Facts for Prelims (FFP)
Source: PIB
Context: 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
The three schemes were launched on May 9, 2015. The objective of these schemes is to ensure affordable insurance and security for people from the unorganized sector of the country.
Comparison of the three schemes:
| Scheme | Pradhan Mantri Suraksha Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana | Atal Pension Yojana |
| Type of Scheme | Accidental insurance | Life insurance | Pension scheme. The minimum pension is guaranteed by the Government. |
| Objective | To provide insurance against accidental death and disability at affordable rates | To provide life insurance at affordable rates | To provide a pension to unorganized sector workers |
| Eligibility Criteria | Age between 18 to 70 years | Age between 18 to 50 years | Age between 18 to 40 years |
| Insurance Coverage | Rs. 2 lakh for accidental death and full disability, Rs. 1 lakh for partial disability | Rs. 2 lakh for natural or accidental death | Depends on the contribution made by the subscriber |
| Premium | Rs. 12 per annum | Rs. 330 per annum | Depends on the age and contribution of the subscriber |
| Tax Benefits | No tax benefits are available | Tax benefits available under Section 80C | Tax benefits available under Section 80CCD |
| Achievement | More than 34 crore enrolment | More than 16 crore enrolment | More than 5 crore enrolment |
