As we celebrate 7 years of three social security programs (Jan Suraksha), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY), let us focus on how these systems work. provided affordable insurance and safety to people (Jan Suraksha), their achievements and remarkable features. PMJJBY, PMSBY and APY were presented by Prime Minister Shri Narendra Modi on May 9, 2015 from Kolkata, West Bengal.
These three social security systems are dedicated to the well-being of citizens, recognizing the need to protect one’s health from unexpected risks / losses and financial uncertainty. To ensure that people from the informal sector are financially secure, the Government introduced two insurance schemes — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY); and introduced the Atal Pension Joint (APY) to deal with emergencies in old age.
Celebrate 7 years of Scheme
As we celebrate 7 years of the Scheme, the Minister of Finance and commerce and Industry Affairs Smt. Nirmala Sitharaman said, “One of the key objectives under the National Mission for Financial Inclusion announced by the esteemed Prime Minister on August 15, 2014 was to increase insurance coverage and pensions to provide for the poor and disadvantaged. public financial security much needed for affordable products. ”
Jan Suraksha’s three plans make insurance and pension accessible to the average person. The number of people who have registered and benefited from the above programs over the past seven years is a testament to their success. These low-cost insurance schemes and a guaranteed pension plan ensure that financial security, which was available to a select few in the past, has now reached the last person in the community, ”said the Minister of Finance.
Giving the idea of providing services to the poor, the Minister of Finance said, “Today, even the poorest of them can have life insurance of Rs 2 lakh less than one rupee per day under PMJJBY and risk insurance of Rs 2. lakh less than 1 rupee per month under PMSBY. All citizens 18 to 40 years of age can apply for a pension at the age of 60 by paying a minimum of Rs 42 per month. ”
Providing easy protection for citizens through PMJJBY, especially during the COVID-19 epidemic, Smt. Sitharaman said, “Under PMJJBY, a total of 12.76 million people have since received life cover and 5,76,121 families have received applications for Rs. 11,522 crore under the program. This program has proved very useful for low-income households. during the violence as per FY21, approximately 50% of claims were paid due to the death of COVID-19. Substantial changes were introduced into the grievance redressal system so that claims could be paid more quickly and easily during the epidemic. i.e., April 1, 2020 to February 23, 2022, a total of 2.10 lakh applications amounting to Rs 4,194.28 erore were paid at a fee of 99.72%.
The Minister of Finance said in a similar vein, “28.37 crore people have been registered for accident insurance since the launch of PMSBY and a total of Rs 1,930 crore has been paid out of 97,227 applications. More than 4 crore people have already signed up for the APY program. ”
At the event, theUnion Minister Dr. Bhagwat Kishanrao Karad said, “On this 7th anniversary of this initiative, I congratulate all banks and insurance companies on the successful implementation of these programs and urge them to continue working with them, the same zeal and devotion as the last man united. “If we continue, as announced by the Honorable Premier in this regard in his last Independence Day address, it will be our efforts to ensure that everyone who is eligible in the country is treated under these social security insurance and pension plans,” he said.
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