Jan Suraksha Schemes:
The three flagship Jan Suraksha Schemes—Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY)—completed 11 years of providing affordable social security.
- The Jan Suraksha Schemes were launched by Prime Minister of India on May 9, 2015, to create a universal social security system for all Indians.
- Aimed primarily at the unorganized sector and vulnerable populations, these schemes provide low-cost life insurance, accidental insurance, and old-age pension support through a seamless, digitized framework.
- Jan Suraksha Schemes:
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
- A one-year life insurance cover of Rs. 2 lakh for death due to any reason.
- Eligibility: Individual bank/post office account holders in the age group of 18 to 50 years.
- Premium: Highly affordable at Rs. 436 per annum (less than Rs. 2 per day) via auto-debit.
Pradhan Mantri Suraksha Bima Yojana (PMSBY):
- An accidental insurance scheme providing Rs. 2 lakh for accidental death/total disability and Rs. 1 lakh for partial disability.
- Eligibility: Available to account holders in the age group of 18 to 70 years.
- Premium: Extremely low at Rs. 20 per annum (less than Rs. 2 per month).
Atal Pension Yojana (APY):
- Nature: A guaranteed pension scheme for the unorganized sector, providing a monthly pension of Rs. 1,000 to Rs. 5,000 after age 60.
- Eligibility: Open to bank account holders aged 18 to 40 years who are not income tax payers.
- Benefits: The pension is guaranteed for the subscriber, then the spouse, after which the entire corpus is returned to the nominee.
