Vote down Reasons
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.
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.
with which insurance company have they tied up with?
PMJJBY is it covering all diseases?
PMSBY this is accidental?
igen wrote: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
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.
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 .
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...
taarjain wrote: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.
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 .
A loss making account will remain loss making irrespective of reinsurance.
Regarding general insurance companies not having local office in many places, it is on govt they opt for the lowest bidder ignoring the claim servicing experience of last year. Cheapest price and good service dont go hand in hand.
🥺😢
sri222 wrote: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...
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 
That is the reason we the educated also don’t like LIC and other endowment policies, can’t blame those poor chaps.
igen wrote:
A loss making account will remain loss making irrespective of reinsurance.
Regarding general insurance companies not having local office in many places, it is on govt they opt for the lowest bidder ignoring the claim servicing experience of last year. Cheapest price and good service dont go hand in hand.
Once reinsured, (what you mentioned in your first reply in this thread) that reasoning (of claims being higher than total premiums) seizes to be a strong counter point.
Although I am indifferent about remaining alive, I do have a few responsibilities towards some people still (in the near future), hence I meekly choose not to respond or comment on what the gobarnment does or intentionally prefers not to do.
igen wrote: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.
A major part of these payments can be linked to Covid deaths.
And in most cases, PMJJY and PMSBY were thrust upon unsuspecting customers by the PSU banks, asked to fulfill targets by their higher ups.
Also 436 p.a. for 2 lakhs Pure term is equal to 21800 p.a. for 1 cr pure term cover. All Insurance Co offer much cheaper rate for 1 cr cover at least for people below 40.
igen wrote:that is why everyone should take insurance. becoz even you dont claim then the premium paid by you will help someine needy. so its a win win situation for you where you get security & karam.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.
panchabhut wrote:A major part of these payments can be linked to Covid deaths.
And in most cases, PMJJY and PMSBY were thrust upon unsuspecting customers by the PSU banks, asked to fulfill targets by their higher ups.
This is 100% right. Bank employees get harrassed to the core with these targets. They in turn use underhanded tactics to trap the gullible with just a tick mark.
panchabhut wrote:A major part of these payments can be linked to Covid deaths.
And in most cases, PMJJY and PMSBY were thrust upon unsuspecting customers by the PSU banks, asked to fulfill targets by their higher ups.
Also 436 p.a. for 2 lakhs Pure term is equal to 21800 p.a. for 1 cr pure term cover. All Insurance Co offer much cheaper rate for 1 cr cover at least for people below 40.
Your calculations for 1 Cr term cover are incorrect. Higher Sums are offered at a much lower price and are subject to underwriting ie. medical tests. Here cover is blanket basis that is why prices are higher. Also you need to consider that the demography this scheme targets are much higher in risk profile as they are generally BPL/ or lower middle class ie. less access to healthcare.
Since this scheme covers a very large no of people, I think the claim experience itself says a lot about the risk profile. I doubt even this price will be enough to limit the claim ratios to 100%.
10% of the claims are fraud. I can sense that.
I also signed up 2 days ago but icici hasn’t processed my request yet , how long does it take?
Tanmayyy wrote:I also signed up 2 days ago but icici hasn’t processed my request yet , how long does it take?
@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.
decideaim wrote: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
That is the reason we the educated also don’t like LIC and other endowment policies, can’t blame those poor chaps.
Not all educated "we"s know about the LIC and their policies Even many long time users of DD 
@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
Hmm, kal he 20₹ ka message aya ,i though koi nayi scheme chalu kar di automatically
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 🎵🎶
HOW TO CLOSE BOTH OF THEM.
| PMJJBY |
| PMJJY |
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
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?
kukdookoo wrote:with which insurance company have they tied up with?
PMJJBY is it covering all diseases?
PMSBY this is accidental?
Tanmayyy wrote: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?
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HOW TO CLOSE BOTH OF THEM.
Few years ago I was in union bank branch one poor lady was enquiring why my charge deducted and bank employee usko mamu banane mein laga tha she was requesting ise band kar do but employee was saying ye nahi band kiya ja sakta upar se order hai rakhna padega har saal.katega apka hi benefit hai maine bola ye jhoot bol Raha hai aap.ise band karwao but thick skinned employee insisted her ki apko fayda hoga, maine kaha madam agar apka accident hoga usse apki death hogi tab aapke Ghar walo ko Paisa milega poor lady ne kaha ki kya fayda mujhe to kuchh nahi milega mujhe band karwana hai but heartless employee denied kyu ki bosses ki taraf se hi haath rakha hai ki kaato public ka Paisa jam kar, Mai to danda daal deta itni baat par agar Paisa kaata hota mera, satyanaash hon Paisa kaato yojana ko launch karne wale ka, aur employees ko pressurize karne wali govts ka Rename it PMZBY
PRADAN MANTRY ZABARADASTI PAISA KAATO YOJANA
PSU banks are doing it frequently but it is just my guess that they don't do this in acc considered as "high value customers"(they would rather sell their own insurance policies to such customers).