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17 April 2023: Targets for the PM Suraksha Bima Yojana, and PM Jeevan Jyoti Bima

Context:

  • Targets have been set by public sector banks (PSBs) for the sale of the government’s premier insurance program, Pradhan Mantri. both the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY) in FY24.
  • They have also established objectives for programs like Mudra Yojana and StandUp India that promote financial inclusion.

Progress 

  • Currently, there are 23.9 crore beneficiaries of PMSBY and 8.3 crore beneficiaries of PMJJBY.
  • As of March 31, 2023, enrollment in PMSBY has reached 33.78 crores, while enrollment in PMJJBY has reached 15.99 crores since the schemes’ introduction in 2015.
  • Starting on April 1, the finance ministry began a three-month drive to attain saturation under PMJJBY and PMSBY.
  • In order to ensure that the public receives the benefits of the two Jan Suraksha schemes, banks are organizing camps at the Gram Panchayat level in every district of the nation. The state administration and other central government ministries are actively participating in the campaign.

About The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 

  • The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an annual life insurance program that provides coverage for death from any cause.
  • Those between the ages of 18 and 50 who have a savings bank or post office account are eligible to enroll in the program.
  • Upon payment of the premium, those who enroll in the plan before turning 50 years old can continue to have life insurance coverage until they are 55 years old.
  • Benefits: A 2 lakh rupee life insurance policy against an annual premium of 330 rupees is provided in the event of death for any cause.
  • With effect from June 1, 2022, the finance ministry revised tariffs under PMJJBY from Rs 330 to Rs 436.
  • Enrollment: To enroll in the program, go to the branch, BC Point, website, or post office, depending on whether the account is a post office savings bank account.
    Based on a one-time mandate from the account holder, the premium under the scheme is automatically deducted each year from the subscriber’s bank account.

The Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  • It is an annual renewal accident insurance program that provides coverage for death or disability resulting from an accident.
  • Those between the ages of 18 and 70 who have a savings bank or post office account are eligible to enroll in the program.
  • Benefits: Accidental death and disability insurance for up to Rs. 2 lakh (Rs. 1 lakh in the event of partial disability).
  • Enrollment: Enrollment under the program can be done by visiting the branch or BC point or online of the bank of the account holder, or at the post office in the case of a post office savings bank account. Rates: Effective June 1, 2022, the finance minister changed the rates for PMSBY from Rs 12 to Rs 20.
  • Based on a one-time mandate from the account holder, the premium under the scheme is automatically deducted each year from the subscriber’s bank account.