67% increase in PMSBY premium and 32% increase for PMJJY premium
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.
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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 .
with which insurance company have they tied up with?
PMJJBY is it covering all diseases?
PMSBY this is accidental?
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.
🥺😢
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?
@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.
@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?
PMJJBY that costs Rs.450 gives death insurance claim of 2 lakhs to the nominee. Pretty good deal for 450/year.
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
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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.