Govt to expedite sanctioning of claims beneath its flagship insurance coverage schemes

Govt to expedite sanctioning of claims beneath its flagship insurance coverage schemes



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.








Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

FY21


FY20


Enrollments (in Rs crore)

10.27

6.96


Claims Acquired


250,351

190,175


Claims Disbursed


234,905


178,189
















Pradhan Mantri Suraksha Bima Yojana (PMSBY)


FY21


FY20


Enrollments (in Rs crore)


23.26

18.54


Claims Acquired


58,540

50,328


Claims Disbursed


45,472

39,969




Notice: Information reported as on March 31, 2021


The schemes cater for the marginalised and the poor who’ve been introduced beneath the banking community by means of PM Jan Dhan Yojana (PMJDY).


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First Printed: Fri, June 04 2021. 19:25 IST


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