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Following the recent hike in premium rates, the Insurance Regulatory and Development Authority of India (Irdai) on Friday significantly relaxed capital requirement norms for insurance companies to encourage their participation in the government’s flagship program Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Gave.
The regulator has reduced the capital required for insurers offering PMJJBY by about 50%. The move will enable life insurers to offer more policies under the scheme and provide financial protection to the bottom of the pyramid of the Indian population through life insurance, IRDA said in a statement. The easing of capital requirements by IRDA will accelerate the penetration of life insurance in India and help life insurers in achieving the target set by the government.
To make these schemes economically viable, the government has recently increased the premium rates for two flagship schemes – PMJJBY and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
The premium rate of PMJJBY has been increased to Rs 1.25 per day from Rs 330 per annum to Rs 436 with effect from June 1. The number of active subscribers enrolled under PMJJBY as on March 31, 2022 was 64 million.
An amount of Rs 9,737 crore has been collected for premium by the implementing insurers and Rs 14,144 crore claims have been paid under PMJJBY till March 31, 2022.
PMJJBY offers a life insurance cover of Rs 2 lakh in case of death due to any reason to people in the age group of 18-50 years having an account with a bank or post office, by opting for or enabling auto-debit of premium. give your consent to. ,
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