PMJJBY Death Claims Settlement: Whopping 2.5 lakhs in Q1FY22 versus 2.35 lakhs in entire FY21 - check data details from Modi government

The data released by the Narendra Modi government regarding death claims filed by the beneficiaries of the flagship Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are whopping. In the April-June quarter of Financial year 2022, the number death claims settled by the insurance companies is around 2.5 lakhs. 

This is higher than the death claims settled by the companies under the PMJJBY for the entire FY21. 

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The death claims settled by the insurance companies in Q1FY22 is around 2.5 lakhs which is higher by 15,000 death claims as against 2.35 lakh death claims during FY21.  

Over the first three months of this financial year, death claims worth Rs 5,000 cr were settled as against the Rs 4,700 cr worth of death claims settled during FY21.   

Most of the death claims settled by the government has come from Uttar Pradesh which is for 33096 deaths. The next state to have seen highest settlements is Gujarat where 21,959 death claims have been settled. The third state to have seen highest claim settlements is Telangana with total settlements amounting to 21255. 

The second wave of the Coronavirus Pandemic during the April and May months was particularly severe in the rural areas and the PMJJBY has a strong presence in the rural areas.  

India’s largest state-insurer Life Insurance Corporation of India (LIC) has the lion share of this PMJJY market share at 80 per cent. This has led to the maximum death settlements being done LIC.  

The information was revealed by Union Minister of State (MoS) for Finance Bhagwat Karad in Lok Sabha in his reply on the number of death claims settled under PMJJBY during the first quarter of FY22. 

It is difficult to point out how many of these deaths were due to Covid-19.     

Under the PMJJBY, an insurance cover of Rs 2 lakh is ensure for a premium of Rs 330. The premium of this scheme is directly deducted from the accounts of the subscribers on their consent.   

Death Claims settled between April and June 2021 under PMJJY 

States     Death Claims      Claim Amount 

UP              33096                 Rs 661.92 Cr 

Gujarat       21959                 Rs 439.15 Cr 

Telangana   21255.                Rs 425.10 Cr

Death claim under PMJJY settlement rise in Q1FY22 

- 2.5 death claims settled during Q1FY22 

- 2.35 death claims in FY21 

- Claims worth Rs 5000 cr settled in Q1FY22 versus Rs 4700 in FY21 

- 99 per cent death claims settled under PMJJBY till now