Government to increase insurance cover in PM Jeevan Jyoti Insurance Scheme

The Modi government at the Centre is considering doubling the life insurance amount under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). A source in the Finance Ministry said that the premium can also be changed for this. The official said that currently under the Jeevan Jyoti Bima Yojana, people between the ages of 18 and 50 get a life insurance of Rs 2 lakh for a year. This can be increased to Rs 4 lakh. Currently, the annual premium per member is Rs. 436, which is also being considered to be increased to Rs. 700 to Rs. 800. The official said that the government is also considering increasing the insurance amount under the Pradhan Mantri Suraksha Bima Yojana (PMSBY). But it has not been finalized yet. The government is looking at whether low-income groups will be able to pay more premium or not. This is a scheme to provide accident insurance facility, under which, by taking a small premium of Rs. 20, insurance up to Rs. 2 lakh is given in case of accident or disability. In this scheme too, the policy is renewed every year. People between the ages of 18 and 70 can join this insurance scheme by allowing auto debit from the account. Public sector banks have not been able to achieve the annual targets of these two important schemes of social security and financial inclusion. These banks were given a target of 6.4 crore enrolments in the Suraksha Bima Yojana in the last financial year, but only 40 percent enrolments could be achieved. Only 30 percent of the target of 4.1 crore enrolments was achieved in the Jeevan Jyoti Bima Yojana.

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