Targets for PM Jeevan Jyoti Bima and PM Suraksha Bima Yojana

In News

• 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.
  • They have also set goals for other financial inclusion schemes like Mudra Yojana and StandUp India Scheme.

Progress 

• There are about 8.3 crore beneficiaries under PMJJBY and 23.9 crores 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 crores under PMSBY as of March 31, 2023. 
• To achieve saturation under PMJJBY and PMSBY, the finance ministry launched a three-month campaign, starting April 1. 
  • Under the campaign, camps are being organised at the Gram Panchayat level across all districts in the country by the banks, with the active participation of the state administration and other ministries of the central government to ensure that the benefits of the two Jan Suraksha schemes reach the masses

About 

• Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): It is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason.
  • Eligibility: Individuals in the age group of 18-50 years having a savings bank or a post office account are entitled to enroll under the scheme. People who join the scheme before completing 50 years of age can continue to have the risk of life cover up to the age of 55 years upon payment of the premium.
  • Benefits: Life cover of Rs. 2 Lakh in case of death due to any reason against a premium of Rs. 330/- per annum.
    • the finance ministry revised rates from Rs 330 to Rs 436 under PMJJBY effective June 1, 2022.
  • Enrolment: Enrolments under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of a post office savings bank account.  
    • The premium under the scheme is auto-debited every year from the subscriber’s bank account based on a one-time mandate from the account holder. 

• Pradhan Mantri Suraksha Bima Yojana (PMSBY):It is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to an accident.
  • Eligibility: Individuals in the age group of 18-70 years having a savings bank or a post office account are entitled to enroll under the scheme.
  • Benefits: Accidental death cum disability cover of Rs.2 lakh (Rs.1 lakh in case of partial disability) for death or disability due to an accident.
    • the finance ministry revised rates from Rs 12 to Rs 20 for PMSBY, effective June 1, 2022.
  • Enrolment: Enrolment under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of a post office savings bank account. 
    •  The premium under the scheme is auto-debited every year from the subscriber’s bank account based on a one-time mandate from the account holder. 

Source: ET