Finance Minister Nirmala Sitharaman will meet heads of public and private insurance companies to expedite sanctioning of claims under the PM Jeevan Jyoti Bima Yojana (PMJJBY) and the PM Suraksha Bima Yojana (PMSBY).
The meeting will also focus on simplifying procedures and documentation to settle claims under the government’s flagship insurance schemes in a time-bound manner during the pandemic. This comes a month after the Finance Minister had intervened and asked Insurance Regulatory and Development Authority of India (Irdai) to resolve the problem of Covid-19 patients being denied cashless health insurance claims by hospitals and insurance companies.
“The meeting on Saturday is expected to further ease and speed up processes for them,” said the Ministry of Finance.
About 103 million subscribers have availed PMJJY, which provides life insurance cover worth Rs 2 lakh at Rs 330 per annum to all account holders aged between 18 and 50 years, as on May 5. The PMSBY, which provides accident cover of Rs 2 lakh at Rs 12 a year to account holders aged 18 to 70 years, has 234 million subscribers.
| Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) | FY21 |
FY20 |
| Enrollments (in Rs crore) | 10.27 | 6.96 |
|
Claims Received |
250,351 | 190,175 |
|
Claims Disbursed |
234,905 |
178,189 |
|
Pradhan Mantri Suraksha Bima Yojana (PMSBY) |
FY21 |
FY20 |
|
Enrollments (in Rs crore) |
23.26 | 18.54 |
|
Claims Received |
58,540 | 50,328 |
|
Claims Disbursed |
45,472 | 39,969 |
Note: Data reported as on March 31, 2021
The schemes cater for the marginalised and the poor who have been brought under the banking network through PM Jan Dhan Yojana (PMJDY).
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