PMJJBY-PMSBY Rate Hike: New premium rates to be effective from today

PMJJBY-PMSBY Rate Hike: Considering the demand of insurance companies and increasing claims for many years, the government has increased the premium rate of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) from Wednesday, June 1. A total of 7 crore enrollments have been registered in PMJJBY and 22 crores in PMSBY.

The annual premium rate for PMJJBY has been increased to Rs 1.25 per day. This premium, which was earlier Rs 330 annually, will now increase to Rs 436. Apart from this, the annual premium for PMSBY has been increased from Rs 12 to Rs 20. These new premium rates will be effective from June 1, 2022.

After a long wait, the premium for PMJJBY and PMSBY is being changed. There has been no increase for the last seven years. Following the rising claim losses, there was a demand for change in the premium of the companies. It is being told that after the increase in rates, the participation of private companies will also increase.

What is Pradhan Mantri Jeevan Jyoti Yojana?
Pradhan Mantri Jeevan Jyoti Yojana is a term life insurance plan in which a death claim cover of Rs 2 lakh is given. This insurance plan requires annual renewal. Age should be above 18 years and not more than 50 years to invest in this scheme.

What is Pradhan Mantri Suraksha Bima Yojana?
Pradhan Mantri Suraksha Bima Yojana provides coverage in case of accidental death or disability. An insurance cover of Rs 2 lakh is available in this plan. Coverage of Rs 1 lakh is given in case of partial disability. Policy coverage is given only through auto-debit from the account.