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22 Insurance Claims Settled Under Modi’s Social Security Schemes

Within a month of the launch, around 22 claims have been settled under Prime Minister Narendra Modi’s social insurance schemes as per the data collected by the Finance Ministry. Thus, these schemes have proved to be a great relief for near & dear ones of the policyholders. The government had launched Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) to offer insurance cover  at a nominal rate, w.e.f June 1.

 Under PMJJBY, 19 claims have been settled so far and 3 under PMSBY, thus, bringing relief to the kin of the deceased.

PMSBY gives a renewable one-year accidental death- cum-disability cover of Rs 2 lakh incase of partial/permanent disability to all saving bank account holders in 18-70 age group. The plan can be bought for a premium of Rs 12 per annum per subscriber. The scheme is managed by general insurance firms. 

On the other hand, PMJJBY offers a renewable one year life cover of Rs 2 lakh to all savings bank account holders in 18-50 age-group. The policy which can be bought for a premium of Rs 330/annum per subscriber, covers death due to any reason.

Source - This news was published on June 30, 2015 in www.business-standard.com under the title: 22 claims settled in 30 days under PM's insurance schemes