The Centre’s flagship life insurance scheme – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and accident insurance scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY) – saw enrollments increase to 128 million and 284 million, respectively , in seven years of creation.

The Atal pension scheme, which offers a subscriber aged between 18 and 40 a guaranteed pension of Rs 1,000 to Rs 5,000 per month after reaching the age of 60, depending on the contribution, has seen its subscribers move to 40 million over the past seven years. years. The three social security schemes were launched by the government on May 9, 2015.

PMJJBY, provides life insurance coverage worth Rs 2 lakh to Rs 330 per annum to all account holders aged 18 to 50, and provided claims for Rs 11,522 crore to 576 families 121 people. Almost 50% of claims have been paid for Covid-19 deaths, the finance ministry said in a statement.

Changes introduced by the government to the claims settlement process have led to faster and easier settlement of claims during the pandemic, Finance Minister Nirmala Sitharaman said. Since the onset of the pandemic i.e. from April 1, 2020 to February 23, 2022, approximately 210,000 claims amounting to Rs 4,194 crore have been paid with a settlement rate of 99.72%.

For PMSBY, which provides accident cover of Rs 2 lakh to Rs 12 per year to account holders aged between 18 and 70, around Rs 1,930 crore has been paid for 97,227 claims in seven years, the ministry added.

“The three schemes of Jan Suraksha have brought insurance and retirement within the reach of the common man… These low cost insurance schemes and the guaranteed pension scheme ensure that financial security, which does not was available only to a select few before, is now reaching the last person in society,” Sitharaman added.

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