PM Modi-launched PMJJBY, PMSBY and APY complete 7 years

The welfare schemes Pradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) have completed 7 years of providing affordable insurance and security to citizens.  

PMJJBY, PMSBY and APY were launched by Prime Minister Narendra Modi on May 9, 2015 in Kolkata, West Bengal.

The social security schemes are dedicated to the welfare of the citizens, recognising the need for securing human life from unforeseen risks/losses and financial uncertainties.  In order to ensure that the people from the unorganised section of the country are financially secure, the Government launched two insurance schemes – PMJJBY and PMSBY; and introduced Atal APY to cover the exigencies in the old age, the Finance ministry stated.

On the occasion, Nirmala Sitharaman said, “One of the main objectives under the National Mission for Financial Inclusion announced by the Hon’ble Prime Minister on August 15, 2014 was to expand the coverage of insurance and pension in order to provide the poor and marginalised sections of the society the much-needed financial security through affordable products.”

Sitharaman said, "Under PMJJBY, a cumulative number of 12.76 crore persons have enrolled since inception for life cover and families of 5,76,121 persons have received claims for Rs. 11,522 crore under the scheme. In similar spirit over 28.37 crore people have enrolled for accident cover since the launch of PMSBY and an amount of Rs 1,930 crore has been paid towards 97,227 claims."

"More than 4 crore people have already subscribed to the APY scheme," the finance minister added.

Union Minister of State (MoS) for Finance, Bhagwat Kishanrao Karad, said, “On this 7th anniversary of these schemes, I congratulate all the banks and insurance companies for successful implementation of these schemes and request them to continue working with same zeal and dedication till the last person is covered.”
 

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