Introduction:
The Government of India has launched several welfare schemes to support workers in the unorganized sector who often lack access to formal social security. Two major initiatives are the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) & Pradhan Mantri Suraksha Bima Yojana (PMSBY). These schemes aim to provide a steady pension and affordable life/accident insurance coverage to low-income individuals.
1. Pradhan Mantri Shram Yogi Maandhan (PM-SYM) – ₹3000 Monthly Pensio
Objective:
PM-SYM is a voluntary and contributory pension scheme for unorganized workers like street vendors, rickshaw pullers, construction workers, domestic workers, etc. It guarantees a minimum monthly pension of ₹3000 after the age of 60.
Eligibility:
- Age: 18 to 40 years
- Monthly income: Up to ₹15,000
- Must not be covered under any statutory pension scheme (like EPFO, NPS, ESIC)
- Must have a savings bank account and Aadhaar card
How It Works:
- Workers contribute monthly based on their entry age. For example, an 18-year-old pays ₹55/month, while a 40-year-old pays ₹200/month.
- The government contributes an equal matching amount into the subscriber’s pension account.
- On reaching 60 years of age, the subscriber receives ₹3000/month as pension for life.
- The scheme is managed by the Life Insurance Corporation (LIC).
In Case of Death:
- If the subscriber dies before age 60, the spouse can continue the scheme.
- After the subscriber’s death post-retirement, the spouse gets 50% of the pension.
How to Enroll:
- Visit the nearest Common Service Centre (CSC).
- Carry Aadhaar and bank details.
- Biometric authentication is required for registration.
2. ₹2 Lakh Insurance Schemes: PMJJBY and PMSBY
a. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Coverage:
₹2 lakh life insurance in case of death due to any reason.
Eligibility:
- Age: 18 to 50 years
- Must have a bank account with auto-debit facility
Premium:
₹436/year, auto-debited from the bank account annually.
Policy Duration:
One year, renewable every year (1st June to 31st May).
Claim Process:
- Nominee needs to submit a claim form, death certificate, and bank details to the bank.
- The insurance company (usually LIC) processes the claim.
b. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Coverage:
- ₹2 lakh for accidental death or permanent disability
- ₹1 lakh for partial disability
Eligibility:
- Age: 18 to 70 years
- Must have a bank account with auto-debit facility
Premium:
₹20/year, auto-debited from the account.
Policy Duration:
Like PMJJBY, it is annual and renewable.
Claim Process:
- Similar to PMJJBY; includes FIR or post-mortem report in case of accidental death.
Key Benefits of These Schemes
- Affordability: Designed for low-income workers with minimal premiums or contributions.
- Government Backing: LIC and other government insurers handle operations, ensuring credibility.
- Ease of Enrollment: Accessible via banks or CSCs, with minimal documentation.
- Security for the Family: Pension ensures post-retirement stability, and insurance supports families in case of death.
Conclusion
The ₹3000 pension under PM-SYM and the ₹2 lakh insurance schemes (PMJJBY & PMSBY) are crucial tools in the Indian government’s social security net. Together, they aim to protect millions of workers who otherwise face uncertain futures due to lack of savings or protection against accidents or premature death. These schemes are a major step toward inclusive development and financial safety for India’s vast unorganized workforce.