Launched by PM Narendra Modi on May 9, 2015, 3 social security schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) – turned 7 years on Monday, benefitting crores of Indians.

The 3 security schemes are dedicated to the welfare of the citizens, recognising the need for securing human life from unforeseen risks/losses and financial uncertainties. While the PMJJBY and PMSBY provide access to low-cost life/accidental insurance cover, the APY is an investment opportunity to get a regular pension in old age.

With the help of these govt-backed schemes, even the poorest of the poor can have a life insurance cover for Rs 2 lakh at less than 1 rupee a day under PMJJBY and an accident insurance of Rs 2 lakh at less than 1 rupee a month under PMSBY. Additionally, all Indian citizens between 18 to 40 years can subscribe for receiving pension after the age of 60 by paying a minimum amount of Rs 42 per month.

Here’s a look at the benefits, eligibility criteria and key features of these schemes:

APY is a government initiative to provide financial security and cover future exigencies for the people in the unorganised sector.

Eligibility: Open to all bank account holders in the age group of 18 to 40 years.

Benefits: Guaranteed minimum monthly pension ranging between Rs 1000 to Rs 5000 at the age of 60 years, based on the contributions made by the subscriber. Contributions can be made on a monthly/ quarterly/half-yearly basis.

Withdrawal: Depositors are free to make a voluntarily exit from APY subject to certain conditions, on deduction of Government co-contribution and return/interest thereon.

As on April 27, 2022, APY had over 4 crore subscribers.