The Government of India, under the Jan Suraksha initiative, has introduced several social security schemes aimed at enhancing financial inclusion and providing affordable insurance and pension benefits, particularly to the economically weaker sections and the unorganised sector. Indian banks actively facilitate the implementation of these schemes by partnering with insurance providers and pension fund authorities. The key schemes under this initiative include the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and the Atal Pension Yojana (APY). In addition, other long-term saving schemes such as the Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF), and Sukanya Samriddhi Yojana (SSY) contribute significantly to the financial security landscape.

1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Objective: To provide life insurance coverage.
Eligibility: Open to individuals aged 18 to 50 years holding a savings bank account.
Premium: An affordable annual premium is auto-debited from the account.
Coverage: Life insurance cover of ₹2 lakh in case of death due to any cause.
Implementation: Banks collaborate with life insurance providers, such as the Life Insurance Corporation of India (LIC), for policy issuance and claims.

2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Objective: To provide accident insurance coverage.
Eligibility: Individuals aged 18 to 70 years holding a savings bank account.
Premium: A nominal annual premium is auto-debited from the account.
Coverage: ₹2 lakh for accidental death and full disability, and ₹1 lakh for partial disability.
Implementation: Banks partner with general insurance companies, such as Cholamandalam MS General Insurance, to administer the scheme.

To know more read: PMJJBY AND PMSBY INSURANCE SCHEMES

3. Atal Pension Yojana (APY)

Objective: To ensure a fixed pension to subscribers upon attaining the age of 60.
Eligibility: Individuals aged 18 to 40 years holding a bank account.
Contribution: Monthly contributions vary depending on the chosen pension amount (₹1,000 to ₹5,000 per month).
Regulatory Authority: The scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).

To learn more read: WHAT IS ATAL PENSION YOJANA (APY)?

4. Jan Suraksha National Portal

The Jan Suraksha portal facilitates the seamless enrollment, policy issuance, and claim processing for PMJJBY and PMSBY schemes. It acts as a central repository, integrating data from all stakeholders to eliminate duplication of insurance policies and ensure transparency.

5. Other Notable Government-Backed Savings Schemes

a) Senior Citizen Savings Scheme (SCSS)

Objective: To provide a secure investment option for senior citizens with regular income.
Eligibility: Available to individuals aged 60 years and above, or those aged 55–60 years who have retired under superannuation or VRS.
Features:

• Tenure of 5 years, extendable by 3 years.
• Fixed interest rate (currently 8.20% per annum).
• Accounts can be held individually or jointly with a spouse.

To learn more read: UNDERSTANDING SENIOR CITIZENS’ SAVINGS SCHEME -SCSS

b) Public Provident Fund (PPF)

Objective: To encourage long-term savings while offering tax benefits.
Eligibility: Open to all Indian residents.
Features:

• Deposits can be made in multiples of ₹50, any number of times per financial year, with a cap of ₹1.5 lakh annually.
• Earlier restriction of 12 deposits per year has been removed.
• The PPF account is immune to attachment under any court decree related to the account holder’s liabilities.

To learn more read: A COMPREHENSIVE OVER VIEW OF PPF SCHEME

c) Sukanya Samriddhi Yojana (SSY)

Objective: To promote the welfare of girl children by encouraging savings for their future education and marriage expenses.
Eligibility: Parents or legal guardians of a girl child aged 10 years or below.
Features:

• Contributions can be made for 15 years; account matures after 21 years from the date of opening.
• Offers attractive interest rates and tax benefits under Section 80C of the Income Tax Act.

To learn more read: A COMPREHENSIVE OVER VIEW OF SUKANYA SAMRIDDHI YOJANA ACCOUNT

Conclusion

These social security and savings schemes play a vital role in enhancing financial resilience among Indian citizens, particularly those from low-income and informal sectors. Banks, in collaboration with insurance companies and regulatory bodies, serve as key facilitators in promoting awareness, enrollment, and benefit distribution under these schemes, thereby advancing the Government’s agenda of inclusive and equitable financial growth.

Disclaimer: The information provided herein is exclusively for educational purposes. The information is based on publicly available sources and subject to change. The author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial based on the contents and information. Please consult your financial advisor advisor before making any financial decision.