Nirmala Sitharaman lauds Social Security Schemes, says they Benefit 556 million people

New Delhi (India), 9th May 2023: On the occasion of the eighth Anniversary of launching three Social Security Schemes, Finance Minister Nirmala Sitharaman said on Tuesday that three schemes have benefited 556 million people since their inception.

She said that the government’s social security schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY) – have covered over 556 million beneficiaries in eight years, with the first two insurance schemes covering nearly eight lakh people and providing exigency of ₹15,592cr.

Sitharaman said, “It is encouraging to see that these schemes are being implemented through a targeted approach to maximise their reach.”

She congratulated our Prime Minister and said, “Under the leadership of our Prime Minister Narendra Modi, our government is steadfastly dedicated to ensuring that the advantages of these social security schemes reach every eligible individual across the nation.”

The Prime Minister Narendra Modi launched PMJJBY, PMSBY, and APY on May 9, 2015 in Kolkata.

Concerning the government’s initiative to provide social security to the underprivileged, the Finance Minister said, 16.20 crore (162 million), 34.20 crore (342 million) and 5.20 crore (52 million) enrolments have been done under PMJJBY, PMSBY and APY, respectively till April 26, 2023.

PMJJBY is a one-year life insurance policy that is renewable year after year, providing coverage for death from any cause. Individuals between the ages of 18 and 50 who have a personal bank or post office account are eligible to participate in the plan.

PMSBY is a one-year accidental insurance policy that is renewable year after year, providing coverage for accidental death or disability. Individuals between the ages of 18 and 70 who have a personal bank or post office account are eligible to participate in the scheme.

It offers accidental death and disability coverage of 2 lakh (or 1 lakh in the case of partial disability) for death or disability caused by an accident at a premium of 20 per year.

Whereas, the Atal Pension Yojana, or APY, is a universal social security system for all Indians, particularly the impoverished, underprivileged, and unorganised sector employees. It is a government initiative to provide financial security and meet future needs for persons working in the unorganised sector.

Nirmala Sitharaman said, “These three social security schemes are devoted to the well-being of citizens, acknowledging the importance of safeguarding human life against unforeseen risks, losses, and financial uncertainties. These schemes aim to provide essential financial services to individuals from underprivileged backgrounds, thereby reducing their financial vulnerability.”