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PMJJBY, PMSBY and APY

Context:

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

Relevance:

GS II- Government policies and Interventions, Welfare Schemes

Dimensions of the Article:

  1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
  2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
  3. Atal Pension Yojana (APY)

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.
  • Enrolment: Enrolments under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of post office savings bank account.  The premium under the scheme is auto debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.
  • Achievements: As on 27.04.2022, the cumulative enrolments under the scheme have been more than 12.76 crore and an amount of Rs. 11,522 crore has been paid for 5,76,121 claims.

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.
  • Enrolment: Enrolment under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of post office savings bank account.  The premium under the scheme is auto debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.
  • Achievements: As on 27.04.2022, the cumulative enrolments under the scheme have been more than 28.37 crore and an amount of Rs. 1,930 crore has been paid for 97,227 claims.

Atal Pension Yojana (APY)

  • Background: 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. APY is administered by Pension Fund Regulatory and Development Authority (PFRDA) under the overall administrative and institutional architecture of the National Pension System (NPS).
  • 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.
  • Disbursement of the Scheme Benefits: The monthly pension is available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.
  • In case of premature death of subscriber (death before 60 years of age), spouse of the subscriber can continue contribution to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years.
  • Contribution by Central Government: The minimum pension would be guaranteed by the Government, i.e., if the accumulated corpus based on contributions earns a lower than estimated return on investment and is inadequate to provide the minimum guaranteed pension, the Central Government would fund such inadequacy. Alternatively, if the returns on investment are higher, the subscribers would get enhanced pensionary benefits.
  • Payment frequency: Subscribers can make contributions to APY on monthly/ quarterly / half-yearly basis.
  • Withdrawal from the Scheme: Subscribers can voluntarily exit from APY subject to certain conditions, on deduction of Government co-contribution and return/interest thereon.
  • Achievements: As on 27.04.2022 more than 4 crore individuals have subscribed to the scheme.

Source: The HinduPIB

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September 2022
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