New Delhi: The central government may be more than doubling insurance coverage under its schemes, Prime Minister Jeevan Jyoti Bima Yojana (PMJB) and Pradhan Mantri Suradition Bima Yojana (PMSB), in the upcoming budget, two people have been told in this matter. Mint.
The objective of the initiative is to strengthen financial security, especially for individuals from economically weaker sections, by 2047, by furthering the vision of insurance for all, ‘Ensuring comprehensive insurance access to every person and business in India, people mentioned above have been added.
One of the largest life insurance programs of the government, proposals are being noted to increase life cover under PMJJBY, from the present limit 2 lakhs The first person mentioned above 5 lakhs said that oblivion requested.
“The proposed changes aim to address the insurance protection difference by offering high coverage, ensuring that insured individuals or their dependents are sufficient financial assistance to fulfill their obligations. Under these schemes, 5 lakhs are expected to reduce this difference, “this person said.
“An announcement in this regard can be made in the annual budget (to be presented on 1 February),” the person said.
Last month, the Finance Ministry said that PMJJBY scheme has been provided 2 lakh life insurance cover for more than 210 million beneficiaries across India.
By October 20, 2024, the enrollment had reached 216 million, with 860,575 claims, was fixed for the amount. 17,211.50 crores.
key features
Whereas, PMSBY is an accident insurance scheme that provides financial security against accidental death and disability and provides one year coverage, annual renewable, PMJJBY is an Akshay one year life insurance plan, which covers death for any reason.
The government has been discussed in the government to increase coverage under PMJJBY and PMSBY schemes, and some more twice can be expected in the upcoming budget.
“Individuals may be given the option of choosing or maintaining existing options with increased premiums. 2 lakh covers, cost of which PMSBY and annual 20 436 annually for PMJJBY, “The first person mentioned above said.
“The premium under the amended version of the schemes is currently being worked out, although it is unlikely to see a sharp growth as the insurance plans have a plan to keep the premium low to enable high coverage under insurance plans. ,
A spokesperson of the Finance Ministry, and the Secretary of the Department of Financial Services did not respond to an email querry.
The other person said, “The government attempts to broaden insurance coverage while the premium is cheap, which makes the plans accessible in a large part of the population despite the increased benefits.”
“The target has to be balanced between enhanced coverage and cost-effectiveness, ensuring that the benefits reach those who need them most without imposing financial burden on the policyholders,” the person said.
Since announcing the ‘Insurance for all for all for insurance’ in November 2022, the Insurance Regulatory and Development Authority of India (IRDAI) has worked to eliminate regulators, capital and social obstacles, which works to adopt more and more consumers of life and health insurance.
The purpose of ‘Insurance for All’ until 2047 vision is to provide life, health and property coverage to every citizen, while providing insurance solutions to businesses.
