Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) were launched on 9.5.2015. The rules of the schemes provided, inter-alia, that the premium would be reviewed based on annual claims experience. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today.
Giving more details, the Minister stated that as on 6.7.2022, the schemes have offered benefits by way of 1,00,255 claims paid amounting to Rs. 1,990.57 crore, and 5,93,316 claims paid amounting to Rs. 11,866.32 crore under PMSBY and PMJJBY respectively.
The Minister stated that the Government constituted a Committee, headed by Member, Insurance Regulatory and Development Authority of India (IRDAI), for reviewing premium rates for PMJJBY and PMSBY. The Committee, inter-alia, recommended upward revision of premium rates for PMSBY and PMJJBY in order to keep the schemes viable.
Subsequently, the Minister stated, IRDAI, during its review of the schemes in 2022, also recommended increase in premium rates as the aggregate claim ratios for PMJJBY and PMSBY were more than 100% each, for the period up to 31.3.2022 since inception.
Giving more details, the Minister stated that keeping in view the recommendation of the Government constituted Committee and IRDAI, the premium rates of the schemes have been revised from Rs. 330 to Rs. 436 per annum per subscriber under PMJJBY and from Rs. 12 to Rs. 20 per annum per subscriber under PMSBY. This works out to a premium of only Rs 1.25 per day for both the schemes, making it one of the most affordable insurance covers, globally.
PMJJBY and PMSBY are universal social security schemes that are open to all in the specified age groups and are not specific to people living below the poverty line or any other such specific group, the Minister stated.
The Minister further state that as on 31.5.2022, the following private insurance companies were implementing PMJJBY and PMSBY:
Name of the insurer
Bharti AXA Life Insurance Co. Ltd.
Bajaj Allianz Life Insurance Co. Ltd.
Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.
Exide Life Insurance Co. Ltd.
HDFC Life Insurance Co. Ltd.
ICICI Prudential Life Insurance Co. Ltd.
Max Life Insurance Co. Ltd.
PNB MetLife India Insurance Co. Ltd.
SBI Life Insurance Co. Ltd.
Star Union Dai-ichi Life Insurance Co. Ltd.
TATA AIA Life Insurance Co. Ltd (xii)IndiaFirst Life Insurance Co. Ltd
Bajaj Allianz General Insurance Co. Ltd
Bharti AXA General Insurance Co. Ltd.
Cholamandalam MS General Insurance Co. Ltd.
Future Generali India Insurance C. Ltd.
ICICI Lombard General Insurance Co. Ltd.
Tata AIG General Insurance Co. Ltd.
Universal Sompo General Insurance Co. Ltd.