Context:
On 9 May 2026, three flagship financial-inclusion schemes of the Government of India collectively called the “Jan Suraksha” package completed 11 years of operation. Launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata, West Bengal, the trio comprises the Pradhan Mantri Suraksha Bima Yojana (PMSBY) for accident insurance, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) for life insurance, and the Atal Pension Yojana (APY) for old-age pension.
Key Highlights
- Schemes: Three “Jan Suraksha” schemes — PMSBY, PMJJBY, APY.
- Launched on: 9 May 2015 at Kolkata, West Bengal, by PM Narendra Modi.
- 11-year milestone: Completed on 9 May 2026.
- Cumulative enrolments (till April 2026):
- PMJJBY: 27.43 crore.
- PMSBY: 58.09 crore.
- APY: 9.04 crore.
- Claims paid (April 29, 2026):
- PMJJBY: ₹21,512.50 crore across 10,75,625 claims.
- PMSBY: ₹3,667.52 crore across 1,84,662 claims.
- Scheme types:
- PMJJBY: Life insurance — death due to any cause; ₹2 lakh cover; premium under ₹2/day.
- PMSBY: Accident insurance — accidental death/disability; ₹2 lakh cover; premium under ₹2/month.
- APY: Old-age pension — for unorganised sector workers, managed under the NPS architecture.
- Implementing authorities:
- PMJJBY: Life Insurance Corporation (LIC) + participating banks/post offices with life insurers.
- PMSBY: Ministry of Finance through Public Sector General Insurance Companies (PSGICs) and other GIs, in collaboration with banks and post offices.
- APY: Pension Fund Regulatory and Development Authority (PFRDA) under the National Pension System (NPS).
About the News
What are the three Jan Suraksha schemes?
PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana — life insurance), PMSBY (Pradhan Mantri Suraksha Bima Yojana — accident insurance), and APY (Atal Pension Yojana — pension scheme).
When were these schemes launched?
All three were launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata, West Bengal.
What was the milestone marked on 9 May 2026?
The schemes completed 11 years of implementation since their launch in 2015.
What is the cumulative enrolment under the schemes?
As of April 2026: PMJJBY — 27.43 crore, PMSBY — 58.09 crore, and APY — 9.04 crore subscribers.
What does PMJJBY offer?
A one-year, renewable life insurance cover for death due to any reason, with a sum assured of ₹2 lakh and a premium of less than ₹2 per day. It is administered by LIC, with participating banks/post offices able to partner with any life insurance company.
What does PMSBY offer?
Accidental death and disability cover up to ₹2 lakh at a premium of less than ₹2 per month. It is administered by the Ministry of Finance and implemented through PSGICs and other general insurance companies in collaboration with banks and post offices.
What does APY offer?
A guaranteed monthly pension between ₹1,000 and ₹5,000 after the age of 60, depending on the subscriber’s contribution. It targets the poor, underprivileged, and unorganised-sector workers aged 18–40 and is managed by the PFRDA under the NPS architecture.
How much has been paid out so far?
As of 29 April 2026: ₹21,512.50 crore under PMJJBY for over 10.75 lakh claims; ₹3,667.52 crore under PMSBY for over 1.84 lakh claims.
What role did Jan Dhan Yojana play in these schemes?
The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in 2014, brought hundreds of millions of unbanked Indians into the formal banking system. These bank accounts became the delivery channel for the three Jan Suraksha schemes, enabling auto-debit of premiums and direct claim transfers.
Why are these schemes considered transformative?
Because they made life insurance, accident insurance, and pension coverage affordable and accessible to the bottom of the pyramid — bringing crores of informal workers into the social-security net for the first time in Indian history.
Background Concepts
What is PMJJBY?
The Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed term life insurance scheme available to individuals aged 18–50 years holding a savings bank account. It provides a ₹2 lakh cover in case of death due to any reason, at an annual premium of about ₹436 (auto-debited from the bank account).
What is PMSBY?
The Pradhan Mantri Suraksha Bima Yojana provides accidental death and disability insurance to individuals aged 18–70 years with a savings bank account. It offers ₹2 lakh cover at an annual premium of about ₹20 — making it among the cheapest such products globally.
What is APY?
The Atal Pension Yojana is a pension scheme for unorganised-sector workers aged 18–40 years, providing a guaranteed monthly pension of ₹1,000 to ₹5,000 after age 60. Contributions vary based on the entry age and desired pension. It is managed under the NPS architecture by PFRDA.
What is PMJDY?
The Pradhan Mantri Jan Dhan Yojana, launched in August 2014, is India’s flagship financial inclusion programme aimed at providing universal access to banking. Account-holders get a basic savings account, RuPay debit card, accident insurance, and overdraft facility — and these accounts are the foundation for delivering Jan Suraksha and DBT-based welfare.
