Prime Minister Social Security Schemes - An Investigation into the Well-being of Rural Households

Abstract

Abstract: Background: In order to establish a universal social security system for Indian citizens, especially the rural, marginalized, and vulnerable groups, the Indian government launched three ambitious social security schemes related to the insurance and pension sectors on May 9, 2015. Objective: This article is an attempt to investigate the effectiveness of these three social security schemes — Atal Pension Yojna, PM Jeevan Jyoti Beema Yojna, and PM Suraksha Beema Yojna, in improving the well-being of the poor households from rural regions and the people from the unorganized section of the country. Methodology: This investigation is entirely based on secondary sources, particularly the research publications on the selected topic and the government documents, reports, policy announcements, and news sources. Findings: Focusing on the identified schemes and their respective benefits, the article critically investigated their achievements along with the various challenges faced in effectively executing these schemes. Conclusion: The researcher highlighted an urgent need for a multi-faceted approach involving policy adjustments, awareness campaigns, and targeted efforts to address the identified challenges in the effective execution of the identified social security schemes.