11 May 2022 PMJJBY, PMSBY & APY Scheme
PMJJBY, PMSBY & APY Scheme – Today Current Affairs
- In order to financially secure the people of the unorganized section of the country, the government started two insurance schemes – PMJJBY and PMSBY and to meet the needs of old age, the government started APY.
- These schemes were inaugurated in May 2015 by the Prime Minister in Kolkata city of West Bengal.
Today Current Affairs
Pradhan Mantri Suraksha Bima Yojana:
Plan:
- It is a one year accident insurance plan which is renewed every year and provides insurance coverage for death or disability due to accident.
Qualification : The Hindu Analysis
- This scheme is for those people in the age group of 18 to 70 years, who have an account with any bank from which premium is charged through auto debit facility.
Benefit : The Hindu Analysis
- Under the Pradhan Mantri Suraksha Bima Yojana, an accidental insurance cover of Rs 2 lakh is provided at an annual premium of Rs 12 and the sum insured is paid in case of accidental death.
Achievements : The Hindu Analysis
- At present more than 28.37 crore enrollments have been done under this scheme and a total amount of 1,930 crore has been paid for 97,227 claims.
Pradhan Mantri Jeevan Jyoti Bima Yojana:
Plan : The Hindu Analysis
- It is a one year life insurance plan which is renewed every year and provides insurance coverage against death due to any reason.
Qualification : The Hindu Analysis
- Pradhan Mantri Jeevan Jyoti Bima Yojana is available to those people in the age group of 18 to 50 years who have a bank account from which premium can be collected through auto debit facility.
Benefit : The Hindu Analysis
- Under this scheme, on paying premium of Rs 330 per annum (less than Re 1 per day), life insurance of Rs 2 lakh is available. In this plan, along with accident, the sum insured is also available on normal death.
Achievement : The Hindu Analysis
- The cumulative enrollment under this scheme is more than 12.76 crores and an amount of Rs 11,522 crores has been paid for 5,76,121 claims.
Atal Pension Yojana:
Background : The Hindu Analysis
- The scheme was launched in May 2015 with the aim of creating a universal social security system for all Indians, especially the poor, the underprivileged and workers in the unorganized sector.
- It is an initiative of the government to provide financial security to the people of the unorganized sector and to cover the future needs.
Administered : The Hindu Analysis
- The scheme is administered by ‘Pension Fund Regulatory and Development Authority’ through NPS.
Eligibility : The Hindu Analysis
- Any citizen of India aged between 18-40 years can join this scheme. In this plan, the contribution amount of the late joiner is high and the contribution amount of the early joiner is less.
Benefit : The Hindu Analysis
- It provides a minimum guaranteed pension of Rs.1000 to Rs.5000 to the subscribers on attaining the age of 60 years as per their contribution.
Contribution by Central Government : The Hindu Analysis
- The minimum pension shall be guaranteed by the Government, i.e. if the accumulated fund based on contribution earns less than the estimated return on investment and is insufficient to provide minimum guaranteed pension, the Central Government shall fund such inadequacy.
- Alternatively, if the return on investment is high, the subscribers will get enhanced pension benefits.
Payment Frequency : The Hindu Analysis
- Subscribers can contribute to Atal Pension Yojana on monthly/quarterly/half yearly basis.
Achievement : The Hindu Analysis
- So far more than 4 crore persons have subscribed to this scheme.
Pension Fund Regulatory and Development Authority (PFRDA):
- It is a statutory authority established by an Act of Parliament to regulate, promote and ensure the orderly development of the National Pension System (NPS).
- It works under the Department of Financial Services, Ministry of Finance.
Importance of Schemes : The Hindu Analysis
- These three social security schemes are dedicated for the welfare of the citizens which provide protection to human life from unforeseen risks/losses and financial uncertainties.
- PMJJBY and PMSBY provide people with access to low cost life/accident insurance cover, while APY provides an opportunity to get regular pension in old age by boosting existing savings.
- The number of people benefited and enrolled in these schemes for the last seven years is a proof of its success.
- These low cost insurance plans and guaranteed pension plans ensure that the financial security which was earlier available to a select few, now reaches the last man in the society.
In this article we mention all information about PMJJBY, PMSBY & APY Scheme Today Current Affairs.
Yojna ias daily current affairs 11 May 2022
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