Enrolments for insurance and pension schemes under the Pradhan Mantri Jan Suraksha Bima Yojana crossed 128.9 million as on July 15 (Friday). Majority of the policies (95.7 million) that were sold under the Yojana were personal accident policies. Prime minister Narendra Modi had launched the Jan Suraksha scheme in May 2015 to provide easier access to policies at lower cost. With insurance penetration very low
in the country, the scheme was aimed at providing more people with insurance cover. According to data available on the Jan Suraksha Yojana website, the number of males covered by the scheme outnumbers women. This is true both in rural and urban areas. Among the three components of the scheme - term insurance, personal accident insurance, and pension plan - Suraksha Bima Yojana or accident plan saw the highest enrolment, followed by the life insurance term cover and the pension plan.
The premium is Rs 330 for the life plan and Rs 12 for the personal accident plan, which is auto-debited from the bank account on a yearly basis.
Atal Pension Yojana is a pension scheme for the unorganised sector. Here, the government would give half the subscriber's contribution or Rs 1,000, whichever is lower, for five years. It guarantees a monthly pension of Rs 1,000-5,000.
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