The Ministry of Finance on 31st May 2022, has increased the premium rates of its flagship schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) with effect from 1 June 2022.
The premium rates of the schemes have been revised by making it Rs 1.25 per day premium for both schemes that includes revising PMJJBY from Rs 330 to Rs 436 and PMSBY from Rs 12 to Rs 20.
In view of the adverse claims experience of the schemes, PMJJBY and PMSBY and in order to make them viable for the implementing insurers the premium rates of PMJJBY and PMSBY have been revised w.e.f. 1.6.2022. This would also encourage other private insurers to come on board for implementing the schemes, thereby increasing the saturation of the schemes amongst the eligible target population, especially those who are underserved or unserved population of India.
