Social Security Schemes Benefit Over 556 Million Indians: Sitharaman

NEW-DELHI: Nirmala Sitharaman, the Union finance minister, reported on Tuesday that since the launch of three social security programmes eight years ago, 556 million people have benefited from the central government schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY).

In a bid to fulfill the government's promise to guarantee social security coverage for every eligible person in the nation, Prime Minister Narendra Modi launched the programmes on May 9, 2015, in Kolkata of West Bengal.

“It is encouraging to see that these schemes are being implemented through a targeted approach to maximise their reach. Under the leadership of our Prime Minister Narendra Modi, our government is steadfastly dedicated to ensuring that the advantages of these social security schemes reach every eligible individual across the nation," Sitharaman said.

Low-cost life insurance is available through PMJJBY, as is accidental insurance through PMSBY, and a pension plan aimed at unorganised sector workers is available through APY.

As of April 26, 2023, there were 162 million, 342 million, and 52 million enrollments under PMJJBY, PMSBY, and APY, respectively, according to Sitharaman.

The finance minister stated that over 115,000 families have received claims totalling 2,302 crore ($310 million) through the PMSBY programme, while PMJJBY has given essential help to 664,000 families, who have received claims totalling $13,290 crore ($1.8 billion). Faster settlements have been made possible by the streamlined claim procedures for both schemes. As of April 27, 2023, more than 50 million people had signed up for the APY programme, providing their retirement income security.

Bhagwat Kisanrao Karad, the Union minister of state for finance, emphasised the government's targeted strategy for providing coverage to rural populations as well as the ongoing national efforts to offer coverage to qualified beneficiaries under these schemes. Field-level employees were commended by Karad for promoting the programmes and were urged to keep up their efforts to increase coverage.

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