“The number of people who have signed up for and benefited from the above programs over the last seven years is a testament to their success,” Finance Minister Nirmala Sitharaman said
“The number of people who have signed up for and benefited from the above programs over the last seven years is a testament to their success,” Finance Minister Nirmala Sitharaman said
Finance Minister Nirmala Sitharaman said on May 9 Jan Suraksha’s three schemes — Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana — have made insurance and pensions accessible to the common man.
“The number of people who have enrolled in and benefited from the above schemes over the last seven years is a testament to their success,” she said on the 7th anniversary of the introduction of the three social security schemes. These programs were launched by Prime Minister Narendra Modi on May 9, 2015.
“A total of 12.76 million people have signed up under PMJJBY since life insurance began and families of 5,76,121 people have received claims to £11,522 million under the scheme. The program has proven extremely useful to low-income households during the pandemic, with nearly 50% of claims paid out in FY21 being related to COVID-19 deaths,” she said.
“During the pandemic, significant changes were introduced to the claims adjustment process to allow for quick and easy claims adjustment, and those changes introduced for easy claims adjustment are still ongoing. Since the start of the pandemic, i.e. from April 1, 2020 to February 23, 2022, a total of 2.10 lakh claims of ₹4,194.28 million have been paid with a 99.72% settlement rate,” she said.
The finance minister said that similarly, since the launch of Pradhan Mantri Suraksha Bima Yojana (PMSBY), 28.37 million people have registered for accident insurance and an amount of ₹1,930 million has been paid for 97,227 claims.
While Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers life insurance coverage from ₹2 lakh, PMSBY offers accidental death or full permanent disability insurance from 2 lakh and partial permanent disability insurance from 1 lakh.
“Today even the poorest of the poor can get life insurance for less than 1 rupee a day for 2 lakh and PMSBY accident insurance for less than 1 rupee a month under PMJJBY. All citizens of the country in the 18-40 age group can sign up to receive a pension after the age of 60 by paying a minimum of £42 a month,” she said.
Referring to Atal Pension Yojana (APY), she said more than four million people have already subscribed to the pension scheme. On that occasion, the Minister of State for Finance, Bhagwat K. Karad, urged the banks and insurance companies to continue working with the same zeal and commitment until the last person is insured.
“As the Prime Minister announced in this regard in his last Independence Day address, we will strive to ensure that every eligible person in the country is covered by these social security schemes for insurance and pensions,” he said.
