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PMJJBY, PMSBY & APY Complete 7 Years:

GS Paper 2:

Topics Covered: Welfare Schemes for the vulnerable sections of the society.

 

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.

 

When were the schemes launched?

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

 

Basic details of the schemes:

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.
  • 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.

Further reading: Read This.

 

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.
  • 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.

Further Reading: Read This.

 

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.

Further Reading: Read This.

 

InstaLinks:

Prelims Link:

  1. About PMJJBY, PMSBY & APY.
  2. Eligibility.
  3. Benefits.
  4. When were they launched?
  5. Other similar schemes.

Mains Link:

Discuss the significance of PMJJBY.

 

Q.3) Which of the following is/are true regarding the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

  1. Individuals in the age group of 18-50 years are eligible for the scheme.
  2. The Scheme provides a Life cover of Rs 2 lakh in case of death due to any reason.
  3. The premium is completely borne by the Central Government.

Choose the correct answer using the codes given below:

  1. 1 only.
  2. 2 and 3 only.
  3. 3 only.
  4. 1 and 2 only. 

Sources: PIB.