Why this matters now
These social-security schemes are tested for their coverage, benefits and the financial-inclusion goal — providing a safety net for the informal workforce (often confused with one another).
Atal Pension Yojana (APY)
Launched in 2015 (regulated by PFRDA), the Atal Pension Yojana is a guaranteed pension scheme for the unorganised sector. Subscribers (aged 18–40) contribute regularly to receive a guaranteed monthly pension of ₹1,000–₹5,000 from age 60, with benefits to the spouse and nominee.
The Jan Suraksha insurance schemes
The two Jan Suraksha insurance schemes (2015) are: PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) — life insurance (death cover) for a small annual premium — and PMSBY (Pradhan Mantri Suraksha Bima Yojana) — accident insurance (accidental death/disability) for a nominal yearly premium. Both are linked to bank accounts (JAM).
Significance
Together with Jan Dhan, these schemes build a JAM-enabled social-security floor for the masses — extending pension and insurance to the poor and informal workers at affordable cost. Challenges: low pension amounts, coverage gaps, awareness and persistency.
UPSC angle
Know APY (PFRDA, ₹1,000–₹5,000 guaranteed pension, age 18–40→60), PMJJBY (life cover) and PMSBY (accident cover). All 2015, JAM-linked, for the unorganised sector.
Frequently asked questions
What is the Atal Pension Yojana?
A 2015 guaranteed pension scheme for the unorganised sector, giving ₹1,000–₹5,000 monthly pension from age 60.
What is PMJJBY?
The Pradhan Mantri Jeevan Jyoti Bima Yojana — a low-premium life-insurance (death cover) scheme.
What is PMSBY?
The Pradhan Mantri Suraksha Bima Yojana — a nominal-premium accident-insurance scheme.
How are these schemes delivered?
Through bank accounts under the JAM trinity, making them affordable and accessible to the masses.