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PSU banks set targets for selling flagship govt insurance schemes
April 17, 2023
Public sector banks (PSBs) have set a target for the sale of flagship government insurance schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in FY24.
Besides, they have also set goals for other financial inclusion schemes like Mudra Yojana and StandUp India Scheme.
There are about 8.3 crore beneficiaries under PMJJBY and 23.9 crore under PMSBY, as of now. Since the launch of the schemes in 2015, 15.99 crore enrolment has taken place under PMJJBY, while 33.78 crore under PMSBY as of March 31, 2023.
Last year, the finance ministry revised rates from ₹330 to ₹436 under PMJJBY and from ₹12 to ₹20 for PMSBY, effective June 1, 2022. The revision was being undertaken because of the long-standing adverse claims experience by the schemes and to make them economically viable.
According to sources, the ministry has asked banks to encourage customers to buy these policies for multi-years rather than renewing every year.
PMJJBY offers life insurance cover of ₹2 lakh, in case of death due to any reason, to people in the age group of 18-50 years having a bank or post office account, who give consent to join or enable auto-debit of premium.
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