June 12, 2024
  • 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.
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