Government revises premium to 436 for flagship insurance schemes PMJJBY, PMSBY

Government revises premium to 436 for flagship insurance schemes PMJJBY, PMSBY

• The government has revised the premium rates of its two flagship social security schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana, PMJJBY and Pradhan Mantri Suraksha Bima Yojana- PMSBY. Premium rates for PMJJBY have revised to 436 from the earlier premium of 330 rupees per annum. For the PMSBY, the revised premium will be 20 rupees instead of the existing 12 rupees per annum. The revised premium rates will come into effect from June 1st, 2022. This is the first revision in the premium rates since the inception of both schemes in 2015.
• Union Finance Ministry said, this step would encourage other private insurers to come on board for implementing the schemes. It said, this will increase the saturation of the schemes amongst the eligible target population, especially those who are underserved or unserved population. The Ministry said, a target has been set to increase the coverage from 6.4 crore to 15 crore under PMJJBY and from 22 crore to 37 crore under PMSBY in the next five years.

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Published date : 01 Jun 2022 06:05PM