Last week, Prime Minister Narendra Modi had launched three schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).
"They started in May 9 and today we are on. As of yesterday evening, PMSBY has reached 5.19 crore policies. In districts and countrysides it is a runaway success," Finance Minister Arun Jaitley told reporters.
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. The scheme is managed by general insurance firms.
Taking into account enrollment in other two schemes, the number has touched 6.7 crore.
The enrollment under the life insurance scheme PMJJBY handled by LIC has crossed 1.59 crore in 5 days, he said.
Under the pension scheme, APY as many as 70,000 people have joined, he added.
"Insurance social security schemes if they are a runaway success and if they have huge acceptability, then we are going to see how they can be strengthened in future," he added.
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.
The scheme would be offered or administered through LIC or other Life Insurance companies willing to offer the product on similar terms on the choice of the bank concerned.
The pension scheme will focus on the unorganised sector and provide subscribers a fixed minimum pension of Rs 1,000, 2,000, 3,000, 4,000 or Rs 5,000 per month starting at the age of 60 years, depending on the contribution option exercised on entering at an age between 18 and 40 years.
The period of contribution by any subscriber under APY would be 20 years or more.
The fixed minimum pension would be guaranteed by the government.