PMJJBY-PMSBY Premium Rate Increase: The government has increased the premium rate of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) due to growing demand from insurance firms and increasing claims throughout the years. PMJJBY has accumulated 7 crore enrollments, while PMSBY has accumulated 22 crores.
PMJJBY's annual premium rate has been raised to Rs 1.25 per day. This premium, which was previously Rs 330 per year, will now be Rs 436 per year. Aside from that, the PMSBY annual premium has been raised from Rs 12 to Rs 20. From June 1, 2022, these new premium rates will be in effect.
The premium for PMJJBY and PMSBY has been updated after a long wait. For the past seven years, there has been no increase. Following the increase in claim losses, there was a demand for a revision in the companies' premiums. It is expected that if interest rates rise, private enterprises' participation will rise as well.
What is the Pradhan Mantri Jeevan Jyoti Yojana, and how does it work?
The Pradhan Mantri Jeevan Jyoti Yojana is a term life insurance plan that provides a death benefit of Rs 2 lakh. This insurance plan must be renewed every year. To invest in this plan, you must be at least 18 years old and not more than 50 years old.
What is the Pradhan Mantri Suraksha Bima Yojana, and how does it work?
The Pradhan Mantri Suraksha Bima Yojana covers you in the event of an accident or disability. This plan has a Rs 2 lakh insurance coverage. In the event of partial disability, a sum of Rs 1 lakh is provided. Only auto-debit from the account is used to provide policy coverage.
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