Govt. Social Security Schemes – One Crore Enrollment Everyday

Till now nearly 7 crore people have been enrolled under the three social security schemes launched by Prime Minister Narandra Modi.

“They started in May 9 and today we are on May 14. As of yesterday evening, PMSBY has reached 5.19 crore policies. In districts and countrysides it is a runaway success,” Finance Minister Arun Jaitley told reporters.

Under the pension scheme, APY around 70,000 people have joined. If the enrollment in other two schemes PMJJBY & PMSBY  is taken into account, the number has touched 6.7 crore.

The number of enrollment under the life insurance scheme PMJJBY has crossed 1.59 crore in 5 days.

“Insurance social security schemes if they are a runaway success and if they have huge acceptability, then we are going to see how they can be strengthened in future,” he added.

On May 9th, PM Narendra Modi had launched one pension scheme – Atal Pension Yojana (APY) along with two insurance schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) & Pradhan Mantri Suraksha Bima Yojana (PMSBY).

The pension scheme Atal Pension Yojana is targeted towards the unorganised sector of people. This will provide a fixed minimum pension of Rs 1,000, 2,000, 3,000, 4,000 or Rs 5,000 per month. The subscribers will start receiving the pension at the age of 60 years & the amount will depend on the contribution option as per the age.

Under APY, the minimum contribution period is 20 years with a fixed minimum pension guaranteed by the government.

PM Suraksha Bima Yojana will offer a renewable one-year accidental death-cum-disability cover of Rs 2 lakh. All savings bank account holders in the age group of 18-70 years can avail the benefits of PMSBY. The premium is fixed at Rs 12 per annum per subscriber & the scheme is managed by general insurance firms.

On the other hand PM Jeevan Jyoti Bima Yojana will offer a renewable one year life cover of Rs 2 lakh which covers death by any reason. PMJJBY scheme can be accessed by any savings bank account holder in the age group of 18-50 years. The premium for this is  Rs 330 per annum which is actually less than Rs. 1 per day per subscriber.

The scheme would be implemented by LIC of India. Other Life Insurance companies can join the scheme on similar terms by tying up with the participating banks.

These three social security schemes have seen a huge response within a week of their launch. In coming days we may expect record breaking enrollment of people in these schemes.