The three Jan Suraksha schemes have brought the insurance and pension within the reach of the common man. These low-cost insurance schemes and the guaranteed pension scheme are ensuring that financial security, which was available to a select few earlier, is now reaching the last person of the society, said Finance Minister Nirmala Sitharaman today while celebrating the 7th anniversary of the three social security schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).

“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 to provide the poor and marginalized sections of the society the much-needed financial security through affordable products,” she added.

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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 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 a pension after the age of 60 by paying a minimum amount of Rs 42 per month.”

PMJJBY, PMSBY, and APY were launched by Prime Minister Shri Narendra Modi on 9th May 2015 from Kolkata, West Bengal.

These three social security schemes are dedicated to the welfare of the citizens, recognizing the need for securing human life from unforeseen risks/losses and financial uncertainties. To ensure that the people from the unorganized 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.

Providing security with convenience to citizens through PMJJBY, especially during the COVID-19 Pandemic, Sitharaman said, “Under PMJJBY, a cumulative number of 12.76 crore persons have enrolled since inception for life cover, and families of 5,76,121 persons have received claims for Rs. 11,522 crores under the scheme. The scheme has proved extremely useful for low-income households during the pandemic as in FY21, almost 50% of 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 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 crore 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 the launch of PMSBY, and a sum of Rs 1,930 crore has been paid towards 97,227 claims. More than 4 crore people have already subscribed to the APY scheme.”