Hot Deal

67% increase in PMSBY premium and 32% increase for PMJJY premium

595°
Benevolent
panchabhut

The government has hiked the insurance premium rates for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) from 330 to 436 (32% increase) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) from 12 to 20 (67% increase). The new rates will be effective from June 1, 2022.

There is no change in the insurance cover. PMJJY - Pure term 2 lakh death cover to people in the age group of 18 to 50 years. PMSBY - 2 Lakh accidental death cover. 

Acche Din. 

https://economictimes.indiatimes.com/wealth/ins...

Expired
Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
52 Comments  |  
23 Dimers
  • Sort By
Helpful Helpful
Link Copied

As of 31.3.2022, the implementing insurers had collected Rs 1,134 crore in premiums and had paid Rs 2,513 crore in claims under the PMSBY. Furthermore, as of 31.3.2022, the implementing insurers had collected Rs. 9,737 crore in premiums and had paid Rs. 14,144 crore in claims under PMJJBY


Ee to sala hona hi tha.

Deal Newbie Deal Newbie
Link Copied

Please also look up what ‘underwriting’ is and what reinsurance means.

 

 

And GICs roped in for many schemes, have actually NOT PAID even half of what should have been paid to the policy holders (what was due/ insurer was liable to pay).

In farming sector, these shameless General Insurance Companies do not even have any local offices in many places, and still the illeterate or marginalised landless farmer is expected to fill out forms and stuff.

Which they obviously many times fail to do as required.

https://www.business-standard.com/article/current-affairs/reliance-gen-ins-not-paying-pmfby-claims-for-kharif-2021-top-maha-official-121111700693_1.html

 

 

 

This rate revision of premiums too, happened last month itself https://www.business-standard.com/article/economy-policy/govt-raises-premium-for-flagship-insurance-schemes-pmjjby-pmsby-122053101274_1.html .

View 6 more replies
Benevolent Benevolent
Link Copied

with which insurance company have they tied up with?

PMJJBY is it covering all diseases?

PMSBY this is accidental?

@guest_999 @getready @panchabhut @igen

Deal Subedar Deal Subedar
Link Copied

Revised rates would also encourage other private insurers to come on board for implementing the schemes, thereby increasing the saturation of the schemes among the eligible target population, especially those who are underserved or unserved.

https://www.moneycontrol.com/news/business/govt...

Deal Captain Deal Captain
Link Copied

Insurers would come, insured would be leaving though. For PMSYM social security scheme which needs 50 to 100 per month, many are unwilling to pay, saying 3000 rs when I’m 60 is a cruel joke. I agree with them, 3000 after 40 years is as good as 100 today joy
That is the reason we the educated also don’t like LIC and other endowment policies, can’t blame those poor chaps.

View 4 more replies
Pro Entertainer Pro Entertainer
Link Copied

🥺😢

Super Stud Super Stud
Link Copied

10% of the claims are fraud. I can sense that.

Finance Ninja Finance Ninja
Link Copied

I also signed up 2 days ago but icici hasn’t processed my request yet , how long does it take?

Benevolent Benevolent
Link Copied

@igen most insurers offer no-medical coverage for below 40 group. Also, as PMJJY/PMSBY are linked to savings accounts, the assumption that these are more targetted towards lower income group only would not be correct.

Covid was an abnormal situation. The underwriting of Covid death payouts should have been done by the Govt rather than shifting the cost to the public by way of permanent increase in premium. 

Pro DealBaba Pro DealBaba
Link Copied

@bikidas2060 bro, in pmsby and pmjjy pe post bna do, ki what are the benifits, how to claim, how to withdraw urself for these auto debit, how to get policy number.
I mean in short brief details and best practices.
If you can

Pro DealBaba Pro DealBaba
Link Copied

Hmm, kal he 20₹ ka message aya ,i though koi nayi scheme chalu kar di automatically

Entertainer Entertainer
Link Copied

O Mere PM, O Mere PM 🎶
Jal Gayi Duniya Ek Huye Hum
O Mere PM, O Mere PM 🎶
Jal Gayi Duniya Ek Huye Hum 🥁
Ek Nahi, Do Nahi, Surakshaa
Karenge Teri Saaton Janam 🎷
Surakshaa Surakshaa, Teri Karenge Saaton Janam 🎵🎶

Deal Cadet Deal Cadet
Link Copied

HOW TO CLOSE BOTH OF THEM. 

PMJJBY
PMJJY
Deal Cadet Deal Cadet
Link Copied

I am not applied this but my hdfc bank deduct every tim I already meet bank status they dont know ask ur vollater then ask my vollater he dont know 

Then how to deduct this deductions pls help 

Finance Ninja Finance Ninja
Link Copied

I opted for this through imobile app on 2nd June but till now they haven’t deducted any money for this nor does the customer care know the status of my request. What to do? Any escalation mail for icici?

View 2 more replies
Benevolent Benevolent
Link Copied

@Tanmayyy yaar features to bta in dono plans ke

Finance Ninja Finance Ninja
Link Copied

PMJJBY that costs Rs.450 gives death insurance claim of 2 lakhs to the nominee. Pretty good deal for 450/year.

View 2 more replies
Generous Generous
Link Copied

I remember to have never opted for this insurance scheme ever in my life, still SBI deducted 436 from my account. How can they do so without explicit written/oral/form/email consent from me? And it seems, the ONLY way to stop this auto-deduction is by visiting the home branch and submitting requests and applications to stop this auto-deduction. Who in the Govt exactly comes up with such loot ideas?

@abhishek012 @bikidas2060 @guest_999 @desiman @kukdookoo @drupal @getready

Tech Guru Tech Guru
Link Copied
Nasty deed by SBI officials. Very very pathetic behavior.
View 12 more replies
Entertainer Entertainer
Link Copied

Someone please tell me how to unsubscribe this crap insurance. My account got debited automatically. 

Deal Subedar Deal Subedar
Link Copied
Go to bank give an application. You will receive sms that service has been terminated and amount will get reverse in a few days or a couple of weeks.
View 2 more replies
replyuser
Click here to reply
Reply