GOVERNMENT
OF INDIA
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GOVERNMENT
OF INDIA
The Government of India has taken a number of initiatives to bring about financial inclusion in India by empowering the common man to utilize the financial services at very affordable prices. These financial inclusion measures include schemes/initiatives like various social security schemes e.g. Atal Pension Yojana, Jan Dhan Yojana and various Bima Yojanas.
The two major insurance schemes launched by the Government of India are: Pradhan Mantri Jeevan Jyoti BimaYojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
Pradhan Mantri Jeevan Jyoti BimaYojana (PMJJBY) is an insurance scheme to provide life insurance to the common man in India at a very affordable price. On the other hand, Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an insurance scheme to provide accidental insurance to the Indian common man.
The claim and other details related to these two insurance schemes are as follows:
Government through the Budget Speech 2015 announced Pradhan Mantri Jeevan Jyoti BimaYojana (PMJJBY) to move towards creating a universal social security system, targeted especially for the poor and the under-privileged. PMJJBY is a one year life insurance scheme, renewable from year to year, offering coverage for death due to any reason and is available to people in the age group of 18 to 50 years (life cover upto age 55) having a savings bank account. Under PMJJBY scheme, life cover of Rs. 2 lakhs is available for a one year period stretching from 1st June to 31st May at a premium of Rs.330/- per annum per member and is renewable every year. It is offered / administered through LIC and other Indian private Life Insurance companies. For enrolment banks have tied up with insurance companies. Participating Bank is the Master policy holder.
The total number of claims received under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) as on 01.09.2015 was 1841. The total number of claims received under PMJJBY as on 01.08.2015 was 626.
The total number of claims received under PMJJBY increased by 1215 during the current month i.e. 01.09.2015 -01.08.2015. The total number of claims received under PMJJBY had increased by 591 during the previous month i.e. 01.08.2015 -01.07.2015.
The total number of claims disbursed under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) as on 01.09.2015 was 1043. The total number of claims disbursed under PMJJBY as on 01.08.2015 was 325. The total number of claims disbursed under PMJJBY increased by 718 during the current month i.e. 01.09.2015 -01.08.2015. The total number of claims disbursed under PMJJBY had increased by 306 during the previous month i.e. 01.08.2015 -01.07.2015.
Similarly, the Government of India launched another insurance scheme i.e. Pradhan Mantri Suraksha Bima Yojana (PMSBY) to provide accidental insurance to the Indian common man.
Government through the Budget Speech 2015 announced Pradhan Mantri Suraksha Bima Yojana (PMSBY) to move towards creating a universal social security system, targeted especially for the poor and the under-privileged. In light of the fact that a large proportion of the population has no accidental insurance cover, Pradhan Mantri Suraksha Bima Yojana (PMJJBY) is aimed at covering the uncovered population at an highly affordable premium of just Rs.12 per year. The Scheme will be available to people in the age group 18 to 70 years with a savings bank account who give their consent to join and enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Under PMSBY, risk coverage available will be Rs. 2 lakh for accidental death and permanent total disability and Rs. 1 lakh for permanent partial disability.
total number of claims received under Pradhan Mantri Suraksha Bima Yojana (PMSBY) as on 01.09.2015 was 398. The total number of claims received under PMSBY as on 01.08.2015 was 150.
The total number of claims received under PMSBY increased by 248 during the current month i.e. 01.09.2015 -01.08.2015. The total number of claims received under PMSBY had increased by 141 during the previous month i.e. 01.08.2015 -01.07.2015.
The total number of claims disbursed under Pradhan Mantri Suraksha Bima Yojana (PMSBY) as on 01.09.2015 was 211. The total number of claims disbursed under PMSBY as on 01.08.2015 was 40. The total number of claims disbursed under PMSBY increased by 171 during the current month i.e. 01.09.2015 -01.08.2015. The total number of claims disbursed under PMSBY had increased by 36 during the previous month i.e. 01.08.2015 -01.07.2015.
Note: Data are based on information provided by banks and insurance companies to Jan Suraksha Mission Office (DFS).