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Jan Suraksha schemes bring insurance, pension accessible to common man: FM

Finance Minister Nirmala Sitharaman said the three Jan Suraksha schemes have brought insurance and pension within the reach of the common man.

Nirmala Sitharaman | Pensions | Jan Suraksha

Press Trust of India  |  New Delhi 

Indian Finance Minister Nirmala Sitharaman (Photo: Bloomberg)
Indian Finance Minister Nirmala Sitharaman (Photo: Bloomberg)

Finance Minister on Monday said the three schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana -- have brought insurance and pension within the reach of the common man.

The number of people who have enrolled and benefitted from the above schemes over the last seven years is a testimony to their success, she said on the occasion of 7th anniversary of the launch of the three social security schemes.

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

Under PMJJBY, a cumulative number of 12.76 crore persons have enrolled since inception for life cover and families of 5,76,121 persons have received claims for Rs 11,522 crore under the scheme. The scheme has proved extremely useful for low-income households during pandemic as in FY21, almost 50 per cent claims paid out were due to COVID-19 deaths," she said.

Major changes were brought in the claim settlement process for quick and easy settlement of claims during the pandemic and these changes brought in for easy settlement of claims are still continuing.

Since the beginning of the pandemic i.e., April 1, 2020 till February 23, 2022, total 2.10 lakh claims amounting to Rs 4,194.28 crore were paid with a settlement rate of 99.72 per cent, she said.

The Finance Minister said that in a similar spirit, 28.37 crore individuals have enrolled for accident cover since the launch of Pradhan Mantri Suraksha Bima Yojana (PMSBY) and an amount of Rs 1,930 crore has been paid towards 97,227 claims.

While Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers life insurance cover of Rs 2 lakh, PMSBY offers accidental death or total permanent disability cover of Rs 2 lakh and permanent partial disability cover of Rs 1 lakh.

"Today, even the poorest of the poor can have a life insurance cover for Rs 2 lakh at less than 1 rupee a day under PMJJBY and an accident insurance of Rs 2 lakh at less than 1 rupee a month under PMSBY. All the citizens of the country in the age group 18 to 40 can subscribe for receiving pension after the age of 60 years by paying a minimum amount of Rs 42 per month," she said.

With regard to Atal Pension Yojana (APY), she said, more than 4 crore people have already subscribed to the pension scheme.

On the occasion, Minister of State for Finance Bhagwat K Karad urged banks and insurance companies to continue working with same zeal and dedication till the last person is covered.

Going ahead, as announced by the PM in this regard on his last Independence Day address, it will be our endeavour to ensure that every eligible person in the country is covered under these social security schemes for insurance and pension," he said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, May 09 2022. 16:05 IST