Pradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) complete 8 years of providing social security cover

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Source: The post is based on the articlePradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) complete 8 years of providing social security coverpublished in PIB on 9th May 2023

What is the News?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) has completed 8 years of providing social security cover.

What are the three social security schemes?

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): It is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason.

– Eligibility: Persons in the age group of 18-50 years having an individual bank or a post office account are entitled to enrol under the scheme. 

– People who join the scheme before completing 50 years of age can continue to have the risk of life cover up to the age of 55 years upon payment of regular premium.

– Benefits: Life cover of Rs. 2 Lakh in case of death due to any reason against a premium of Rs. 436/- per annum.

Pradhan Mantri Suraksha Bima Yojana (PMSBY):  It is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident.

– Eligibility: Persons in the age group of 18-70 years having an individual bank or a post office account are entitled to enrol 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 against a premium of Rs.20/- per annum.

Atal Pension Yojana(APY): It was launched to create a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganized sector.

– Administered by: 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 who are not income taxpayers and the contributions differ, based on the 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 after 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 would be returned to the nominee of the subscriber.

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 get enhanced pensionary benefits.

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