Targets for PM Jeevan Jyoti Bima and PM Suraksha Bima Yojana

Targets for PM Jeevan Jyoti Bima and PM Suraksha Bima Yojana

• Public sector banks (PSBs) have set a target for the sale of flagship government insurance schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in FY24.
  • They have also set goals for other financial inclusion schemes like Mudra Yojana and StandUp India Scheme.

Progress

• There are about 8.3 crore beneficiaries under PMJJBY and 23.9 crores under PMSBY, 
• To achieve saturation under PMJJBY and PMSBY, the finance ministry launched a three-month campaign, starting April 1. 
  • Under the campaign, camps are being organised at the Gram Panchayat level across all districts in the country by the banks, with the active participation of the state administration and other ministries of the central government to ensure that the benefits of the two Jan Suraksha schemes reach the masses.
• Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): It 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 cover up to the age of 55 years upon payment of the premium.
  • Benefits: Life cover of Rs. 2 Lakh in case of death due to any reason against a premium of Rs. 330/- per annum.
    • the finance ministry revised rates from Rs 330 to Rs 436 under PMJJBY effective June 1, 2022.
• Pradhan Mantri Suraksha Bima Yojana (PMSBY):It is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to an 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.
    • the finance ministry revised rates from Rs 12 to Rs 20 for PMSBY, effective June 1, 2022.

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