Social Security schemes in pension and insurance sector..

• Pradhan Mantri Suraksha Bima Yojana (PMSBY)
• Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 
• Atal Pension Yojana (APY)

 Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) will provide insurance cover in the unfortunate event of death by any cause or disability due to an accident, whereas the pension scheme, Atal Pension Yojana(APY),is to address old age income security needs.

  The convenient delivery mechanism of the schemes is expected to address the situation of very low coverage of life or accident insurance and old age income security products in the country. PMSBY will offer a renewable one year accidental death cum disability cover of Rs 2 lakh for partial permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber, it said.
The scheme would be administered through public sector general insurance companies or other general insurance companies willing to offer the product on similar terms on the choice of the bank concerned. PMJJBY on the other hand will offer a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber.

NRI's are not elgible for APY

Jeevan Jyoti Bima Yojana (PMJJBY) vs Suraksha Bima Yojana (PMSBY)

---

S. No.	Features	Pradhan Mantri Suraksha Bima Yojana (PMSBY)	Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
1.	Eligibility	18-70 years	18-50 years
2.	Number of Policy	One Policy Per Person	One Policy Per Person
3.	When to Join the Scheme?	In any year after giving the premium subject to the age.	In any year after giving the premium subject to the age.
4.	Sum Assured (Fixed)	Rs.2 lakhs	Rs.2 lakhs
5.	Premium	Rs. 12 per annum	Rs. 330 per annum
6.	Cover ceasing age	At the age of 70 years	At the age of 55 years
7.	Maturity Benefit	Nil	Nil
8.	Death Benefit (Natural Death)	Nil	Rs.2 lakhs
9.	Death Benefit (Accidental Death)	Rs.2 lakhs	Rs.2 lakhs
10.	Disability of both eyes, both hands, both legs or one eye and one limb	Rs.2 lakhs	Nil
11.	Disability of one eye or one limb	Rs.1 lakh	Nil
12.	Maximum Insurance cover	Rs.2 lakhs (From any one of Bank account)	Rs.2 lakhs (From any one of Bank account)
13.	Risk Period	1st June to 31st May every year.	1st June to 31st May every year.
14.	Mode of Payment	Premium will be auto debited from account in the month of May every year.	Premium will be auto debited from account in the month of May every year.
15.	Mandatory Document	Aadhar Card	Aadhar Card