Social Security and Government Insurance Schemes in India

Social security in India encompasses government-backed insurance, pension, and welfare schemes designed to provide financial stability to citizens against health emergencies, old age, death, and disability. These initiatives target workers in both organized and unorganized sectors, farmers, and vulnerable households, relying on subsidized premiums and direct benefit transfers.

Core Life and Accident Insurance Schemes

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) This scheme offers a one-year life insurance cover renewable from year to year. It provides protection against death due to any reason. The scheme is offered by the Life Insurance Corporation of India and other willing life insurers.

• Eligibility requires individuals to be in the age group of 18 to 50 years with a bank or post office account.
• The risk coverage is Rs. 2 lakh.
• The annual premium is Rs. 436, which is auto-debited from the subscriber’s bank account.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) This scheme covers accidental death and disability. It is offered by Public Sector General Insurance Companies and other general insurers.

• Eligibility includes individuals aged 18 to 70 years with a bank account.
• The risk coverage provides Rs. 2 lakh for accidental death and full disability, and Rs. 1 lakh for partial disability.
• The premium is heavily subsidized at Rs. 20 per annum, deducted via auto-debit.

Health Insurance Initiatives

Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY) Launched in 2018, this is the world’s largest government-funded health insurance scheme. It offers cashless and paperless access to empanelled hospitals.

• It provides a health cover of up to Rs. 5 lakh per family per year for secondary and tertiary care hospitalization.
• The scheme targets over 10 crore poor and vulnerable families, translating to approximately 50 crore beneficiaries.

Employees’ State Insurance Scheme (ESIS) Established under the ESI Act of 1948, this scheme provides health and social security coverage for industrial workers.

• Benefits include medical care, maternity benefits, and cash compensation during sickness or employment injury.

Central Government Health Scheme (CGHS) This scheme provides comprehensive healthcare facilities to central government employees, pensioners, and their dependents.

• Coverage encompasses outpatient services, in-patient hospitalization, medicines, and diagnostic costs.

Pension and Retirement Security

Atal Pension Yojana (APY) Launched in 2015, APY is open to all savings bank or post office account holders. The government guarantees the minimum pension.

• The entry age is between 18 and 40 years.
• Subscribers receive a guaranteed minimum monthly pension ranging from Rs. 1,000 to Rs. 5,000 after reaching 60 years of age, based on their contribution.

Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM) This is a voluntary and contributory pension scheme specifically for unorganized sector workers.

• Eligibility requires a monthly income below Rs. 15,000 and age between 18 and 40 years. Members of EPFO, ESIC, or NPS are not eligible.
• Beneficiaries receive an assured monthly pension of Rs. 3,000 after attaining 60 years of age.
• The beneficiary pays 50% of the monthly contribution, and the Central Government pays an equal matching contribution.

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) This voluntary and contributory pension scheme is designed for small and marginal farmers.

• Eligible farmers must be 18 to 40 years old and own cultivable land up to 2 hectares.
• The scheme provides an assured pension of Rs. 3,000 per month upon reaching age 60, with matching contributions from the Government of India.

Social Assistance and Sector-Specific Schemes

National Social Assistance Programme (NSAP) This program provides financial assistance to individuals with little or no regular means of subsistence.

• The central contribution ranges from Rs. 300 to Rs. 500 across different age groups.
• Total monthly pension ranges from Rs. 1,000 to Rs. 3,000 depending upon the respective state’s contribution.

Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana This is a dedicated pension scheme for small traders and shopkeepers.

• It guarantees a Rs. 3,000 monthly pension after the beneficiary reaches 60 years of age.

Key Facts on Implementation

• The JanSuraksha portal serves as the national digital repository for end-to-end enrollment and claims for PMJJBY and PMSBY.
• Aadhaar serves as the primary KYC document for bank accounts linked to JanSuraksha auto-debit facilities.
• The e-Shram portal is the centralized database maintained by the Ministry of Labour and Employment to register unorganized workers and integrate them with schemes like PM-SYM.
• In the event of a PM-SYM beneficiary’s death, the surviving spouse is eligible to receive 50% of the monthly pension.