Pradhan Mantri Jan Suraksha Yojana Features, Types and Eligibility Details

The importance of an insurance policy can’t be described in words, whether it’s life insurance, health insurance, or any other. But still, in 2024, people think buying an insurance policy is not necessary, and it’s a waste of money, especially for the economically weaker sections of society. 

The Government of India found the solution to this concern and launched three Jan Suraksha schemes: 

• Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), 
• Pradhan Mantri Suraksha Bima Yojana (PMSBY), and 
• Atal Pension Yojana (APY) on 9th May 2015, aiming for everyone to have affordable insurance and security. 

In this blog, we are going to explain everything about these policies! So, let’s begin by understanding what exactly are Jan Suraksha Schemes. 

What are Jan Suraksha Schemes? 

Launched by the GOI, Jan Suraksha Schemes are dedicated to the welfare of the citizens. These aim to provide a secure and financially stable life in case of uncertainties, especially the ones who are from underprivileged backgrounds. 

As already said above, these schemes are of three types. Read on to find out their benefits in detail.  

Types of Jan Suraksha Schemes 

The three different types of Jan Suraksha Schemes are explained below:

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Overview: PMSBY, or Pradhan Mantri Suraksha Bima scheme, is a one-year life insurance plan that offers life insurance cover for death due to any reason. However, its validity is one year, but you can renew it every year. 

Eligibility Criteria

• Applicant must be between 18 to 50 years
• Applicant must hold an individual post office or bank account.

Benefits of PMJJBY

• The scheme offers a one-year term life cover of ₹2 lakh against a premium of just ₹436/- per annum.
• If the policyholder dies during the cover period, the sum assured will be given to the specified nominee. 
• Enjoy income tax benefits/exemptions as per the applicable rules. 

How To Apply For Pradhan Mantri Jeevan Jyoti Bima Yojana?

Online Procedure

• Log in to NetBanking > Click on the 'Insurance' tab
• Select “Pradhan Mantri Jeevan Jyoti Bima Yojana” under social security schemes
• Choose the account and pay the premium. 

Offline Procedure 

• Click here to download the “CONSENT-CUM-DECLARATION FORM.” Then, take a printout of this form
• Fill and sign the application form and attach the self-attested copies of the required documents. Once done, submit it to the authorised official of the Bank / Post Office.
• After successful submission, the individual will receive an Acknowledgement Slip Cum Certificate of Insurance.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Overview: Pradhan Mantri Suraksha Bima Yojana is a one-year accidental insurance scheme that offers coverage for death or disability due to an accident. 

Eligibility Criteria

• Applicant must be between 18 to 70 years
• Applicant must hold an individual post office or bank account.

Benefits of PMJJBY

• The scheme offers accidental death cum disability cover of ₹2 lakh for death or disability due to an accident against a premium of just ₹20/- per annum.
• In case of partial disability, the offered coverage is ₹1 lakh. 

How To Apply For Pradhan Mantri Suraksha Bima Yojana?

Online Procedure

• Log in to NetBanking > Click on the 'Insurance' tab
• Select “Pradhan Mantri Suraksha Bima Yojana” under social security schemes
• Choose the account and pay the premium. 

Offline Procedure 

• Visit the Jan Suraksha website to download the form for Pradhan Mantri Suraksha Bima Yojana. 
• Carefully fill out the form and submit it to the bank along with the required documents.
• After successful submission, you’ll receive an Acknowledgement Slip Cum Certificate of Insurance.

Atal Pension Yojana (APY)

Overview: Atal Pension Yojna is a social security scheme that provides a steady stream of income after the age of 60 to all Indian citizens who are not income tax payees. It was majorly launched to build a universal security system for all Indians, especially the underprivileged, poor, and unorganised sector workers.

Eligibility Criteria

• Applicants must be between 18 to 40 years who are not income taxpayers.
• Applicants must have a savings bank account/ post office savings bank account.
• The pension will start once the subscriber reaches 60 years of age. 

Benefits of PMJJBY

On Attaining 60 Years of Age (Guaranteed Minimum Pension)

• Subscribers receive a guaranteed monthly pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000, or ₹5,000, depending on their contributions, after the age of 60 years until death. 
• In the event of the subscriber's unfortunate death, the spouse is entitled to receive the same monthly pension for the rest of their life.
• Upon the death of both the subscriber and the spouse, the nominee will receive the pension wealth, as accumulated till the subscriber's age of 60 years.

Tax Benefits 

• The Atal Pension Yojana (APY) contributions are eligible for tax benefits under section 80CCD(1).

Voluntary Exit Before 60 Years of Age

• Subscribers who exit the scheme before turning 60 will receive a refund of their contributions along with the earned net actual accrued income after the deduction of account maintenance charges.

For those who joined APY before 31st March 2016 and received government co-contributions, these contributions and the income earned on them will not be refunded in the case of a voluntary exit.

Death Benefits Before 60 Years of Age

Option 1 – Continuation by Spouse:

• If the subscriber dies before 60 years of age, their spouse can continue the contribution for the remaining vesting period till the original subscriber has attained the age of 60 years. 
• The spouse will receive the same pension as the original subscriber for their lifetime.
• This APY account and pension can be in addition to any APY account the spouse may already have.

Option 2 – Lump Sum Payout:

• The entire accumulated pension corpus is paid to the spouse or nominee.

How To Apply For Atal Pension Yojana?

Online Procedure

Process 1:

• Open your Atal Pension Yojana account online by using the Net banking facility. 
• Fill in all the basic and nominee details.
• Give consent for auto debit of premium and submit the form.

Process 2:

• Visit the website and click on “Atal Pension Yojana”. Then, Select “APY Registration” 
• Fill in all the required details and complete KYC by using any of the given 3 options: 

1. Offline KYC –Upload XML file of Aadhaar
2. Aadhaar – KYC is done through OTP verification on the contact number registered with Aadhaar
3. Virtual ID – Where Aadhaar virtual ID is created for KYC

• Once done, an acknowledgement number will be generated.
• Enter your personal details, including the pension amount you desire to receive after 60 years and the contribution frequency.
• Enter the nominee details. 
• Then, you’ll be redirected to the NSDL website for eSign. Verify your Aadhaar using OTP.
• Once the OTP verification is successful, you will be registered for APY.

Offline Procedure 

• Click here to download the Atal Pension Yojana form. 
• Fill out and sign the application form with the correct details. Once done, submit it to the authorised official of the Bank / Post Office.
• After successful submission, the individual will receive an Acknowledgement Slip Cum Certificate of Insurance.

The Bottom Line

In a nutshell, all three Pradhan Mantri Jan Suraksha Yojanas offer affordable insurance and pension solutions to every Indian citizen. With more than 16 crore people enrolled, these schemes will definitely make insurance and pension accessible for all in the future. 

Frequently Asked Questions (FAQs) 

What is the Pradhan Mantri Jan Suraksha Yojana?

Pradhan Mantri Jan Suraksha Yojana is a social security scheme launched by the Indian government to provide affordable insurance and pension plans to the underprivileged sections of society. Under Jan Suraksha, three schemes are launched: 

• Pradhan Mantri Suraksha Bima Yojana (PMSBY) 

• Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 

• Atal Pension Yojana (APY)

How can I enrol in Pradhan Mantri Jan Suraksha schemes?

You can enrol in PMSBY, PMJJBY, and APY both online and offline. 

What is the amount payable under Pradhan Mantri Suraksha Bima Yojana?

Pradhan Mantri Suraksha Bima Yojana, or PMSBY, offers accidental death cum disability coverage of ₹2 lakh due to an accident. The offered coverage is ₹1 lakh in case of partial disability.