AASRA Scheme

About AASRA Scheme

The “AASRA Scheme” is an insurance initiative that the Department of Social Welfare, Government of Jammu & Kashmir, rolled out in 2015 to extend social security to widows, destitute individuals, Below Poverty Line (BPL) families, and breadwinners of families earning under ₹75000/- annually. The Union Territory government foots the entire premium for these policies, covering the whole destitute and BPL population of the territory. The Cabinet formally notified the scheme through decision No. 102/08/2015 dated 19.8.2015, launching this comprehensive Social Security Scheme called “AASRA Scheme,” and Government Order No. 150-F of 2015 dated 20.08.2015 commits the UT government to paying or reimbursing the premium for the following two insurance schemes. 1. Pardhanmantri Suraksha Bima Yojana (PMSBY) 2. Pardhanmantri Jeevan Jyoti Bima Yojana (PMJJBY) 1. Pardhanmantri Suraksha Bima Yojana (PMSBY): Eligibility: a) Individuals aged 18 to 70 with a bank account are covered, at a premium of ₹12/- per beneficiary annually. b) Anyone aged 18 to 70 with a bank account linked to their Aadhaar number can join by submitting a simple form each year before 1st June, naming a nominee on the form. c) Payment Mode: The bank auto-debits the premium from the subscriber’s account. d) Risk Coverage: ₹2.00 lakh for accidental death or full disability, and ₹1.00 lakh for partial disability. e) Terms of Risk Coverage: Coverage must be renewed each year, though subscribers can opt for a long-term auto-renewal under which the bank debits the account annually. 2. Pardhanmantri Jeevan Jyoti Bima Yojana (PMJJBY): Eligibility: a) A person aged 18 to 50 with a bank account can stay covered until age 55 by paying an annual premium of ₹333/-. b) Payment Mode: The bank auto-debits the premium directly from the subscriber’s account. c) Risk coverage: ₹2.00 lakh is paid out on death from any cause. Objective: The “AASRA Scheme” is meant to give eligible beneficiaries social and financial security, which includes opening a zero-balance savings bank account for every eligible person so they can access these insurance benefits, with the UT Government covering the premium for both schemes for five years. Funding pattern: Sponsored entirely by the Union Territory government, the “Aasra Scheme” extends benefits to every breadwinner whose family earns no more than ₹75000/- annually, and to all widows or destitute persons living in the UT, following the norms and conditions set out in the underlying insurance schemes. The Finance Department releases the funds under Non-Plan expenditure — either as a lump sum or annually — to run the scheme, with scope for the amount to be revised upward if needed.