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 has 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 tomorrow. This is the first revision in the premium rates since the inception of both schemes in 2015.
- The number of active subscribers enrolled under PMJJBY and PMSBY as on 31.3.2022 are 6.4 crore and 22 crore, respectively.
- Since the launch of the PMSBY, an amount of Rs 1,134 crore has been collected by the implementing insurers towards premium and claims of Rs. 2,513 crore have been paid under PMSBY as on 31.3.2022.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- Scheme: PMJJBY is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason.
- Eligibility: Individuals in the age group of 18-50 years having a savings bank or a post office account are entitled to enroll under the scheme. People who join the scheme before completing 50 years of age can continue to have the risk of life covered up to age of 55 years upon payment of premium.
- Benefits: Life cover of Rs. 2 Lakh in case of death due to any reason against a premium of Rs. 436/- per annum.
- Enrolment: Enrolments under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of post office savings bank account. The premium under the scheme is auto debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- Scheme: PMSBY is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident.
- Eligibility: Individuals in the age group of 18-70 years having a savings bank or a post office account are entitled to enroll under the scheme.
- Benefits: Accidental death cum disability cover of Rs.2 lakh (Rs.1 lakh in case of partial disability) for death or disability due to an accident.
- Enrolment: Enrolment under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of post office savings bank account. The premium under the scheme is auto debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.
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