PMSBY, PMJJBY, and APY Complete 10 Years of Delivering Social Security Coverage in India.

National

The three schemes — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY) — were launched by Prime Minister Shri Narendra Modi on 9th May 2015.


      - All three schemes were envisioned to provide affordable financial protection to all, especially the underserved and vulnerable sections of society.

      - These flagship schemes aim to broaden the insurance and pension landscape by safeguarding citizens against life’s uncertainties and enhancing long-term financial resilience.

      - Over 23.6 crore, 51 crore, and 7.6 crore enrolments have been recorded under PMJJBY, PMSBY, and APY respectively till April 2025.

Main Point :-   (i) The scheme is designed to provide life insurance cover in case of death due to any reason.

      (ii) The scheme is managed by the Life Insurance Corporation of India (LIC), though participating banks or post offices may collaborate with any life insurance company for its implementation.

(iii) Individuals aged 18 to 50 years with accounts in participating banks or post offices can enroll in the scheme by consenting to auto-debit. The cover is valid for a one-year period from 1st June to 31st May.

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