Pradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) complete 7 years of providing social security net.

• PMJJBY, PMSBY and APY were launched by Prime Minister Shri Narendra Modi on 9th May, 2015 from Kolkata, West Bengal.
• These three social security schemes are dedicated to the welfare of the citizens, recognising the need for securing human life from unforeseen risks/losses and financial uncertainties.

ABOUT THE SCHEMES

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Scheme: PMJJBY is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason.

Eligibility: Individuals in the age group of 18-50 years having a savings bank or a post office account are entitled to enroll under the scheme. 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.

Benefits: Life cover of Rs. 2 Lakh in case of death due to any reason against a premium of Rs. 330/- per annum.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Scheme: PMSBY is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident.

Eligibility: Individuals in the age group of 18-70 years having a savings bank or a post office account are entitled to enroll under the scheme.

Benefits: Accidental death cum disability cover of Rs.2 lakh (Rs.1 lakh in case of partial disability) for death or disability due to an accident.

Atal Pension Yojana (APY)

The Atal Pension Yojana (APY) was launched to create a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector. It is an initiative of the Government to provide financial security and cover future exigencies for the people in the unorganized sector.

Eligibility: APY is open to all bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen.

Benefits: Subscribers would receive the guaranteed minimum monthly pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years, based on the contributions made by the subscriber after joining the scheme.