Last year, the finance ministry revised the rates under PMJJBY from Rs 330 to Rs 436 and for PMSBY from Rs 12 to Rs 20, with effect from June 1, 2022. (Representational Image)
The ministry has asked banks to encourage customers to buy policies for multiple years instead of renewing them every year.
Public sector banks (PSBs) have set a target for the sale of flagship government insurance schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in FY24.
Apart from this, he has also set targets for other financial inclusion schemes like Mudra Yojana and Standup India Yojana.
Till now there are around 8.3 crore beneficiaries under PMJJBY and 23.9 crore beneficiaries under PMSBY. Since the launch of the schemes in 2015, there have been 15.99 crore enrollments under PMJJBY, while 33.78 crore enrollments have taken place under PMSBY till March 31, 2023.
Last year, the finance ministry revised the rates under PMJJBY from Rs 330 to Rs 436 and for PMSBY from Rs 12 to Rs 20, with effect from June 1, 2022. The revision was being done because of the adverse claims experience experienced by the schemes over a long period of time and to make them economically viable.
The ministry has asked banks to encourage customers to buy these policies for multi-year terms instead of renewing them every year PTI The news has been given quoting the sources.
PMJJBY provides life insurance cover of Rs 2 lakh to those aged 18-50 years who have a bank or post office account, who consent to join or enable auto-debit of premium. ,
On the other hand, PMSBY 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 aged 18-70 years with a bank or post office account. Consent to opt in or enable auto-debit of premium.
Last week, the ministry held a meeting with heads of PSBs and financial institutions and urged them to take forward various financial inclusion schemes, including Jan Suraksha and Mudra Yojana.
Secretary, Department of Financial Services, Vivek Joshi asked the PSBs to achieve the targets allocated under various schemes for financial inclusion in a time-bound manner.
(With PTI inputs)
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