June 19, 2021

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30 percent claims in PMJJBY launched by Modi in 2015

More than 30% life insurance claims in a social security cover that Prime Minister Narendra Modi launched in 2015 were made within the first 30 days of a person joining Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme accourding to industry data.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), an insurance cover for less than Re 1 a day shows larger claim ratio.According to industry sources The finance ministry at a meeting asked insurers to present more data and facts to help assess the claim pattern.

Insurance companies, in a recent meeting with the finance ministry have sought an exclusion clause of 90 days for all new customers as insiders indicated that the claims pattern reflect discrepancy.

The PMJJBY offers a renewable one-year life cover of Rs 2 lakh to all savings bank account holders in 18-50 age group, covering death because of any reason, for an annual premium of Rs 330.

About 30 million people are insured under this state-sponsored scheme meant for the poor. The Modi government has sought help from private players to expand the scheme’s reach.

“Life insurance companies have asked the government to look into the option of an exclusion clause, though the government has sought more data from firms to determine a trend,”.