Know About PM Jan Suraksha Yojna
Updated On Oct 12, 2023
In an effort to bring financial security and insurance within the reach of every Indian citizen, the Government of India introduced the Jan Suraksha Scheme, also known as the Pradhan Mantri Jan Suraksha Yojana (PMJSY).
This financial security plan was launched on May 9, 2015, by Prime Minister Narendra Modi. And, since then this initiative is focused on providing comprehensive social security to all, with a particular emphasis on the economically weaker sections of society.
Well, this was just a brief about this policy. In this blog post, we will get a deeper understanding of what exactly is Jan Suraksha Scheme and explore its various types, features, and benefits.
Table of Contents
What is the Jan Suraksha Scheme by PM?
The Pradhan Mantri Jan Suraksha Yojana (PMJSY) is a social security scheme launched by the Government of India. Its main goal is to fill in the gaps in social security coverage and offer necessary pension and insurance benefits to all citizens, irrespective of their socioeconomic situation. This scheme offers two main benefits: accidental death and disability insurance, as well as term insurance.
The PMJSY is an essential part of the government's financial inclusion goal, which aims to:
- Include more people in the official financial system
- Provide protection from unforeseen circumstances
- Guarantee universal coverage
For your information, under the Jan Suraksha Scheme, the Indian government introduced three different plans to cover personal accidental disability and death, term insurance, and pension needs of customers. The three schemes are listed below:
Plan 1: Pradhan Mantri Suraksha Bima Yojana
Plan 2: Pradhan Mantri Jeevan Jyoti Bima Yojana
Plan 3: Atal Pension Yojana
Now, let’s discuss the features of PMJSY and then we will move forward to learning more about each of these above-listed plans.
Features of PMJSY
The key features that make the Pradhan Mantri Jeevan Jyoti Bima Yojana noteworthy are as follows:
- Affordable Premiums: One of the standout features of this scheme is the affordability of its premiums. Even people with minimal financial resources can make use of PMJSY benefits because it has low expenses.
- Multiple Insurance Options: The Jan Suraksha Scheme provides a variety of insurance alternatives, allowing people to choose the protection that best suits their needs. Because of its adaptability, the yojana works well for a variety of needs.
- Easy Enrollment: The Jan Suraksha Scheme has a simple enrollment process. Additionally, the requirement of minimal documentation makes it accessible to a large section of our country’s population.
Types of Jan Suraksha Schemes
The three different types of Jan Suraksha Schemes are explained below:
Plan 1: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) was launched to offer insurance for the poor section of the country and to spread awareness of the importance of having insurance coverage. The yojana is available to individuals aged 18 to 50 and can be renewed annually. The annual premium of PMJJBY is pretty affordable, and its risk coverage is worth Rs. 2 lakh.
Subscribers can choose a beneficiary—typically a family member—when they sign up for the program. The beneficiary will then be paid an amount by insurance in the event of the insured's death due to any reason.
NOTE: The scheme can be availed from any public insurance company across the country.
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Eligibility |
Anyone with a savings bank account who is between the ages of 18 and 50 is eligible. However, those who enroll in the plan before reaching the age of 50 can continue to have the risk of life coverage to the age of 55 years subject to payment of premium. |
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Premium Amount |
Rs. 330 is the yearly premium. It will be auto-debited in one installment. |
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Payment Method |
The bank will automatically debit the subscriber's account for the premium payment. |
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Risk Coverage |
Two lakh rupees in the event of death for any cause. |
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Risk Coverage Terms |
A person must choose the plan each year. He can also choose to grant a long-term option to continue, in which case the bank will automatically debit his account every year. |
Plan 2: Pradhan Mantri Suraksha Bima Yojana (PMSBY)
To encourage Indian individuals to acquire and obtain insurance coverage, the government launched the Pradhan Mantri Suraksha Bima Yojana. Subscribers receive two types of insurance coverage—accidental death or total disability and partial disability insurance coverage—for a minimum annual subscription of Rs.12 under the scheme. Both types of insurance have periods that range from two to four years.
Insurance coverage for partial disability is up to Rs. 1 lakh, and it is Rs. 2 lakh for total disability or death. In the case of a long-term insurance plan, the tax-free premium is automatically deducted from one's bank account. Subscribers have the option of nominating a family member to receive insurance benefits in the event of their demise or total disability.
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Eligibility |
Any person in the age group 18 to 70 years with a bank account and an Aadhaar number linked to it can simply submit a form to their bank each year before June 1st. The form should also include the nominee's name. |
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Premium Amount |
The annual premium is set at Rs.12. |
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Payment Method |
The premium will be automatically deducted by the bank from the subscriber's account. This is the only payment method available. |
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Risk Coverage |
In the event of accidental death or full disability, the coverage amount is Rs.2 Lakh, and for partial disability, it is Rs.1 Lakh. |
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Risk Coverage Terms |
Subscribers must opt into the scheme every year, or they can choose a long-term option, in which case the bank will automatically deduct the premium from their account each year |
Plan 3: Atal Pension Yojana (APY)
APY is a pension scheme aimed at providing financial security during old age. It offers a regular pension income after the age of 60, making it an essential tool for retirement planning. Atal Pension Yojana is a pension scheme that serves individuals in the unorganised sector. The pension amount depends on the contributions made and the age at which the scheme is initiated. It provides a reliable source of income during retirement.
Conclusion
The Pradhan Mantri Jan Suraksha Yojana, also known as the Jan Suraksha Scheme, is a significant step toward providing complete financial security and insurance coverage for all underprivileged and poor sections of society. In addition to this, the scheme’s accessibility, adaptability, and ease of enrollment make it a crucial endeavor for India's population. The yojana not only offers financial help at affordable prices but also fits flawlessly with the government's goal of creating a country where everyone has access to financial security.
Frequently Asked Questions (FAQs)
Ques 1. Who can participate in the Jan Suraksha Scheme?
Ans. Any Indian citizen between the specified age group is eligible to enroll in the program.
Ques 2. How much does the Jan Suraksha Scheme premium cost?
Ans. The premium cost of the Jan Suraksha Scheme is nominal, ensuring affordability. But the exact cost depends on the plan and coverage.
Ques 3. How much coverage do PMSBY and PMJJBY provide?
Ans. Both PMJJBY and PMSBY provide a coverage value of 2 lakhs.
Ques 4. Does the Atal Pension Yojana (APY) have an age restriction?
Ans. Yes, the APY scheme has age restrictions. Those between the ages of 18 and 40 are eligible for the APY scheme.
Ques 5. How can I sign up for the Jan Suraksha Scheme?
Ans: You can enroll through your bank or financial institution by filling out the required forms and providing the necessary documents.
