The government on Tuesday increased the premium of its major insurance schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). This has been done to keep these schemes financially practical.
The premium rate of PMJJBY has been increased to Rs 1.25 per day. In this way, now people of this scheme will have to pay a premium of Rs 436 annually, which was earlier 330 rupees. At the same time, the 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, PMJJBY’s premium has increased by 32 percent and PMSBY premium increased by 67 percent. This decision to increase has been made on the basis of claims made under these schemes.
According to the data till 31 March 2022, the number of active subscribers under PMJJBY and PMSBY was 6.4 crore and 22 crores respectively.
Claim payment had reached more than premium
An amount of Rs 1,134 crore was collected from the insured as a premium from the start of the Pradhan Mantri Suraksha Bima Yojana (PMSBY), while claims worth Rs 2,513 crore have been paid.
Similarly, an amount of Rs 9,737 crore was deposited as a premium under the Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY) and claims worth Rs 14,144 crore were paid. In such a situation, it was necessary to increase their premium to keep these schemes financially practical.
A statement issued by the government said that under PMJJBY in the next 5 years, the target has been targeted to increase the scope from 6.4 crore to 15 crore and under PMSBY from 22 crores to 37 crore.
What is the benefit of these schemes
Let us know that similarly the Prime Minister Jeevan Jyoti Bima Yojana (PMJBY) gives people in the age group of 18-50 years with an account in the bank or post office, gives a life insurance cover of two lakh rupees on death due to any reason. At the same time, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) gives people in the age group of 18-70 years to death or permanent disability in an accident and one lakh rupees on partial permanent disability.
