11 years of Social Security Schemes

Prelims: Current events of national and international importance | Polity & Governance

Why in news?

3 flagship program Jan Suraksha Scheme, has recently Completed 11 years of providing social security net underserved & vulnerable sections.

Those schemes are - Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY)

Launched on – May 2015

Scheme Details

PMSBY

Type - One year accidental Insurance Scheme, renewable annually.
Coverage- Accidental Death & Disability Cover
Eligibility – Bank/Post Office account Holders.
Age Group – 18 to 70 years
Premium – Rs 20 per annum.
Benefits - Death - Rs. 2 Lakh, Partial loss – (1 Eye/hand/foot) Rs 1 Lakh, Irrecoverable loss – Both eye/hand/feet Rs 2lakh & Total Enrolment – 58.09 crore.

PMJJBT

APY

Objective – To the unorganized sector providing financial security.
Agency – Pension Fund Regulatory & Development Authority.
Eligibility – Bank account holders aged 18 to 40 years & not for Income tax payers
Note - Not open to income tax payers.
Benefits – Minimum Guaranteed Monthly pension of Rs 1000, Rs2000, Rs3000, Rs 4000 or Rs 5000 after age of 60.
Spouse benefit – Monthly pension is available to the spouse after the subscriber’s death.
Nominee benefit – After the death of both, the accumulated corpus is returned to the nominee.
Spouse Benefit - Monthly pension is available to the spouse after the subscriber's death.
Nominee Benefit - After the death of both, the accumulated corpus is returned to the nominee.
Premature Death - If the subscriber dies before 60, the spouse can continue contributing for the remaining period.
Payment Frequency - Monthly, quarterly, or half-yearly.