Life Insurance Council takes into custody PMJJBY viability

Life Insurance Council is working hard towards making the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) attractive for its member companies apprehending its viability under the present pricing policy. Secretary General of the council V. Manickam said that, out of Rs.330 charged for the Rs.2 lakh sum assured, insurance companies are left with only about Rs.250 after deducting bank commission and stamp duty.

Apprehending the scheme’s viability, the council has already written to industry regulator IRDAI seeking its intervention in getting 50 per cent rebate in current re-insurance rate of Rs.180 on this policy promoted by the centre.