Public sector banks (PSBs) have set a goal for the sale of flagship authorities insurance coverage schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in FY24.
In addition to, they’ve additionally set objectives for different monetary inclusion schemes like Mudra Yojana and StandUp India Scheme.
There are about 8.3 crore beneficiaries underneath PMJJBY and 23.9 crore underneath PMSBY, as of now. For the reason that launch of the schemes in 2015, 15.99 crore enrolment has taken place underneath PMJJBY, whereas 33.78 crore underneath PMSBY as of March 31, 2023.
Final 12 months, the finance ministry revised charges from Rs 330 to Rs 436 underneath PMJJBY and from Rs 12 to Rs 20 for PMSBY, efficient June 1, 2022. The revision was being undertaken due to the long-standing adversarial claims expertise by the schemes and to make them economically viable.
The ministry has requested banks to encourage prospects to purchase these insurance policies for multi-years slightly than renewing yearly, information company PTI reported citing sources.
PMJJBY provides life insurance coverage cowl of Rs 2 lakh, in case of dying on account of any cause, to individuals within the age group of 18-50 years having a financial institution or put up workplace account, who give consent to affix or allow auto-debit of premium.
Then again, the PMSBY provides insurance coverage cowl of Rs 2 lakh for unintentional dying or complete everlasting incapacity and Rs 1 lakh for partial everlasting incapacity to individuals within the age group of 18-70 years with a financial institution or put up workplace account, who give consent to affix or allow auto-debit of premium.
Final week, the ministry held a gathering with heads of PSBs and monetary establishments and urged them to push varied monetary inclusion schemes, together with Jan Suraksha and Mudra Yojana.
Division of Monetary Companies Secretary Vivek Joshi exhorted the PSBs to realize the targets allotted to them underneath the assorted schemes for monetary inclusion in a time-bound method.
(With PTI inputs)
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