PMJJBY & PMSBY: Empowering Crores with Life and Accident Insurance

The Pradhan Mantri Jeevan Jyoti Bima Yojana has offered Rs 2 lakh life insurance to over 21 crore beneficiaries. Additionally, the Pradhan Mantri Suraksha Bima Yojana has enrolled nearly 48 crore individuals for accident insurance, marking significant steps in financial security and inclusion, said the Finance Ministry.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has provided life insurance coverage of Rs 2 lakh to more than 21 crore beneficiaries, the Finance Ministry announced on Saturday. This initiative aims to ensure financial security for families during uncertain times.

According to a statement on social media platform X, cumulative enrollment under PMJJBY reached 21.67 crore, and as of October 20, over 860,575 claims worth Rs 17,211.50 crore were received. The scheme offers a one-year renewable life insurance plan for individuals aged 18-50 with a bank or post office account. Eligible enrollees under 50 can extend coverage up to age 55 with regular premium payments.

In a separate announcement, the ministry also provided insights into the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jan Dhan Yojana (PMJDY). The PMSBY has enrolled around 48 crore individuals for Rs 2 lakh accident insurance, with 193,964 claims received and 147,641 claims disbursed. Meanwhile, the PMJDY has 53.13 crore accounts, with 55.6% held by women and 66.6% in rural and semi-urban regions. Total deposits stand at Rs 2,31,236 crore, reflecting significant growth.

(With inputs from agencies.)