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Shock: Modi government’s two major insurance schemes become expensive, PMJJBY PMSBY premium increased

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Photo:FILE

PM Narendra Modi

Highlights

  • The premium rate of PMJJBY has been increased to Rs.1.25 per day
  • Annual premium for PMSBY has been increased from Rs.12 to Rs.20
  • Premium for PMJJBY increased by 32 percent and for PMSBY by 67 percent

The government on Tuesday increased the premium for its flagship insurance schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). This was done to keep these schemes financially viable. The premium rate of PMJJBY has been increased to Rs.1.25 per day.

  • Annual premium for PMJJBY has been increased from Rs 330 to Rs 436
  • Annual premium for PMSBY has been increased from Rs 12 to Rs 20

The new premium rates are effective from June 1, 2022. In this way the premium of PMJJBY has increased by 32 percent and that of PMSBY by 67 percent. The decision was taken on the basis of claims made under this scheme. The number of active subscribers under PMJJBY and PMSBY stood at 6.4 crore and 22 crore respectively till the end of the last financial year i.e. 31 March 2022.

An amount of Rs 1,134 crore has been collected as premium and claims of Rs 2,513 crore have been paid since the launch of PMSBY till March 31, 2022. Apart from this, an amount of Rs 9,737 crore was deposited as premium under PMJJBY and claims of Rs 14,144 crore were paid. In line with Prime Minister Narendra Modi’s vision of making India a fully insured society, the coverage under PMJJBY is expected to be increased from 6.4 crore to 15 crore and PMSBY coverage from 22 crore to 37 crore in the next five years, the statement said. The target has been set.

Here are the benefits of the scheme

PMJJBY provides a life insurance cover of Rs 2 lakh on death due to any reason to people in the age group of 18-50 years having a bank or post office account. PMSBY, on the other hand, provides an insurance cover of Rs 2 lakh for accidental death or total permanent disability and Rs 1 lakh for partial permanent disability to people in the age group of 18-70 years.



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