The Government of India offers three major low-cost financial protection schemes:
- PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) – Life insurance cover.
- PMSBY (Pradhan Mantri Suraksha Bima Yojana) – Accident insurance cover.
- Atal Pension Yojana (APY) – Guaranteed pension after retirement.
These schemes are designed for affordable access, especially for rural and low-income families who often cannot afford private insurance.
Quick Comparison – PMJJBY, PMSBY, and APY
| Scheme | Coverage | Premium | Age Limit |
|---|---|---|---|
| PMJJBY | ₹2 lakh – death due to any reason | ₹436/year | 18–50 years |
| PMSBY | ₹2 lakh – accidental death / ₹1 lakh – permanent disability | ₹20/year | 18–70 years |
| APY | ₹1,000–₹5,000 monthly pension | Varies by age & pension choice | 18–40 years |
Benefits for Rural Families
- Low Premium: Big coverage for just a few rupees per month.
- Simple Process: Auto-debit from bank account.
- Government-Backed: Trustworthy claim settlement.
- Security Foundation: Acts as a base before upgrading to private insurance.
Limitations
- PMJJBY & PMSBY have limited coverage amounts.
- APY has a long lock-in period until age 60.
- Timely premium payment is essential to keep the scheme active.
Case Example
Dhanraj, a farmer from Jhunjhunu, enrolled in PMJJBY and PMSBY. For just ₹456 per year, he secured ₹4 lakh of combined life and accident coverage. He also contributes to APY for a ₹3,000/month pension after age 60.
Why It Matters
A small accident or untimely death can push a rural family into debt. These schemes offer affordable financial protection and stability for low-income households.
Government schemes are a shield for rural and low-income families. Share this eBharat.com guide so more people can benefit from them in 2025.
Internal Links:
- PMJJBY, PMSBY, Atal Pension – Which One’s Actually Useful?
- Should You Opt Out of PMJJBY If You Have a Private Term Plan?
- 2025 Update: PMJJBY and PMSBY Premiums & Claims
