As one of the most popular social security schemes in India, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has played a pivotal role in providing financial protection to families of low-income and vulnerable groups. Launched on May 9, 2015, by the Government of India, the PMJJBY is a life insurance scheme that offers a renewable one-year term life cover of Rs. 2 lakh at an annual premium of just Rs. 330 per year.
Since its inception, the PMJJBY scheme has been a great success with its easy and affordable premium rates, which have encouraged more and more people to enroll in the scheme. According to the statistics shared by the Insurance Regulatory and Development Authority of India (IRDAI), the PMJJBY scheme has achieved a commendable milestone by adding over 10 crores beneficiaries since its launch.
The scheme is being promoted by a wide network of banks, insurance companies, and agents who are striving hard to bring the scheme closer to people in even the remotest areas of the country. The Government of India is also aggressively promoting the scheme and is ensuring that the benefits of the scheme reach all corners of the country.
The PMJJBY scheme is particularly beneficial for people from the weaker sections of society who have limited financial resources to secure the future of their families. The scheme has also been instrumental in reducing the financial burden on the government, which has to bear the cost of social security schemes such as welfare pensions and other programs.
Looking ahead, the government has set an ambitious target of enrolling more than 25 crore people under the PMJJBY scheme by 2022. Given the current pace of enrolment, it is highly likely that the target will be achieved with ease.
In conclusion, the PMJJBY scheme has emerged as one of the most successful social security schemes in India. With its low premium rates and easily accessible infrastructure, the scheme has brought financial security to millions of Indian families. As the scheme continues to expand, it is evident that it will play an even more critical role in improving the financial resilience of the country’s weaker sections.