Government Scheme: Social security schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) have completed 7 years. PMJJBY, and PMSBY are low cost insurance plans. Whereas API is a pension plan covering the needs in old age. All these schemes were launched by Prime Minister Narendra Modi on 9 May 2015. Let us see what has changed in these plans so far?
Jeevan Jyoti Insurance Scheme
PMJJBY is a one year life insurance plan. It is renewed every year and financial assistance is given on death due to any reason. Those persons in the age group of 18-50 years who have savings account with bank or post office are eligible for enrollment under this scheme. It is a premium based plan and people joining it before the age of 50 years can take advantage of this cover till the age of 55 years.
In a statement issued by the Finance Ministry this week, it has been said that till April 27, 2022, enrollment under the scheme has exceeded 12.76 crore and Rs 11,522 crore has been paid for 5,76,121 claims. Under this scheme, a compensation of Rs 2 lakh is given after death at a premium of Rs 330 per year.
security insurance plan
PMSBY is a one year accident insurance scheme. It is also renewed from year to year and offers coverage for death or disability due to accident. Persons in the age group of 18-70 years having a savings account with a bank or post office are eligible for enrollment under this scheme.
There is a provision of giving 2 lakh rupees (in case of partial disability Rs 1 lakh) for death or disability due to accident. As per the ministry’s data, enrollment under the scheme has exceeded 28.37 crore till April 27, 2022 and an amount of Rs 1,930 crore has also been paid for 97,227 claims.
Atal Pension Yojana
APY was launched to create a universal social security system for all Indians, especially the poor, underprivileged and workers in the unorganized sector. It is an initiative of the government to provide financial security to the people of the unorganized sector and to cover their future needs. The APY is administered by the Pension Fund Regulatory and Development Authority under the administrative and institutional framework of the National Pension System.
Atal Pension Yojana is open to all bank account holders in the age group of 18 to 40 years. However, the contribution varies depending on the pension amount chosen. After joining the scheme, there is a minimum monthly provision of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, Rs 5,000 at the age of 60 years depending on the contribution made by the beneficiary. Till April 27, 2022, more than 4 crore people have subscribed to this scheme.
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