On Eve of Launch, Banks Rope in Lakhs for PM’s Insurance

Published: 09th May 2015 06:02 AM  |   Last Updated: 09th May 2015 06:02 AM   |  A+A-

CHENNAI: A day ahead of the official launch of the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), major banks in the State have made considerable inroads in getting savings bank account holders register for the schemes. With a flurry of advertisements dominating media space, some like SBI even sending SMS alerts to customers to register, representatives of three largest public sector banks in the State said the response has been steadily increasing over the last week.

Chennai-based Indian Overseas Bank said it managed to get over 10.35 lakh customers pan-India to register for the schemes as of 8 pm on Friday. “We have registered 10.35 lakh savings bank account holders - 8.19 lakh for the PMSBY and 2.16 lakh for the PMJJBY,” said Indra Padmini, general manager, IOB, in charge of the project. Some districts in Tamil Nadu, she added, have done exceptionally well. “Coimbatore and its surrounding regions, both semi-urban and rural, have seen high registrations. Especially in the accident insurance scheme which has Rs 12 as premium,” she said.

SBI sent an SMS alert to customers urging them to register for the schemes by May 8, leading a few customers to believe that Friday was the last day for registrations. However, a senior official said that registrations would continue until May 31, without health certificates, and even beyond that into August. “Until May 31, our customers will not have to provide any health certificate for life insurance. June will see the term of policies beginning,” he said.

Further, he said one of the Chennai modules, with around 180 branches spread across Pondicherry and Vellore, had seen over 50,000 registrations on Thursday. He declined to give State-wide figures. A senior Indian Bank official also said that while he could not divulge the number of registrations, the bank had seen a significant response.

The launch of the two insurance schemes, along with the Atal Pension Yojna, by Prime Minister Narendra Modi in Kolkata on Saturday will be matched by an event in Chennai organised by the State Level Bankers’ Committee.

“Union Minister for Agriculture Radha Mohan Singh and Tamil Nadu Minister for Electricity Natham Viswanathan, along with Governor K Rosaiah will attend the State launch,” said an SLBC-TN spokesperson.

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