- Atal Pension Yojana (APY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) have recently completed 8 years.
- All three are Central Sector Schemes and under purview of Ministry of Finance.
About Atal Pension Yojana
- APY which replaced Swavalamban scheme, aims to covers exigencies in old age.
- It provides minimum guaranteed pension for people in unorganized sector to all bank account holders in age group of 18 to 40 years.
- It’s administered by Pension Fund Regulatory and Development Authority (PFRDA) under National Pension System (NPS).
- Guaranteed monthly pension of Rs 1,000 (minimum) and its multiple upto Rs 5,000 /month after attaining age of 60 years, depending on contribution.
- Subscriptions-5 crore individuals till date.
Both PMJJBY and PMSBY aim to provide affordable insurance and security to people.
About Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- 1 year life insurance scheme which is renewable every year.
- It offers Rs 2 Lakh life cover for death due to any reason with premium of Rs. 436/- per annum.
- Offered by Life Insurance Corporation(LIC).
- It is available to citizens, including NRIs aged of 18 to 50 years.
- Subject to annual renewal, benefits are available till age of 55
- Entry to scheme is restricted at age of 50 years.
- Enrolments till date- 19 crore
About Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- 1 year accidental insurance scheme which is renewable every year.
- Offers protection against death or disability due to an accident.
- 2 lakh for accidental death and permanent full disability.
- 1 lakh for permanent partial disability.
- Offered through Public Sector General Insurance
- Available to citizens including NRIs, aged 18 to 70 years having a bank account.
- Premium payable- 20/- per annum per member.
- Enrolments till date- over 34.18 crore.