Govt’s flagship insurance schemes subscribers growing

The Centre’s flagship life insurance scheme – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and accidental insurance scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY) – have seen enrollments rise to 128 million and 284 million, respectively, in seven years of inception.

The PMJJBY Life Insurance Company provides life insurance coverage of Rs 2 lakh at a rate of Rs 330 per month to all account holders aged between 18 and 50 years and has paid out Rs 11,522 crore to 576,121 families. Nearly 50 percent of claims were paid out for Covid-19 deaths, the Ministry of Finance said in a statement.

The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join/enable auto-debit. Aadhar would be the primary KYC for the bank account.

The life cover of Rs 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable. Risk coverage under this scheme is for Rs 2 Lakh in case of the death of the insured due to any reason.