PM's social securities schemes evokes good response in Gujarat

Under PMSBY, 2.99 million people have enrolled while 8.6 lakh have joined PMJJBY

Merely 20 days after launching three social security schemes, two of the schemes launched by Prime Minister Narendra Modi have seen enrollment by more than 3.85 million people in Gujarat till May 26, 2015.

According to the data shared by the State Level Bankers' Committee (SLBC), 2.99 million people across the state have joined personal accident insurance scheme Pradhan Mantri Suraksha Bima Yojana (PMSBY) while 860,817 citizens have so far joined life insurance scheme Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Public Sector Banks (PSBs) lead in providing coverage to citizens who want to enroll in both the schemes, the data suggests.

Their coverage has so far enrolled about 88 per cent of the total people who have joined the schemes while the share of private sector lenders share is five per cent.

PSBs have covered about 2.62 million people of the total 2.99 million people who have enrolled to avail benefits of PMSBY. The remaining maximum enrollment has been shared by Regional Rural Banks (RRBs), who have covered 260,647 people and private banks, who have covered 107,884 people. Cooperative banks have enrolled 1,194 citizens. PSBs have, thus, covered 87.60 per cent of the total citizens who enrolled for PMSBY while RRBs and private sector lenders have enrolled 8.7 per cent citizens and 3.7 per cent people respectively.

PMSBY provides personal accident insurance coverage of Rs 200,000 for individuals on payment of Rs 12 per annum. This scheme can be availed by savings bank account holders in the age group of 18-70 years.

Enrollment of males, the data shows, exceeds that of females across the state in PMSBY. About 1.70 million males have been covered in the scheme while enrollment of women touched 613,829.

In urban areas, about 1.21 million people have been covered in PMSBY, out of which, 892,230 are males. While in rural areas, the scheme has enrolled 1.06 million people, of which 772,111 are males.

The trends for enrollment under PMJJBY were similar across the state.

The data highlights that under PMJJBY, 860,817 people have been covered in all of which, PSBs have covered 759,879 people while private banks have enrolled 50,356 citizens. RRBs have covered 49,823 people while 759 people have joined the scheme through cooperative banks. This has resulted in 88.50 per cent coverage by PSBs while RRBs and private sector banks have accounted for 5.85 per cent enrollment and four per cent enrollment respectively.

More men than women have joined the scheme, the data suggests, with 504,998 males being enrolled while 215,725 females joined the scheme.

The urban-rural coverage in PMJJBY is also stacked in favour of the former. Out of the 430,356 people, who have been covered in urban areas, 305,200 are males. While in rural areas, 290,117 citizens have joined the scheme and 199,630 of them are males.

PMJJBY offers life insurance coverage of Rs 200,000 for any savings bank holders in the age group of 18-50 years on annual payment of Rs 330. This scheme is offered through the Life Insurance Corporation of India and other general life insurance companies.