Finance Minister Nirmala Sitharaman will meet heads of private and non-private insurance coverage corporations to expedite sanctioning of claims beneath the PM Jeevan Jyoti Bima Yojana (PMJJBY) and the PM Suraksha Bima Yojana (PMSBY).
The assembly may also give attention to simplifying procedures and documentation to settle claims beneath the federal government’s flagship insurance coverage schemes in a time-bound method in the course of the pandemic. This comes a month after the Finance Minister had intervened and requested Insurance coverage Regulatory and Growth Authority of India (Irdai) to resolve the issue of Covid-19 sufferers being denied cashless medical health insurance claims by hospitals and insurance coverage corporations.
“The assembly on Saturday is predicted to additional ease and pace up processes for them,” mentioned the Ministry of Finance.
About 103 million subscribers have availed PMJJY, which offers life insurance coverage cowl price Rs 2 lakh at Rs 330 each year to all account holders aged between 18 and 50 years, as on Might 5. The PMSBY, which offers accident cowl of Rs 2 lakh at Rs 12 a 12 months to account holders aged 18 to 70 years, has 234 million subscribers.