THE MINISTER OF STATE IN THE MINISTRY OF FINANCE
(a) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) were launched on 9th May, 2015 with a view to enhance the level of insurance penetration in the country and to provide insurance cover to common people, especially poor and the under-privileged sections of the society. While PMJJBY offers life insurance cover of Rs 2 lakh, PMSBY offers accidental death or total permanent disability cover of Rs.2 lakhs and permanent partial disability cover of Rs.1 lakh.
(b) to (d) Coverage under PMJJBY and PMSBY is available as one-year policy period starting from 1st June to 31st May at an annual premium of Rs.330/- and Rs.12/- respectively with the provision of annual renewal. The schemes are generic in nature (and not specific to farmers). Every year, the premium towards renewal of the policy is debited before the start of the next policy year, based on the auto debit consent given by the accountholder at the time of enrolment. If there is sufficient balance in the account of an individual, the policy gets renewed automatically and the benefit of claim is then available to the insured.
Details of the renewals viz-a-viz enrolment at the end of previous policy year in last three policy years are given below:
PMJJBY PMSBY
No. of Enrolments as on 31.05.2019 2,91,19,885 10,76,10,835
Renewals as on 01.06.2019 2,53,04,323 9,74,33,008
No. of Enrolments as on 31.05.2020 3,62,52,686 12,71,94,175
Renewals as on 01.06.2020 3,30,67,072 12,05,80,432
No. of Enrolments as on 31.05.2021 4,80,24,837 16,04,61,070
Renewals as on 01.06.2021 4,08,77,398 15,04,19,031
The policy is not renewed in the following cases:
i) Insufficient balance in the account of the individual at the time of renewal for payment of premium;
ii) Individual’s age has grown out of the age bracket prescribed under the schemes; and
iii) Exit from policy on account of closure of bank account or opting out by the subscriber from the schemes or death of the individual.
(e & f) As apprised by the Ministry of Agriculture & Farmers Welfare, no such proposal for payment of premium under PMJJBY & PMSBY on behalf of eligible beneficiaries under PM KisanSamman Nidhi Yojana is under consideration.
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