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TMI BlogPradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) complete 7 years of providing social security netX X X X Extracts X X X X X X X X Extracts X X X X ..... Pradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) complete 7 years of providing social security net - News and Press Release Dated:- 9-5-2022 - News - Pradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) complete 7 years of providing social security net Union Finance Minister Smt. Nirmala Sitharaman said low-cost insurance schemes and the guaranteed pension scheme are ensuring that Jan Suraksha now covers the last person of the society Union Minister of State for Finance Dr Bhagwat Karad exhorts banks insurance companies to continue expanding coverage of these schemes with zeal and dedic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation PMJJBY: More than 12.76 crore Cumulative Enrolments PMSBY: More than 28.37 crore Cumulative Enrolments APY: Over 4 Crore subscribers New Delhi: 9 th May, 2022 As we celebrate the 7 th anniversaries of three social security (Jan Suraksha) schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY), let us focus on how these schemes have provided affordable insurance and security to people (Jan Suraksha), their achievements and salient features. PMJJBY, PMSBY and APY were launched by Prime Minister Shri Narendra Modi on 9 th May, 2015 from Kolkata, West Bengal. These three social security schemes are dedicated to the welfare of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itizens, recognising the need for securing human life from unforeseen risks/losses and financial uncertainties. In order to ensure that the people from the unorganised section of the country are financially secure, the Government launched two insurance schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY); and introduced Atal Pension Yojana (APY) to cover the exigencies in the old age. While the PMJJBY and PMSBY provide access to low cost life/accidental insurance cover to the people, the APY provides an opportunity for saving in the present for getting a regular pension in old age. While celebrating the 7th anniversary of the Scheme, Union Minister of Finance Corporate Affairs Smt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Nirmala Sitharaman said, One of the main objectives under the National Mission for Financial Inclusion announced by the Hon ble Prime Minister on August 15, 2014 was to expand the coverage of insurance and pension in order to provide the poor and marginalised sections of the society the much-needed financial security through affordable products. The three Jan Suraksha schemes have brought the insurance and pension within the reach of the common man. The number of people who have enrolled and benefitted from the above schemes over the last seven years is a testimony to their success. These low-cost insurance schemes and the guaranteed pension scheme are ensuring that financial security, which was available to a select few earlier, is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... now reaching the last person of the society, the Finance Minister said. Giving an overview of providing facilities to the poor, the Finance Minister said, Today, even the poorest of the poor can have a life insurance cover for Rs 2 lakh at less than 1 rupee a day under PMJJBY and an accident insurance of Rs 2 lakh at less than 1 rupee a month under PMSBY. All the citizens of the country in the age group 18 to 40 can subscribe for receiving pension after the age of 60 by paying a minimum amount of Rs 42 per month. Providing security with convenience to citizens through PMJJBY, especially during COVID-19 Pandemic, Smt. Sitharaman said, Under PMJJBY, a cumulative number of 12.76 crore persons have enrolled since inception for life c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... over and families of 5,76,121 persons have received claims for Rs. 11,522 crore under the scheme. The scheme has proved extremely useful for low-income households during pandemic as in FY21, almost 50% claims paid out were due to COVID-19 deaths. Major changes were brought in the claim settlement process for quick and easy settlement of claims during the pandemic period. These changes brought in for easy settlement of claims are still continuing. Since the beginning of the pandemic i.e., April 1, 2020 till February 23, 2022, a total of 2.10 lakh claims amounting to Rs 4,194.28 erore were paid with a settlement rate of 99.72%. The Finance Minister said that in a similar spirit, 28.37 crore people have enrolled for accident cover since t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he launch of PMSBY and an amount of Rs 1,930 crore has been paid towards 97,227 claims. More than 4 crore people have already subseribed to the APY scheme. On this occasion, Union Minister of State (MoS) for Finance Dr. Bhagwat Kishanrao Karad said, On this 7 th anniversary of these schemes, I congratulate all the banks and insurance companies for successful implementation of these schemes and request them to continue working with same zeal and dedication till the last person is covered. Going ahead, as announced by the Hon ble PM in this regard on his last Independence Day address, it will be our endeavour to ensure that every eligible person in the country is covered under these social security schemes for insurance and pension ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Dr Karad stated. As we celebrate the seventh anniversary of PMJJBY, PMSBY and APY, let us take a look at the features and glance over their achievements so far. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Detailed information about the scheme and the forms (in Hindi, English and Regional languages) are available on https://jansuraksha.gov.in . 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 (PMSB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Y) 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 b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ased on a one-time mandate from the account holder. Detailed information about the scheme and the forms (in Hindi, English and Regional languages) are available on https://jansuraksha.gov.in . 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 accu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mulated 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 g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et 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. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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