The three social security (Jan Suraksha) programs in India, PMJJBY, PMSBY, and APY, are celebrating their tenth anniversary launched on May 09, 2015

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) :

Program: PMJJBY is a yearly renewable life insurance program that provides coverage for death occurring from any cause.

Eligibility: Individuals aged 18 to 50 years who possess a personal bank or post office account can register for the program.

Individuals who enroll in the program before reaching 50 years of age can maintain life coverage until they turn 55 by paying regular premiums.

Advantages: Life insurance of Rs. 2 Lakh in the event of death for any cause against a premium of Rs. 436/- each year.

Pradhan Mantri Suraksha Bima Yojana (PMSBY):

Plan: PMSBY is an annual accidental insurance program that can be renewed each year, providing coverage for death or disability resulting from an accident.

Eligibility: Individuals aged 18 to 70 years who possess a personal bank or post office account are qualified to register for the scheme.

Benefits: Coverage for accidental death and disability of Rs.2 lakh (Rs.1 lakh for partial disability) arising from an accident for a premium of Rs.20/- annually.

Atal Pension Scheme (APS):

Background: This is a government initiative aimed at ensuring financial stability and addressing future needs for individuals in the unorganised sector.

APY is overseen by the Pension Fund Regulatory and Development Authority (PFRDA) within the broader administrative and institutional framework of the National Pension System (NPS).

Eligibility: Available to all bank account holders between the ages of 18 and 40 years.

Candidates must not be subject to income taxes.

The contribution level depends on the selected pension tier and the age at which one joins.

Advantages: Subscribers would be entitled to a guaranteed minimum monthly pension of Rs. 1000 or Rupees. Two thousand or Rs. 3000 or ₹. 4000 or ₹. 5000 after reaching 60 years of age, depending on the contributions.

Distribution of the Scheme Benefits: The subscriber receives the pension initially.

Upon the subscriber's passing, the partner receives the pension.

When both the subscriber and their spouse pass away, the total pension fund is granted to the designated nominee.

In the Event of Early Death (Before Age 60): The partner may keep making contributions until the subscriber reaches 60, preserving pension eligibility.

Importance of the programs

• Affordable Insurance: The programs provide insurance and pension at very low rates, perfect for financially disadvantaged populations.
• Financial Inclusion: Increased the value of Jan Dhan accounts by associating them with protective insurance.
• Women Empowerment: A notable percentage of subscribers enrolled in APY are female.
• Insurance Penetration: Expanded access to formal insurance and pension schemes in rural and semi-urban areas of India.

The Jan Suraksha schemes signify a significant advancement in creating a comprehensive social security framework for the extensive unorganised sector in India.

As the country marks ten years of these programs, it is essential to strengthen achievements, address operational shortcomings, and enhance coverage, guaranteeing that all citizens have a fundamental.