What is the JAM trinity?
The combination of Jan Dhan accounts, Aadhaar identity, and Mobile connectivity — used as a unified platform for delivering subsidies, social-security benefits, and financial services directly to beneficiaries with minimal leakage.
Who is PFRDA?
The Pension Fund Regulatory and Development Authority is a statutory body established under the PFRDA Act, 2013, to regulate and promote pension funds in India, including the National Pension System (NPS) and APY.
What is the National Pension System (NPS)?
The NPS is a defined-contribution pension scheme open to all Indian citizens (including private and informal sector workers). Contributions are invested in pension funds, and at retirement, subscribers receive a portion as lump sum and the rest as annuity. APY is a sub-scheme within the NPS framework targeting low-income workers.
Who is LIC?
The Life Insurance Corporation of India is India’s largest life insurer, established in 1956 through nationalisation of life insurance. It is the administrator of PMJJBY and partners with banks/post offices for enrolment and claim settlement.
Why is social security important in India?
Because over 80% of India’s workforce is in the informal/unorganised sector, lacking traditional employer-based pension, health, and life-cover benefits. Schemes like Jan Suraksha provide a basic social-protection floor for this large vulnerable population.
What are PSGICs?
Public Sector General Insurance Companies — the four state-owned non-life insurers (New India Assurance, National Insurance, Oriental Insurance, United India Insurance) that implement PMSBY along with private general insurers.
Practice MCQs
Q1. With reference to the Jan Suraksha schemes, consider the following statements:
- PMSBY, PMJJBY, and APY were launched by PM Modi on 9 May 2015 in Kolkata.
- PMJJBY provides life insurance cover for death due to any reason.
- APY is managed by the Insurance Regulatory and Development Authority of India (IRDAI).
- PMSBY offers accidental death and disability cover of up to ₹2 lakh.
How many of the above statements are correct? (a) Only one (b) Only two (c) Only three (d) All four (e) None
Q2. With reference to the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), consider the following statements:
- It provides a sum assured of ₹2 lakh.
- The eligible age is 18–50 years.
- It is administered by the Life Insurance Corporation of India (LIC).
- The premium under the scheme is less than ₹2 per month.
Which of the above are correct? (a) 1, 2 and 3 only (b) 1, 2 and 4 only (c) 2 and 4 only (d) 1 and 4 only (e) All four
Q3. With reference to the Atal Pension Yojana (APY), consider the following statements:
- It is managed by the Pension Fund Regulatory and Development Authority (PFRDA).
- It operates under the National Pension System (NPS) architecture.
- It is open to subscribers aged 18 to 40 years.
- It offers a guaranteed monthly pension between ₹1,000 and ₹5,000 after age 60.
Which of the above are correct? (a) 1, 2 and 4 only (b) 1, 3 and 4 only (c) 2 and 3 only (d) 1 and 4 only (e) All four
Q4. Consider the following statements about financial inclusion initiatives in India:
- PMJDY was launched in 2014 to provide universal access to banking.
- The JAM trinity refers to Jan Dhan, Aadhaar, and Mobile.
- PSGICs are the four public-sector general insurance companies that implement PMSBY.
- LIC was established in 1956 through the nationalisation of life insurance.
Which of the above are correct? (a) 1, 2 and 3 only (b) 1, 3 and 4 only (c) 2 and 4 only (d) 1 and 4 only (e) All four
Answer Key
- (c) — Statements 1, 2, 4 are correct. Statement 3 is wrong; APY is managed by PFRDA, not IRDAI. IRDAI regulates the insurance sector but not pensions.
- (a) — Statements 1, 2, 3 are correct. Statement 4 is wrong; the PMJJBY premium is less than ₹2 per day (₹436 per year), not per month. PMSBY is the one with the under-₹2-per-month premium.
- (e) — All four statements are correct.
- (e) — All four statements are correct.
Exam Relevance
| Exam | Relevance |
|---|---|
| UPSC Prelims | GS Paper I — Indian Economy (Government schemes, Financial inclusion, Social security) |
| UPSC Mains | GS Paper II — Welfare schemes, Issues relating to development and management of Social Sector |
| BPSC / State PCS | Indian Economy, Social Sector schemes, Current Affairs |
| Banking (RBI Gr B, SBI PO, IBPS, NABARD) | Financial Awareness, Banking Schemes — high importance |
| Insurance / LIC AAO / IRDAI | Core area — Jan Suraksha, PMJJBY, PMSBY, APY |
| SEBI / PFRDA Officers | Pension & financial inclusion architecture |
| SSC / Railway / CAPF | Static GK on schemes, launch dates, eligibility |
