PM Suraksha Bima And PM Jeevan Jyoti Bima Yojana Paid Claims Worth Rs 13,856.89 Crore

Both the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) were introduced on September 5, 2015. The terms of the schemes stated, among other things, that the premium would be evaluated depending on the history of annual claims. This was mentioned in a written response to a question in the Lok Sabha today by Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad.

The Minister provided more information, stating that as on 6.7.2022, the schemes have provided benefits through the payment of 1,00,255 claims totaling Rs. 1,990,57 crore and 5,93,316 claims totaling Rs. 11,866,32 crore under PMSBY and PMJJBY, respectively.

For the purpose of assessing the premium rates for PMJJBY and PMSBY, the Minister announced that the Government had established a Committee, which was chaired by a member of the Insurance Regulatory and Development Authority of India (IRDAI). The Committee, among other things, advised increasing PMSBY and PMJJBY premium rates in order to maintain the viability of the schemes

The Minister continued by stating that as a result of the aggregate claim ratios for PMJJBY and PMSBY being greater than 100% each for the period up to and including 31.3.2022 since inception, IRDAI also recommended an increase in premium rates during its assessment of the schemes in 2022.

The Minister provided additional information, stating that the premium rates of the schemes have been revised from Rs. 330 to Rs. 436 per subscriber per year for PMJJBY and from Rs. 12 to Rs. 20 per subscriber per year for PMSBY, taking into consideration the recommendations of the Government-constituted Committee and IRDAI. This results in a premium for both programmes of just Rs 1.25 per day, making it one of the most cheap insurance policies available worldwide.

According to the Minister, PMJJBY and PMSBY are both universal social security programmes that are accessible to everyone in the designated age categories and are not just for persons who are poor or any other kind of privileged group.