300 claims for PM’s insurance plans till now

Prime Minister Narendra Modi had launched the two insurance schemes along with the Atal Pension Yojana on May 9 this year to improve social security and insurance coverage in the country.

Written by Surabhi | New Delhi | Published: July 25, 2015 3:43:57 am

Nearly three months since they were launched, the government’s new accident and life insurance covers have already received more than 300 claims.

According to official data, the Pradhan Mantri Suraksha Bima Yojana (PMBSY) that provides an accident insurance cover has received 76 claims, while the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), which is a life insurance scheme, has got 288 claims.

Prime Minister Narendra Modi had launched the two insurance schemes along with the Atal Pension Yojana on May 9 this year to improve social security and insurance coverage in the country.

The PMSBY provides a renewable on year accidental death cum disability cover of Rs 2 lakh to those between the age group of 18 to 70 years with a savings bank account at an annual premium of Rs 12 per year.

Similarly, the PMJJBY is a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18 to 50 years, covering death due to any reason, for a premium of Rs 330  per annum per subscriber.

Finance ministry data

reveals that 27 claims under PMSBY have already been cleared by the insurers while more than a 100 claims of life insurance under the PMJJBY have also been paid by the insurance company.

Officials however, point out that given the high number of enrollment for the schemes, the claims have not been very high.

“A large number of people have signed up for these schemes that provide insurance cover at very affordable rates. Insurers do the required due diligence while processing the claims,” said an official.

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