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3 Social Security Schemes With Robust Subscriber Growth In A Year: Know More

The reach of these three government social security schemes expanded significantly over the past year as more people joined these programmes.

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Outlook Money
January 31, 2024
Social Security Schemes

Social Security Schemes

The subscriber base of Atal Pension Yojana (APY), PM Jeevan Jyoti Yojana (PMJJY), and PM Suraksha Bima Yojana (PMSBY) saw substantial growth over the past year, says the report “The Indian Economy: A Review”, released in January 2024. The report highlights the increasing coverage of these schemes for the underprivileged and economically weaker sections of society. 

After their launch in 2015, these schemes have expanded rapidly. Here are the details:  

Atal Pension Yojana (APY):  

Atal Pension Yojana completed eight years on May 9, 2023, with a subscriber base of 52.5 million, which grew to 6.1 crore by December 2023. Its subscriber base grew 30 times from 20.7 lakh in 2015 to 6.1 crore in December 2023. This scheme is for the unorganised sector workers who don’t have access to facilities provided to the organised sector, such as the Employee Provident Fund (EPF) or Employee Pension Scheme (EPS). Any Indian citizen who is not a taxpayer and 18 to 40 years of age with a savings bank account can open the account.

Unlike the National Pension System (NPS) which is open to all and the pension amount is not fixed, APY offers a fixed pension, which a subscriber chooses at the time of subscription. The pension ranges from Rs 1,000 to Rs 5,000 per month after the subscriber turns 60. 

The government discontinued the NPS-Lite-Swablamban scheme, an old-age pension scheme launched in 2010 for the unorganised workers, after APY was launched. 

Also Read: ‘Retirement Is A Life Event, Not A Financial Destination

PM Jeevan Jyoti Yojana (PMJJY): 

PMJJY provides a death insurance cover of Rs 2 lakh if the subscriber dies for any reason. A total of 18.5 crore people were enrolled in the scheme as of November 15, 2023, up 2.3 crore from April 2023. As per the data, as of April 26, 2023, the enrolments were around 16.19 crore.   

To apply for the scheme, one should be an Indian citizen aged 18 to 50 years. Also, the person must have a Jan Dhan account, a savings bank account, or a post office account. The policy is renewable annually with a premium of Rs 436. If a person joins the scheme before turning 50, the life coverage remains valid for up to 55 years upon regular payment of premiums.   

Also Read: Divyang Pension: Know All About This Social Security Scheme

PM Suraksha Bima Yojana (PMSBY): 

PM Suraksha Bima Yojana offers insurance coverage for death and disability. The enrolments in the scheme grew from 34.18 crore in April 2023 to 41.0 crore as of November 15, 2023. PMSBY provides a death or disability cover of Rs 2 lakh and Rs 1 lakh for partial disability with an annual premium of Rs 20 renewable annually. The subscriber must be an Indian citizen aged 18 to 70 with a bank or post office account to be eligible.

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