Finance Minister: Jan Suraksha schemes bring insurance and pension to all

Finance minister Nirmala Sitharaman said on Monday that low-cost insurance and guaranteed pension under Jan Suraksha scheme are ensuring financial security to the last person of the society. The three Jan Suraksha schemes are Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana.

"These low-cost insurance schemes and the guaranteed pension scheme are ensuring that financial security, which was available to a select few earlier, is now reaching the last person of the society," Sitharaman said in a statement released by the finance ministry. The statement was released on the seventh anniversary of these schemes, which were launched by Prime Minister Narendra Modi in 2015.

Under PMJJBY, 127.6 million people have enrolled since inception for life cover and families of 57.6 million people have received claims of ₹11,522 crore under the scheme.


"The scheme has proved extremely useful for low-income households during pandemic as in FY21, almost 50% claims paid out were due to Covid-19 deaths," said the FM.

She said major changes were brought for quick claim settlement during the pandemic. "Since the beginning of the pandemic i.e., April 1, 2020 till February 23, 2022, a total of 2.10 lakh claims amounting to ₹4,194.28 crore were paid with a settlement rate of 99.72%."