Three schemes of the Government of India, namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) have completed seven years of providing social security (Jan Suraksha).
PMJJBY, PMSBY and APY were launched by Prime Minister Narendra Modi on May 9, 2015 from Kolkata in West Bengal.
These three social security schemes are dedicated to the welfare of the citizens, recognizing the need for securing human life from unforeseen risks or losses and financial uncertainties. In order to ensure that the people from the unorganized section of the country are financially secure, the Government launched two insurance schemes, namely PMJJBY and PMSBY; and introduced APY to cover the exigencies in the old age.
While the PMJJBY and PMSBY provide access to low cost life and accidental insurance cover to the people, the APY provides an opportunity for saving in the present for getting a regular pension in old age.
While celebrating the 7th anniversary of the Scheme, Union finance minister 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.”
On this occasion, 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.”