This step by IRDAI will complement the latest revision of premium charges by the Government of India for the 2 flagship schemes – PMJJBY and Pradhan Mantri Suraksha Bima Yojana to make these schemes economically viable.
This step by IRDAI will complement the latest revision of premium charges by the Government of India for the 2 flagship schemes – PMJJBY and Pradhan Mantri Suraksha Bima Yojana to make these schemes economically viable.
Insurance sector regulator IRDAI on June 3 relaxed capital requirement norms considerably for insurers to encourage their participation within the authorities’s flagship programme Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
“The Insurance Regulatory and Development Authority of India (IRDAI) has reduced the capital required to be held by insurers offering PMJJBY by almost 50%. This move will enable life insurers to offer more policies under the scheme and provide financial security to the bottom of the pyramid of the Indian population through life insurance,” IRDAI mentioned in a press release.
“The easing of capital requirements by IRDAI will accelerate the penetration of life insurance in India and will support the life insurers in achieving the target set by the government.”
This step by IRDAI will complement the latest revision of premium charges by the Government of India for the 2 flagship schemes – PMJJBY and Pradhan Mantri Suraksha Bima Yojana (PMSBY) to make these schemes economically viable.
The premium charge of PMJJBY has been revised upward to ₹1.25 per day, translating into a rise from ₹330 to ₹436 yearly efficient June 1. The variety of energetic subscribers enrolled beneath the PMJJBY was 6.4 crore as of March 31, 2022.
An quantity of ₹9,737 crore has been collected by the implementing insurers in direction of premium and claims of ₹14,144 crore have been paid beneath the PMJJBY as of March 31, 2022.
The PMJJBY provides life insurance coverage cowl of ₹2 lakh in case of demise as a result of any cause to individuals within the age group of 18-50 years having a financial institution or put up workplace account, who give their consent to affix or allow auto-debit of premium.
Source: www.thehindu.com
