Finance Minister Nirmala Sitharaman said that three public security schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana have worked to bring insurance and pension facilities within the reach of the common man. On Monday, on the occasion of the seventh anniversary of these three social security schemes, Sitharaman said that the number of people enrolled and benefited under these schemes in the last seven years is a proof of their success.
Prime Minister Narendra Modi had launched these three schemes on May 9, 2015. The Finance Minister said that since the launch of Jeevan Jyoti Bima Yojana, 12.76 crore people have so far enrolled for the insurance cover. During this, the families of 5,76,121 people have received Rs 11,522 crore as claims. The scheme proved to be extremely useful during the pandemic for low-income families. About 50 per cent of the claims paid in the financial year 2020-21 were made by the families of those who lost their lives in the COVID-19 pandemic.
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After the onset of the pandemic, from April 1, 2020 to February 23, 2022, a total of 2.10 lakh claims amounting to Rs 4,194.28 crore were paid with a settlement rate of 99.72 per cent, he said. Sitharaman said that 28.37 crore people have also enrolled for accident cover under the Pradhan Mantri Suraksha Bima Yojana (PMSBY). During this period, an amount of Rs 1,930 crore has been paid in respect of 97,227 claims.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides a life insurance cover of Rs 2 lakh, while under PMSBY Rs 2 lakh in case of death or permanent disability and Rs 1 lakh in case of temporary disability. Referring to the Atal Pension Yojana (APY), the Finance Minister said that so far more than four crore people have registered under this pension scheme. Speaking on the occasion, Minister of State for Finance Bhagwat K Karad asked the banks and insurance companies to continue with the same enthusiasm and dedication till the last person is given social security cover.
Government provides new manufacturing opportunities to the private sector
Finance Minister Nirmala Sitharaman on Monday said that the Prime Minister Narendra Modi-led government has created new opportunities for the private sector. He said that the private sector has been allowed to manufacture in many such sectors, which were earlier only for public sector units (PSUs).
The Finance Minister said that in previous governments there were limited manufacturing opportunities and controls were too much. So their aspirations were held back, despite the private sector’s ability to boost manufacturing. Sitharaman said this at a program organized by Startup Academy.
He said that the policy changes made by the Modi government gave special opportunities to the private sector. He said that during this period especially the MSME sector was promoted. Today the private sector can work in tandem with the public sector undertakings in the defence, space and nuclear energy sectors, except in a few strategic sectors.