As per the Economic Survey, “it is important to protect citizens from risks posed by rainy days, such as health issues, natural disasters, old age, etc. Especially in the wake of the hardships posed by the pandemic, the government invested more resources in social protection programmes and continued to do so in the FY23 with the understanding that strong social protection systems can support the growth process.”
Here are the key schemes offered by the government that are helping individuals.
Pension after retirement
Pradhan Mantri Vaya Vandana yojana (PMVVY): PMVVY is offered by the Life Insurance Corporation of India (LIC) and supported by the government, to provide senior citizens of age 60 years or more an assured minimum pension for a term of 10 years. The pension amount received is linked to the price at which they purchase the pension policy. A total number of 8,59,708 subscribers are currently benefitting from the scheme through deposits worth Rs 87,081.1 crore collectively under 11,97,159 policies as on 31 December 2022, as per the Economic Survey.
Do note that March 31, 2023 is last date to invest in PMVVY scheme by senior citizens.
Insurance schemes offered by the government
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY): This insurance scheme is available to people in the age group of 18 to 50 years and provides risk coverage of Rs 2 lakh in case of death of the insured, due to any reason. An individual can subscribe the scheme by paying an annual premium of Rs 436 every year. This amount is debited from the subscriber’s account every year on or before May 31. The insurance period run from June 1 to May 31 every year. As on January 11, 2023, 14.96 crore persons have been enrolled cumulatively and 6,39,032 claims have been paid under PMJJY, stated the Eco Survey.Pradhan Mantri Suraksha Bima Yojana (PMSBY): The accidental insurance scheme is available to people in the age group 18 to 70 years providing a risk coverage of Rs 2 lakh in case of accidental death or total permanent disability and Rs 1 lakh for partial permanent disability due to accident. An individual can enrol in the scheme by paying a premium of Rs 20 per annum. As on 11 January 2023, 32.1 crore persons have been enrolled cumulatively and 1,10,298 claims have been paid under PMSBY.
Saving for retirement schemes
Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYMDY): This saving for retirement scheme was launched in March 2019. The PM-SYMDY is a voluntary and contributory pension scheme for providing a monthly minimum assured pension of Rs 3,000 upon attaining the age of 60 years. The workers in the age group of 18 to 40 years having a monthly income of Rs 15,000 or less and not a member of EPFO/ ESIC/ NPS (Govt. funded) can join the scheme. As of November 2, 2022, over 49.1 lakh beneficiaries have been enrolled under the Scheme.