Prime Minister The Jan-Dhan Yojana (PMJDY) is a national initiative aimed at achieving
financial inclusion by providing cheap access to various financial services including as basic
savings and deposit accounts, remittance, credit, insurance, and pension. Individuals without
any existing account can open a basic savings bank deposit (BSBD) account at any bank branch
or Business Correspondent (Bank Mitra) outlet under this programme.

Advantages of PMJDY

• A single entry-level savings account is established for those without access to banking services.
• PMJDY accounts do not have any mandatory minimum balance requirement.
• Deposits made in PMJDY accounts accrue interest.
• PMJDY account holders are issued Rupay Debit cards.
• The PMJDY account holders are eligible for an Accident Insurance Cover of Rs.1 lakh, which has been increased to Rs. 2 lakh for new accounts created after 28.8.2018. This insurance cover is provided with the RuPay card issued to the account holders.
• A maximum overdraft (OD) limit of Rs. 10,000 is offered to qualifying account holders.
• PMJDY accounts qualify for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and Micro Units Development & Refinance Agency Bank (MUDRA) programme.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), initiated in 2015, is a life insurance
policy that provides coverage for death for a period of one year, with the option to renew
annually. The system is managed by public and private sector insurance organisations in
collaboration with scheduled commercial banks, regional rural banks, and cooperative banks.
The government has placed significant emphasis on the insurance industry due to the past lack
of insurance coverage among a substantial portion of the population. This social security
system was designed to promote inclusive growth by targeting the impoverished and vulnerable
segments of society, in line with the idea of ‘Sabke Saath Sab ki Vikas’.

Eligibility

Individuals between the ages of 18 and 50 who possess a bank account are eligible to get
advantages from the programme. Individuals who enrol in the programme prior to reaching
the age of 50 will retain the possibility of life coverage until the age of 55, provided that they
make premium payments.

Benefits

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides a renewable one-year term
life insurance policy worth Rs. 2 Lakh to all bank account holders between the ages of 18 and 50.

This policy covers death caused by any reason. The premium for this policy is Rs. 330 per
year per subscriber, which will be automatically deducted from the subscriber’s bank account.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Pradhan Mantri Suraksha Bima Yojana, initiated in 2015, provides a one-year
insurance policy that covers accidental death and disability. The policy may be renewed on a
yearly basis. Similarly, this social security programme will be managed by both public and
private sector insurance organisations in collaboration with scheduled commercial banks,
regional rural banks, and cooperative banks. The policy aims to provide insurance coverage
to individuals with both permanent total and impartial disabilities.

Eligibility
This plan is available to anyone between the ages of 18 and 70 who have a bank account with
banks that are registered under the system.

Advantage of the Scheme

The insurance provides a death payment of Rs 2 lakh to the beneficiary in the event of
the wounded person’s accidental death. Additionally, a coverage amount of Rs. 2 lakh is
offered in the event of complete impairment, such as permanent and irreversible loss of both
eyes, loss of function in both hands and feet, paralysis, and similar conditions. If the insured
individual has partial disability, they would receive life coverage of Rs 1 lakh.

Atal Pension Yojana (APY)

The APY is a pension programme specifically designed for the unorganised sector
workers in India. The APY provides a guaranteed minimum pension of Rs. 1,000/-, 2,000/-,
3,000/-, 4,000/-, or 5,000/- per month to subscribers who are 60 years old, according on their
contributions. The APY plan is open to all Indian citizens.

Eligibility

• The subscriber’s age must fall between the range of 18 to 40 years.
• It is advisable for the individual to own a savings bank account or a post office savings bank account.
• During the registration process, the potential candidate can furnish their Aadhaar and cellphone number to the bank. This would enable them to receive regular information regarding their APY account. Nevertheless, enrollment does not require Aadhaar to be obligatory.

Ayushman Bharath Pradhan Mantri Jan Arogya Yojana (PMJAY)

The Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) SEHAT
plan was inaugurated by Prime Minister Narendra Modi. The primary objective of the plan is
to expand the scope of health insurance to encompass all individuals residing in Jammu and
Kashmir. The AB-PMJAY Scheme is a government initiative aimed at providing healthcare
coverage to eligible individuals. It offers complimentary insurance coverage to all the
inhabitants of the Union Territory of Jammu and Kashmir without any charge. Additionally, it
offers financial protection of up to Rs.5 Lakh per family on a shared basis to all individuals
living in the Union Territory of Jammu and Kashmir. Furthermore, it extends the
implementation of PM-JAY to about 15 lakh additional people.

Benefits:
It offers a maximum financial protection of Rs.5 Lakh per family on a shared basis to all
individuals living in the Union Territory of J&K. Additionally, it extends the PM-JAY
programme to nearly 15 lakh more people.