PMJJBY and PMSBY rates increased: The central government has increased the premium for its major insurance schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
The new premium rates for the two flagship schemes for Social Security are effective from June 1, 2022. The premium of PMJJBY has been increased by 32 percent and that of PMSBY by 67 percent. This decision has been taken in view of the long experience of adverse claims of the schemes.
1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The premium rate of PMJJBY has been increased to Rs 1.25 per day, which has increased from Rs 330 to Rs 436 per annum. As of March 31, 2022, the number of active customers registered under PMJJBY was 6.4 crore. PMJJBY offers a life insurance cover of Rs 2 lakh in case of death due to any reason to people in the age group of 18-50 years having bank or post office account, to enable or to include auto-debit of premium. give your consent to.
2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
An official statement said that the annual premium for PMSBY has been increased from Rs 12 to Rs 20. As of March 31, 2022, the number of active customers registered under PMSBY was 22 crore. PMSBY provides an insurance cover of Rs 2 lakh for accidental death or total permanent disability and Rs 1 lakh for partial permanent disability. Bank or post office account holders in the age group of 18-70 years can register for it by enabling auto-debit of premium.
3. Premium and Claim
Under both the schemes, the claim amount is transferred to the bank accounts of the beneficiaries through Direct Benefit Transfer (DBT) i.e. Direct Benefit Transfer. Since the launch of PMSBY, an amount of Rs 1,134 crore has been collected as premium and claims of Rs 2,513 crore have been paid till March 31, 2022. At the same time, talking about PMJJBY, an amount of Rs 9,737 crore has been collected as premium under this insurance and till March 31, 2022, a claim of Rs 14,144 crore has been paid under PMJJBY.
4. Premium Rate Changed After Seven Years
The premium rates have never changed in the last seven years since the inception of these plans. This is the first time the premium rate has been changed. In the next five years, a target has been set to increase the coverage under PMJJBY from 6.4 crores to 15 crores and under PMSBY from 22 crores to 37 crores.
