Whalesbook
These large claim payouts demonstrate the government's commitment to expanding social security for vulnerable populations.
Key Scheme Payouts
The key Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has disbursed over Rs 21,500 crore to more than 10.7 lakh families for life insurance. The Pradhan Mantri Suraksha Bima Yojana (PMSBY) has paid out nearly Rs 3,660 crore to over 1.84 lakh families, covering accidental death and disability. These figures highlight the schemes' broad reach and impact since their launch in 2015.
Enrollment Numbers Soar
These social security programs have seen significant uptake. Over 27 crore individuals are enrolled in PMJJBY, while PMSBY has over 58 crore enrollments. The Atal Pension Yojana (APY), aimed at old-age income security, has attracted over 9 crore enrollees. These numbers represent significant progress toward universal financial protection in the country.
How the Schemes Work
PMJJBY offers life cover up to Rs 2 lakh for an annual premium of Rs 436 for individuals aged 18-50. PMSBY provides Rs 2 lakh for accidental death or total disability, and Rs 1 lakh for partial disability, with a low Rs 20 annual premium for those aged 18-70. APY targets unorganised sector workers aged 18-40, promising monthly pensions from Rs 1,000 to Rs 5,000 post-retirement. Recent figures show strong enrolment from female subscribers and PMJDY account holders.
Digital Access and Support
To make access easier, an online Jan Suraksha Portal has been launched. This portal lets citizens enrol conveniently without visiting bank branches and speeds up claims settlement. This digital approach aims to provide timely support to families during difficult times. The Finance Minister praised the efforts of bank and insurance staff in achieving these milestones.