The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme launched by the Indian government in May 2015. It is aimed at providing affordable life insurance coverage to the economically weaker sections of the society. The scheme aims to ensure that no family is left behind when it comes to securing the future of their loved ones. The scheme has been designed to provide social security to the beneficiaries and bridge the gap between the insured and uninsured population of India.

The primary objective of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme is to provide affordable life insurance coverage to the vulnerable and weaker sections of society. The scheme offers death benefits to the families of the deceased insured person. The insurance amount will be directed towards the beneficiary in case of the insured person’s unfortunate demise. The coverage amount under the scheme is Rs. 2 lakhs, which is payable to the nominee or legal heir of the insured person.

The scheme is available to all account holders of Indian banks aged between 18 to 50 years who have linked their respective bank accounts with Aadhaar. The scheme is an annual one and requires participants to renew their policy on an annual basis. The premium amount for the insurance policy is only Rs. 330 per annum, making it one of the most affordable insurance schemes available in India.

Apart from the PMJJBY, the Indian government has also launched the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Atal Pension Yojana (APY) to provide social security to the economically weaker sections of the society. The PMSBY provides accident insurance coverage to the account holders for a premium of Rs. 12 per annum, while the APY provides a minimum pension guarantee to the workers of the unorganized sector for a premium of Rs. 100 per month.

The PMJJBY scheme has been a game-changer in India’s social security landscape as it has helped bridge the gap between the insured and uninsured population. According to a report by the National Sample Survey Office (NSSO), only 20% of the Indian population has some form of health insurance coverage. This means that the majority of the population is exposed to financial risks due to medical health emergencies.

The PMJJBY scheme has been instrumental in providing life insurance coverage to over 6 crore individuals across the country. The scheme has been particularly beneficial for individuals who cannot afford to purchase expensive medical health insurance policies. The death benefits provided by the scheme have helped the families of the deceased cope with financial distress and provide a better future for their dependents.

In addition to providing death benefits, the PMJJBY scheme has also helped spur economic growth in the country. The scheme has created demand for insurance products and has encouraged insurers to design affordable insurance products to cater to the needs of the economically weaker sections of society. This has led to a growth in the insurance sector, which is critical for the country’s economic development.

The PMJJBY scheme has also been helpful in promoting financial inclusion in the country. The scheme has made it easy for individuals to obtain an affordable insurance policy without having to go through onerous documentary procedures. The scheme has encouraged the unbanked population to open bank accounts and link them to their Aadhaar to avail the benefits of the scheme.

The importance of the PMJJBY scheme in India’s social security landscape cannot be overstated. The scheme has helped provide affordable life insurance coverage to the economically weaker sections of society, which was previously considered a luxury. The scheme has also helped spur economic growth in the country and promote financial inclusion among the unbanked population.

In conclusion, the PMJJBY scheme has been a game-changer in India’s social security landscape. The scheme has helped provide affordable life insurance coverage to over 6 crore individuals across the country. The scheme has been instrumental in bridging the gap between the insured and uninsured population of India. The scheme has also helped promote financial inclusion in India and spur economic growth in the country. The PMJJBY scheme must continue to be promoted and made available to individuals across the country to ensure that no family is left behind when it comes to securing the future of their loved ones.