The Centre’s flagship life insurance scheme — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and accidental insurance scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY) — have seen enrollments rise to 128 million and 284 million, respectively, in seven years of inception.
Atal Pension scheme, that provides a subscriber aged 18-40 years with a guaranteed pension of Rs 1,000 to Rs 5,000 per month after attaining the age of 60 years, depending on the contribution, has seen its subscribers increase to 40 million in the last seven years. All three social security schemes were launched by the government on May 9, 2015.
PMJJBY, provides life insurance cover worth Rs 2 lakh at Rs 330 per annum to all account holders aged between 18 and 50 years, and has provided claims for Rs 11,522 crore to families of 576,121 persons. Nearly 50 per cent of claims were paid out for Covid-19 deaths, the Ministry of Finance said in a statement.
Changes introduced by the government in the claim settlement process have led to quicker and easier settlement of claims during the pandemic, said Finance Minister Nirmala Sitharaman. Since the beginning of the pandemic, or April 1, 2020 till February 23, 2022, about 210,000 claims amounting to Rs 4,194 crore were paid with a settlement rate of 99.72 per cent.
For PMSBY, that provides accident cover of Rs 2 lakh at Rs 12 per annum to account holders aged 18 to 70 years, about Rs 1,930 crore has been paid towards 97,227 claims in seven years, the ministry added.
“The three Jan Suraksha schemes have brought the insurance and pension within the reach of the common man...These low-cost insurance schemes and the guaranteed pension scheme are ensuring that financial security, which was available to a select few earlier, is now reaching the last person of the society,” Sitharaman added.