Financial inclusion – A study on Modi’s PMJJBY, PMSBY and APY

Abstract

“A large proportion of India’s population was without insurance of any kind, health, accidental or life. Worryingly, as our young population ages, it is also going to be pension-less. Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY), the Government of India proposed to work towards creating a universal social security system for all Indians that will ensure that no Indian citizen will have to worry about illness, accidents or penury in old age.” Government announced insurance schemes Pradhan Mantri Suraksha Bima Yojana (for Accidental Death and Disability), Pradhan Mantri Jeevan Jyoti Bima Yojana (for life insurance) and Atal Pension Yojna (for pension). These schemes were launched by Prime minister on 9 May 2015.The government plans to use technology to the extent possible to reach out to the beneficiaries, thereby plugging leakages in the system. This article gives the highlights of these schemes and also focuses on how best these schemes have reached to the Indians.