The Indian government has introduced several social security schemes aimed at providing financial protection to citizens, particularly those in low-income groups. Two of the most prominent social security schemes introduced by the Indian government are the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY).
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): This is a life insurance scheme introduced by the Indian government in 2015. The scheme provides life insurance cover of Rs. 2 lakhs to policyholders at an annual premium of Rs. 330. The scheme is available to all Indian citizens between the ages of 18 and 50 years who have a savings bank account. The policy provides coverage for one year, and the premium is automatically deducted from the policyholder’s savings bank account.
- Pradhan Mantri Suraksha Bima Yojana (PMSBY): This is an accident insurance scheme introduced by the Indian government in 2015. The scheme provides accidental death and disability coverage of Rs. 2 lakhs to policyholders at an annual premium of Rs. 12. The scheme is available to all Indian citizens between the ages of 18 and 70 years who have a savings bank account. The policy provides coverage for one year, and the premium is automatically deducted from the policyholder’s savings bank account.
Both PMJJBY and PMSBY are available through participating banks, and policyholders can enroll in the schemes through their savings bank accounts. The schemes are designed to provide affordable insurance coverage to a large number of citizens, particularly those who may not have access to other forms of insurance. The premiums for both schemes are highly subsidized by the government, making them affordable for low-income groups.
In addition to PMJJBY and PMSBY, the Indian government has also introduced several other social security schemes aimed at providing financial protection to citizens. These include the Atal Pension Yojana, the Pradhan Mantri Vaya Vandana Yojana, and the National Pension System, among others. These schemes are designed to provide financial security to citizens in their old age, and they offer various benefits such as pension income, guaranteed returns, and tax benefits.