Indian Economy News

Pradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) complete 8 years of providing social security cover

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) were launched by Prime Minister Mr. Narendra Modi on May 09, 2015 from Kolkata, West Bengal. Since then, the schemes have enabled affordable insurance and security for people (Jan Suraksha).

Union Finance and Corporate Affairs Minister Ms. Nirmala Sitharaman recalled the vision behind the three Jan Suraksha schemes and stated, “In the year 2014, the National Mission for Financial Inclusion was launched with the primary objective of ensuring that every citizen in India has access to banking facilities, financial literacy, and social security coverage. Building on this initiative, Prime Minister Mr. Narendra Modi introduced three Jan Suraksha schemes on May 09, 2015, with the aim of further promoting and advancing financial inclusion in the country.”

Ms. Nirmala Sitharaman further said, “These three social security schemes are devoted to the well-being of citizens, acknowledging the importance of safeguarding human life against unforeseen risks, losses, and financial uncertainties. These schemes aim to provide essential financial services to individuals from underprivileged backgrounds, thereby reducing their financial vulnerability.”

According to data on the 8th anniversaries of the Jan Suraksha Schemes, 16.2 crore, 34.2 crore, and 5.2 crore enrollments under PMJJBY, PMSBY, and APY, respectively, had been made as of April 26, 2023.

PMJJBY scheme has provided crucial support to 6.64 lakh families who have received claims for US$ 1.6 billion (Rs. 13,290 crore).

Under PMSBY scheme, more than 1.15 lakh families have received claims for US$ 281 million (Rs. 2,302 crore). For both PMJJBY and PMSBY schemes, simplification of the claim process has resulted in speedier settlement of claims.

Ms. Nirmala Sitharaman concluded, “It is encouraging to see that these schemes are being implemented through a targeted approach to maximise their reach. Under the leadership of our Prime Minister Mr. Narendra Modi, our government is steadfastly dedicated to ensuring that the advantages of these social security schemes reach every eligible individual across the nation.”

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.