per annum.

What are the achievements of PMSBY?

As on April 27, 2022, the cumulative enrolments under PMSBY have been more than 28 crore, and an amount of Rs 1,930 crore has been paid for 97,227 claims.

What is Atal Pension Yojana (APY)?

APY is an initiative of the Government to provide financial security for the people in the unorganized sector.
All bank account holders in the age group of 18 to 40 years are eligible.
The contributions to APY differ, based on pension amount chosen.
A guaranteed minimum monthly pension of Rs 1,000 or Rs 2,000 or Rs 3,000 or Rs 4,000 or Rs 5,000 at the age of 60 years will be provided to the subscribers, based on the contributions made by the subscriber after joining APY.

Who administers the Atal Pension Yojana (APY)?

It is administered by Pension Fund Regulatory and Development Authority (PFRDA) under the overall administrative and institutional architecture of the National Pension System (NPS).