The Indian government is planning to increase the sum insured under the three Jan Suraksha schemes—Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY)—as they complete a decade this week. These schemes have been instrumental in advancing financial inclusion, covering 57 crore adults across the country.
Potential Revision of Benefits
According to M Nagaraju, Secretary of the Department of Financial Services, the government is likely to revise certain benefits under these schemes. A discussion paper has been circulated among insurers to assess the implications of raising the sum insured to Rs 5 lakh. The government is conducting scenario analyses on affordability, cost, and intermediation costs before finalizing any changes.
Current Coverage Details
Launched on May 9, 2015, the schemes target the unorganised sector. PMJJBY provides a life cover of Rs 2 lakh for individuals aged 18–50 at an annual premium of Rs 436. PMSBY offers accidental death or total disability cover of Rs 2 lakh (Rs 1 lakh for partial disability) for just Rs 20 per year, available up to age 70. APY guarantees a monthly pension of Rs 1,000–5,000 from age 60 for entrants aged 18–40, with spousal inheritance and nominee fallback provisions.
It is important to note that these are commercial social security schemes, operating without direct budgetary support from the government.
