Context:

• Three major social security schemes completed 10 years on May 9, 2025.
• These schemes were launched by Prime Minister Narendra Modi on May 9, 2015 with the aim of providing affordable insurance and pension coverage to the poor, underprivileged, and workers in the unorganised sector.

The Three Schemes:

1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
3. Atal Pension Yojana (APY)

1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

• Launch Date: May 9, 2015
• Objective: To provide life insurance coverage at a low premium
• Premium: ₹436 per member annually
• Age Limit: 18 to 50 years
• Insurance Cover: ₹2 lakh (in case of death)
• Insurer: LIC and other private life insurance companies
• Account Requirement: Savings bank account with auto-debit facility
• Tenure: Renewable yearly from June 1 to May 31

2. Pradhan Mantri Suraksha Bima Yojana (PMSBY):

• Launch Date: May 9, 2015
• Objective: To provide accidental insurance cover
• Premium: ₹20 per annum
• Age Limit: 18 to 70 years
• Insurance Cover:
• ₹2 lakh in case of death or permanent total disability
• ₹1 lakh for partial permanent disability
• Insurer: Public and private general insurance companies
• Account Requirement: Savings account with auto-debit
• Tenure: Renewable yearly from June 1 to May 31

3. Atal Pension Yojana (APY):

• Launch Date: May 9, 2015
• Objective: To provide social security to workers in the unorganised sector
• Eligible Age Group: 18 to 40 years (minimum contribution period: 20 years)
• Eligibility: Only non-income tax paying Indian citizens
• Retirement Age: 60 years
• Pension Amount: ₹1000 to ₹5000 per month (based on age and contribution)
• Contribution Frequency: Monthly / Quarterly / Half-Yearly
• Government Contribution: Available for limited time in the initial years (now discontinued)
• Regulated By: Pension Fund Regulatory and Development Authority (PFRDA)
• Nominee Facility: Available (Spouse is default nominee; after both parents’ demise, nominee receives the corpus)

Impact in 10 Years:

• Over 82 crore people have benefitted from these schemes.
• Millions of poor, rural, women, and unorganised workers are now covered under insurance and pension security.
• These schemes have become a foundation of India’s inclusive and robust social security system.
• As of April 2025, total disbursement under all three schemes is ₹21,518.94 crore.
• Under PMJJBY alone, over ₹18,397 crore has been disbursed to beneficiaries in claims till April 23, 2025.

Other Social Security Schemes: