Jan Suraksha Schemes Complete 8 Years, Finance Minister Sitharaman Highlights Achievements
She said that 16.2 crore, 34.2 crore & 5.2 crore enrolments have been done under PMJJBY, PMSBY & APY respectively till 26th April.
Finance Minister Nirmala Sitharaman on Tuesday said that social security (Jan Suraksha) schemes aim to provide essential financial services to individuals from underprivileged backgrounds, thereby reducing their financial vulnerability.
Speaking on the 8th anniversary of Jan Suraksha schemes launched by PM Narendra Modi, Sitharaman said, "It is encouraging to see that these schemes are being implemented through a targeted approach to maximise their reach."
Three Jan Suraksha schemes - Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) -- were launched on May 9, 2015.
Citing data, Finance Minister Sitharaman said that 16.2 crore, 34.2 crore and 5.2 crore enrolments have been done under PMJJBY, PMSBY & APY respectively till 26th April 2023.
On the PMJJBY scheme, the Finance Minister said it has provided crucial support to 6.64 lakh families who received claims for Rs. 13,290 crore.
Under PMSBY scheme, she said that more than 1.15 lakh families have received claims for Rs. 2,302 crore. For both PMJJBY and PMSBY schemes, the Finance Minister added that simplification of the claim process has resulted in speedier settlement of claims.
Minister of State for Finance Bhagwat K Karad stated, "The government has adopted a targeted approach for covering people in the rural areas and campaigns are being organised throughout the country at each Gram Panchayat for providing coverage to eligible beneficiaries under the scheme.”
Take a look a look at the characteristics and accomplishments of the schemes thus far.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
The PMJJBY is a life insurance plan that lasts for a year and can be renewed annually. It provides coverage for death due to any cause.
Achievements: As of April 26th, 2023, over 161 million people have enrolled in the scheme, and a total of Rs. 13,290.40 crore has been disbursed for 664,520 claims.
Pradhan Mantri Suraksha Bima Yojana (PMSBY):
The PMSBY is an insurance plan that provides coverage for accidental death or disability, which can be renewed annually. The scheme lasts for one year and protects policyholders from the financial repercussions of accidents.
Achievements: As of April 26, 2023, the total number of enrollments in the scheme has exceeded 341.8 million, and a sum of Rs. 2,302.26 crore has been disbursed for 115,951 claims.
Atal Pension Yojana (APY):
APY is a social security scheme for unorganised sector bank account holders aged 18-40, providing a minimum monthly pension after they turn 60. Contributions and pension amount vary. The scheme offers benefits to spouse and nominee, with the Central Government guaranteeing the minimum pension. Contributions can be made monthly/quarterly/half-yearly, and subscribers can exit voluntarily with certain conditions.
Achievements: As of April 27th, 2023, over 50 million individuals have enrolled in the scheme.
Last year, the Finance Ministry revised rates for PMJJBY and PMSBY to make them economically viable due to long-standing adverse claims experience by the schemes. The revision increased rates from Rs 330 to Rs 436 under PMJJBY and from Rs 12 to Rs 20 for PMSBY, effective June 1, 2022.
