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==Criticism==
==Criticism==
The banks have complained that revenue received will be very low. Some bankers have claimed that amount they are receiving is not sufficient to cover the service costs. Since this is a [[group insurance]] scheme, banks have not received instruction regarding cases where excessive claims are in a year. Insurers have also pointed out that no health certificate or information of pre-existing disease is required for joining.<ref name=Woes/>
The banks have complained that revenue received will be very low. Some bankers have claimed that amount they are receiving is not sufficient to cover the service costs. Since this is a [[group insurance]] scheme, banks have not received instruction regarding cases where excessive claims are in a year. Insurers have also pointed out that no health certificate or information of pre-existing disease is required for joining.<ref name=Woes/>

Progress of '''Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)''' as on 01.06.2016 from Indianstat [http://www.indianstat.in/progress-of-pradhan-mantri-jeevan-jyoti-bima-yojana-pmjjby-as-on-01-06-2016]
{| class='wikitable'
|-
!Parameters!!As on. 01.06.2016!!As on. 01.05.2016!!Addn Redn over the month!!Addn Redn. during the month previous to that (01.05.2016 01.04.2016)
|-
|Gross enrolment reported by Banks subject to verification of eligibility, etc. (Amt. in Rs. Crores) ||2.9651 ||2.9596 ||0.0055 ||0.0046
|-
|Total No. of claims recd. ||28636 ||23798 ||4838 ||1586
|-
|Total No. of claims disbursed ||25555 ||21385 ||4170 ||1976
|-
|}

==See also==
==See also==
* [[Pradhan Mantri Jan Dhan Yojana]], a financial inclusion scheme in India
* [[Pradhan Mantri Jan Dhan Yojana]], a financial inclusion scheme in India

Revision as of 12:43, 28 December 2016

Pradhan Mantri Jeevan Jyoti Bima Yojana
CountryIndia
Prime Minister(s)Narendra Modi
Launched9 May 2015; 9 years ago (2015-05-09)
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Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed Life insurance scheme in India. It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in February 2015.[1] It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata.[2] As of May 2015, only 20% of India's population has any kind of insurance, this scheme aims to increase the number.[3]

Overview

Pradhan Mantri Jeevan Jyoti Bima Yojana is available to people between 18 and 50 years of age with bank accounts. It has an annual premium of ₹330 (US$4.00) excluding service tax, which is above 14% of the premium. The amount will be automatically debited from the account. In case of death due to any cause, the payment to the nominee will be ₹2 lakh (US$2,400).[1][2]

This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Most of these account had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes.[3]

Criticism

The banks have complained that revenue received will be very low. Some bankers have claimed that amount they are receiving is not sufficient to cover the service costs. Since this is a group insurance scheme, banks have not received instruction regarding cases where excessive claims are in a year. Insurers have also pointed out that no health certificate or information of pre-existing disease is required for joining.[1]

Progress of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) as on 01.06.2016 from Indianstat [1]

Parameters As on. 01.06.2016 As on. 01.05.2016 Addn Redn over the month Addn Redn. during the month previous to that (01.05.2016 01.04.2016)
Gross enrolment reported by Banks subject to verification of eligibility, etc. (Amt. in Rs. Crores) 2.9651 2.9596 0.0055 0.0046
Total No. of claims recd. 28636 23798 4838 1586
Total No. of claims disbursed 25555 21385 4170 1976

See also

References

  1. ^ a b c "Jan Suraksha: Social security for masses, pricing woes for insurers". Business Standard. 9 May 2015. Retrieved 9 May 2015.
  2. ^ a b "Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out". Live Mint. 8 May 2015. Retrieved 9 May 2015.
  3. ^ a b "'Jan Suraksha schemes to help eliminate Jan Dhan's zero balance accounts'". Business Standard. 8 May 2015. Retrieved 9 May 2015.
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