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Economy
Mahesh

01/06/22 08:54 AM IST

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

In News 
  • For the first time, the Central government has revised the premium rates for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
Changes/Implications
  • While the schemes were launched in 2015, no revisions have been made in the last seven years.
  • The premium rates of the schemes have been revised by making it Rs 1.25 per day premium for both schemes that includes revising PMJJBY from Rs. 330 to Rs. 436 and PMSBY from Rs. 12 to Rs. 20.
  • As of March 31, 2022, the active number of subscribers of PMJJBY and PMSBY were 6.4 crore and 22 crore.
  • This would also encourage other private insurers to come on board for implementing the schemes, thereby increasing the saturation of the schemes amongst the eligible target population, especially those who are underserved or unserved population of India.
Source-PIB

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