After successful launch of Jan Dhan Yojana, Prime Minister Modi had last week launched the ‘Pradhan Mantri Jivan Jyoti Bima Yojana’, ‘Pradhan Mantri Suraksha Bima Yojana’ and the ‘Atal Pension Yojana’ in Kolkata; another step forward to secure more population under their financial inclusion programme.

Objective of schemes

The above schemes have been announced targeting 80% of the people who are not covered by any social security measure. Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana were simultaneously launched at 115 locations throughout the country.

While the ‘Pradhan Mantri Suraksha Bima Yojana’ (PMSBY) and the ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJJBY) provide insurance cover in the unfortunate event of death by any cause or disability due to an accident, the ‘Atal Pension Yojana’ (APY) addresses the income and security needs of the aged.


In the first seven days of the trail-run, banks have enrolled 50.5 million people including 4.2 million from West Bengal Even over 50 lakh people have enrolled for the schemes in the last 2 days.

The detail of above schemes is explained below:

Pradhan Mantri Jeevan Jyoti Bima Yojana

This insurance scheme will offer a renewable one-year life cover of Rs. 2 lakh with an annual premium of Rs. 330. This offer can be availed by all savings bank account holders in the age group of 18-50 years. An individual with multiple savings bank accounts would be eligible to join the scheme through one account only with Aadhaar as the primary know-your-customer (KYC) criterion.

The nominee will get the benefits of the scheme in case of the death of the policy holder. Initially, to be covered for the period from 1 June, 2015 to 31 May, 2016, subscribers will be required to enroll and give their auto-debit consent by 31 May, 2015.

Pradhan Mantri Suraksha Bima Yojana

This insurance scheme is also worth Rs. 2 lakh at an annual Premium of Rs. 12. All savings bank account holders in the age group of 18-70 years are eligible for it. It will cover death or permanent disability due to accident.

Eligibility to join the scheme is only through one savings bank account and premium will be deducted from it through ‘auto-debit’ facility annually between 1 June, 2015 and 31 May, 2016.

Atal Pension Yojana

The Atal Pension Yojana will focus on the unorganized sector and provide subscribers a fixed minimum pension of Rs.1, 000, Rs. 2,000, Rs. 3,000, Rs.4,000 orRs. 5,000 per month, starting at the age of 60 years, depending on the contribution option exercised on entering at an age between 18 and 40 years. The minimum age for joining the scheme is 18 years and the maximum is 40 years with a minimum contribution period of 20 years. Contributions would vary from as little as Rs. 48 a month for a Rs 1,000 pension to Rs 248 a month for a pension of Rs 5,000 per month.

Where to get forms

All you have to do is to fill up the application form, which can be accessed from these websites - Alternatively, forms can also be procured from all banks.

By: Sensys Technologies- For any further information or query you can be reached to experts of our panel at

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  1. g h rao says:

    yes he can be covered but govt co contribution max 5000 can be deducted to avoid double benefit at the time of superannuation or drawing pension
    if a parent can keep sufficient balance in sb a/c to meet the auto debit for 20 years to come , so as to cover paymenmts in time- it is suffice the rule is silent in this aspect i., 2.40 lakh to 12.00 lakhs in one slot but AMLA rule does not permit keeping 10 lakhs and above in SB a/c in one lot it would be better to arrange some alternate remittances regularly like house rents etc

  2. A V BHADKAMKAR says:

    I think Atal Pension Yojana (APY) is for persons whose income is below taxable limit.If a person joins APY and after few years his income becomes taxable,can he continue to be covered under the scheme? Can parents contribute under APY in the name of child suffering from Epilepsy and earning little income, to provide fixed income for the child? Similarly can parents contribute for handicapped/physically disabled/ slow learner?

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