11 years of Jan Suraksha Schemes

11 years of Jan Suraksha Schemes

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

• Launched in 2015, PMJJBY is a one-year life insurance scheme of the Ministry of Finance renewable from year to year, offering coverage for death due to any reason.
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• The scheme is offered/administered by the Life Insurance Corporation and other Life Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose.

1. Target Group:
   • Individuals in the age group of 18-50 years having a savings bank or a post office account. 
     • 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 premium.
2. Benefits:
   • Life cover of Rs 2 Lakh in case of death due to any reason against a premium of Rs 436 per annum.
3. NRIs Eligibility:
   • Any Non-Resident Indian (NRI) having an eligible bank account with a bank branch located in India is eligible for purchase of PMJJBY cover. However, the claim benefit will be paid to the beneficiary/ nominee only in Indian currency.  
     • An NRI is an Indian citizen residing abroad for employment or other purposes, retaining full citizenship rights.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

• Launched in 2015, PMSBY is a one-year accidental insurance scheme of the Ministry of Finance renewable from year to year, offering coverage for death or disability due to accident.
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• The scheme is offered/administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks/Post offices for this purpose.

1. Target Group:
   • Individuals in the age group of 18-70 years having a savings bank or a post office account.
2. Benefits:
   • Accidental death and 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.
3. NRIs Eligibility:
   • Any NRI having an eligible bank account with a bank branch located in India is eligible for purchase of PMSBY cover. However, the claim benefit will be paid to the beneficiary/ nominee only in Indian currency.

Atal Pension Yojana (APY)

• APY is a voluntary, contributory pension scheme launched by the Government of India in 2015 with the objective of creating a universal social security system for all Indians, especially the poor, the underprivileged and the workers in the unorganized sector.
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1. Target Group:
   • Aimed at workers in the unorganised sector, who often lack formal pension coverage.
   • Initially available to all citizens of India between 18 and 40 years of age. 
     • With effect from 1st October 2022, individuals paying income tax are not eligible to join the scheme.
2. Defined Pension Benefit:
   • Guaranteed minimum pension at the age of 60 years ranging between Rs.1000 to Rs. 5000, depending on the contributions by the subscribers. 
     • The minimum pension is guaranteed by the Government in the sense that if the actual realized returns on the pension contributions are less than the assumed returns for minimum guaranteed pension, such shortfall shall be funded by the Government.  
     • On the other hand, if the actual returns on the pension contributions are higher than the assumed returns for minimum guaranteed pension, such enhanced scheme benefits shall be passed on to the subscribers.
3. Administering Body:
   • Pension Fund Regulatory and Development Authority (PFRDA)

4. Other Key Features:

• There is no restriction on the number of persons in a family who can join APY. 
• The same pension is payable to spouse after death of Subscriber.

Why in News?

• Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY) have completed 11 years of providing social security cover to citizens across the country. 
• Over 27 crore enrolments have been done under PM Jeevan Jyoti Bima Yojana, 58 crore in PM Suraksha Bima Yojana and 9 crore enrolments under Atal Pension Yojana.