Centre's social security cover to include more underprivileged people

Pradhan Mantri Jeevan Jyoti Bima Yojana was launched in May, 2015, but, failed to evoke response, particularly among underprivileged sections of the society.
PM Narendra Modi (File | PTI)
PM Narendra Modi (File | PTI)

NEW DELHI: With an eye on the Lok Sabha polls, the Government is planning to extend social security coverage to more underprivileged people in the next few months. The government will add more features to its insurance scheme, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), in order to cover more people.

So far, in the last three years, only about 5.5 crore people have been covered and the government’s new target is to cover all people with Jan Dhan accounts. ‘Jan Dhan Yojana’ has turned out to be one of the most successful schemes of the Modi government and there are more than 31.67 crore Jan Dhan account holders in the country.

“People will be able to pay premium quarterly in place of paying it annually. Moreover, there will be efforts to pay claims in lesser time,” said an official.

The annual premium for PMJJBY is Rs 330, which means anybody can get the benefits of the scheme after paying Rs 330 once a year. PMJJBY offers a renewable one-year-term life cover of Rs 200,000 in the age group of 18 to 50 years, covering death due to any reason.

PMJJBY was launched in May, 2015, but, failed to evoke response, particularly among underprivileged sections of the society.

About 5.3 crore people have been enrolled for this scheme (till March) and the department has claimed that it is only 5.05 per cent of the eligible population.

Officials said this scheme is offered through public and private sector insurance companies, in tie up with scheduled commercial banks, Regional Rural Banks and Cooperative Banks. “The Government as well as the Public Sector Insurance Companies such as LIC had organized campaign to create awareness amongst people,” claimed an official.

However, insurance agents said there is hardly any effort by the government agencies to promote these schemes. “Banks and insurance agencies are not doing anything on ground for these schemes. Poor section of the society are not even aware of their benefits,” said Yogesh Shukla, a Delhi-based insurance agent.

Expanding Social security coverage–PMJJBY

  1. People will be able to pay premium quarterly instead of paying it annually.

  2. There will be efforts to pay insurance claims to the needy more quickly.

  3. Only about 5.5 crore people have been so far covered under the scheme.

  4. The government’s target is to add all the Jan Dhan account holders with this insurance scheme.

  5. There are over 31.67 crore Jan Dhan account holders in the country.

  6. Annual premium for PMJJBY is Rs 330, which means anybody can get the benefits of the scheme after paying J330 once a year.

  7. PMJJBY offers a renewable one-year life cover of Rs 2 lakh in the age group of 18 to 50 years, covering death due to any reason

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