PMJJBY & PMSBY New Premium

PMJJBY, PMSBY Premium News:The government has 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 viable. The premium rate of PMJJBY has been increased to Rs 1.25 per day. In this way it has increased from Rs 330 to Rs 436 annually. The annual premium for PMJJBY has been increased from Rs 12 to Rs 20. The new premium rates are considered effective from 1st June 2022.

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Premium hiked for the first time

Both these insurance schemes were launched by Prime Minister Narendra Modi 7 years ago in 2015. The premium has increased for the first time since then. Under both these schemes, an insurance cover of Rs 2 lakh is available. The Finance Ministry has given information about the increase in insurance premium. On behalf of the Ministry of Finance, it has been said that this increase has been done for the first time in view of more claims and less premium income of PMJJBY and PMSBY. Insurance companies were incurring losses due to increased claims.

How many people are taking benefits

The number of active subscribers under PMJJBY and PMSBY stood at 6.4 crore and 22 crore by the end of FY 2022. Under PMSBY, an amount of Rs 1134 crore came as premium from inception till 31 March 2022 and claim of Rs 2513 crore has been paid. Under PMJJBY, an amount of Rs 9737 crore was deposited as premium and claims of Rs 14,144 crore were paid.

What are the benefits of these plans

PMJJBY gives a life insurance cover of Rs 2 lakh to people in the age group of 18-50 years having a bank or post office account in case of death due to any reason. Whereas PMSBY gives 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.

(PTI Input)