Indian Economy News

PMJJBY subscription increases to 128 mn, PMSBY at 284 mn in 7 years

In the seven years since their commencement, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), the Centre's flagship life insurance and accidental insurance schemes, have seen enrollments climb to 128 million and 284 million, respectively.

In the previous seven years, the Atal Pension Scheme, which offers a subscriber aged 18-40 years with a guaranteed pension of Rs. 1,000-Rs. 5,000 per month (US$ 13.07 - 65.33) after reaching the age of 60 years, has grown to 40 million subscribers. The administration inaugurated all three social security plans on May 9, 2015.

PMJJBY offers a life insurance policy of Rs. 2 lakh (US$ 2,613.37) at Rs. 330 (US$ 4.31) a year to all account holders aged 18 to 50, and has paid out Rs. 11,522 crore (US$ 1.5 billion) in claims to 576,121 households. According to the Ministry of Finance, about half of the claims for Covid-19 deaths were paid out.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.