Over 55 crore Indians enroll in PM's social security schemes in 8 years

PM's social security schemes Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Atal Pension Yojana (APY) together have seen an enrollment of over 55 crore since their launch.

Speaking on the 8th anniversary of Jan Suraksha schemes, the finance minister Nirmala Sitharaman claimed that 16.2 crore enrolled under PMJJBY, 34.2 crore enrolled under PMSBY and 5.2 crore joined APY as of April 26 2023. Sitharaman, further added that these schemes were aimed at providing essential financial services to individuals from underprivileged backgrounds, thereby reducing their financial vulnerability.

As per the data released by the finance ministry, under the PMJJBY, 6.64 lakh families received ₹13,290 crore worth claims. Likewise, over 1.15 lakh families benefitted by claiming ₹2,302 crore under the PMSBY scheme.

Minister of State for finance, Bhagwat Kisanrao Karad has said that the 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 providing coverage to eligible beneficiaries under the scheme.

Prime Minister Narendra Modi, launched the three schemes on 9th May 2015 from Kolkata. The PMJJBY is an one-year life insurance scheme that could be renewed every year. It gives a cover of ₹ 2 lakh in case of death due to any reason. Anyone at the age group of 18-50 who has an individual bank account or post office account are eligible to enroll under the scheme.

The PMSBY offers ₹ 2 lakh insurance for accidental deaths or total permanent disability while offering ₹ 1 lakh for partial permanent disability. This covers people in the age group of 18-70 years with a bank or post office account.

Anyone at the age group of 18-40 years who do not pay income tax can join the APY scheme. The subscribers' contribution can differ and will get a guranteed monthly pension of ₹ 1,000 and multiples thereof up to ₹5,000 after completing 60 years based on the subscriber’s contribution.