Pradhan Mantri Jeevan Jyoti Beema

Yojana

What?
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance
scheme launched by the Indian government. It provides life insurance
coverage to individuals at a low premium, offering financial security to their
families in case of the insured person's death. The scheme offers a life cover
of ₹2 lakh (about $2,700) for an annual premium of around ₹330 (about
$4.40). It aims to ensure that affordable life insurance is accessible to all
segments of society.

History
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) was launched by
the Government of India on May 9, 2015. It was introduced as part of the
government's financial inclusion initiatives to provide affordable life
insurance coverage to all individuals, especially those from economically
weaker sections of society. The scheme was announced by the Finance
Minister of India in the Union Budget of 2015-16. PMJJBY aims to ensure
that every Indian citizen has access to basic life insurance coverage at a
minimal cost, thereby providing financial security to their families in case of
unforeseen events.

Benefits

1) Affordable Premium : The scheme provides life insurance coverage at a

very low premium, making it accessible to people from all income
groups.
2. )Life Insurance Coverage: It offers a life cover of ₹2 lakh (about $2,700) to
the insured person's nominee in the event of their death due to any cause.

3) Financial Security: PMJJBY provides financial security to the insured

person's family by ensuring that they receive a lump sum amount in case of
the insured's demise, helping them meet their financial needs.

4. **Easy Enrollment:** The enrollment process for PMJJBY is simple and

hassle-free, making it easy for individuals to avail of the benefits of the

Replacement of any scheme

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) was introduced as
a standalone scheme aimed at providing life insurance coverage to
individuals at an affordable premium. While there may be similar schemes
offered by both the government and private insurers, PMJJBY remains
unique due to its specific features such as low premium, high coverage
amount, and easy enrollment

Coverage
Achievements

How this scheme helps in financial inclusion?

Pradhan mantri suraksha beema

yojana
What?

Pradhan mantri suraksha beema yojana (PMSBY) is an Accident Insurance

Scheme offering accidental death and disability cover for death or disability
on account of an accident. The objective is to provide insurance at an
extremely affordable premium to the deprived sections of society. It was
originally mentioned in the 2015 Budget speech by Finance Minister Late
Arun Jaitley. It was formally launched by the Prime Minister Narendra Modi
on 8 May in Kolkata

Premium:
Rs.20/- per annum per member.
The premium is automatically deducted from the account holder’s bank /
Post office account through ‘auto debit’ facility on or before 1st June of each
annual coverage period under the scheme.

History
Benefits

Beneficiaries of this scheme are the Poor and underprivileged

individuals aged 18 to 70 years who have a savings bank account. The
scheme offers a life cover of Rs. 2 lakhs for one year. This life cover is
provided in case of accidental death or permanent disability.The
benefits received include

1. On Death- the Nominee shall get Rs. 2 Lakhs.

2. Total and irrecoverable loss of both eyes or loss of use of both hands or
feet or loss of sight of one eye and loss of use of hand or foot-
Subscriber shall get Rs. 2 Lakhs.
3. Total and irrecoverable loss of sight of one eye or loss of use of one
hand or foot –subscriber shall get Rs. 1 Lakh.

Replacement of any scheme

Coverage
Achievements

How this scheme helps in financial inclusion?

To extend financial security to the last mile in the country, the Central
Government launched PMSBY in 2015. The scheme aimed to improve
financial security and bring financial inclusion. Insurance has been
predominantly focused in urban centers in India however, PMSBY has
successfully made in-roads in rural India as well. With more than 34 crore
people insured, the scheme has an almost even split of 50% males insured
and 49% females insured. About 71% of the insured are from rural India, and
about 28% are from urban India. This shows the inclusiveness of the scheme
both from a geographical as well as gender perspective.
Atal pension yojana

What?

The Atal Pension Yojana (APY) is a pension scheme introduced by the

Indian government. It aims to provide a guaranteed pension to citizens,
especially those working in the unorganized sector, after they reach the age
of 60. The scheme allows subscribers to contribute regularly towards their
pension and offers fixed pension amounts ranging from ₹1,000 to ₹5,000 per
month, depending on the contribution and age at entry. It's designed to
ensure financial stability during old age for those who might not have access
to formal pension plans.

History

The Atal Pension Yojana (APY) was launched by the Government of India
on May 9, 2015. It was introduced to provide pension benefits to workers in
the unorganized sector. The scheme was announced by the Finance Minister
of India in the Union Budget of 2015-16. APY aims to ensure that all Indian
citizens, especially those working in low-income jobs, have access to a
pension plan for their financial security after retirement.

Benefits

● Offers flexibility for contribution, which is either monthly, quarterly,

or half-yearly

● tax exemption under Section 80C of the Income Tax Act 1961
(can save upto 1.5 lakh on taxable income annually)
 ● Depending on contributions made by the subscriber, guaranteed
pension amount ranging from Rs.1000 to Rs..5000 will be paid

● In case of demise of the APY subscriber, spouse, nominee, or next of

kin will receive guaranteed benefits.

Replacement of any scheme

The National Pension System is a retirement savings scheme available for

both organised and unorganised workers.The minimum annual contribution
in NPS for the Tier 1 account is Rs. 1000.( which is higher as compared to
APY scheme). There is no guaranteed pension amount whereas APY is
basically for working poors such as the domestic helps, gardeners, delivery
boys and others. The monthly subscription starts as low as Rs. 42 and will
always be an edge for the common working people who don't have high
wages, covering larger population of India.

Coverage

It aims to provide a fixed pension amount ranging from Rs. 1,000 to Rs.
5,000 per month after the age of 60. The coverage amount depends on the
contribution made and the age at which the scheme is joined. Contributions
start as low as Rs. 42 per month, making it easily accessible.

Achievements
The APY scheme has been a big hit, and it has enrolled millions of people,
especially from informal jobs. What makes it work is how simple, cheap, and easy it
is to join, letting anyone start saving for retirement. It has achieved remarkable
success,making sure that those who couldn't save before get pension benefits.
Overall, it's a big step for helping lower-income folks plan for the future.

How this scheme helps in financial inclusion?

The APY scheme has helped millions, especially those from low-income

backgrounds, secure their financial future in old age. It has boosted financial

inclusion through awareness campaigns and an easy application process. By

reaching out to marginalized communities and remote areas, it ensures

everyone has access to pension benefits. Continuous improvements like

online enrollment and increased age limits make it more accessible,

attractive, and drive its widespread adoption for a financially inclusive India.