PMJJBY, PMSBY And APY Complete 7 Years

Context

Social security schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) have completed seven years of their launch.

• The schemes were launched by Prime Minister Narendra Modi on May 9, 2015.

About PMJJBY

• It 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.
• Amount: Life cover of Rs 2 lakh in case of death due to any reason against a premium of Rs 330 per annum.
• Achievements: 12.76 crore enrollments.

About PMSBY

• It 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.
• Amount: 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.
• Achievements: 28.37 crore enrollments.

About APY

• It seeks to provide financial security and cover future exigencies for the people in the unorganized sector.
• 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: Open to all bank account holders in the age group of 18 to 40 years.
• Achievements: 4 Crore registrations.