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To create a social security net for the poor, the government will offer its life and accident insurance schemes PM Jeevan Jyoti Bima Yojana (PMJJBY) and PM Surakhsha Bima Yojana (PMSBY) to eligible Jan Dhan account holders. These government-backed insurance schemes were announced in 2015. The announcement, made by the finance ministry on 28 August 2020, comes with the completion of six years of National Democratic Alliance government’s flagship scheme Jan Dhan Yojana. The scheme was primarily launched to provide banking services to all households but it also played a crucial role in the success of other welfare schemes, including direct benefit transfer (DBT), disbursal of financial assistance during covid-19.