The Insurance Regulatory and Development Authority of India on 3rd June 2022, has reduced the capital required to be held by insurers offering PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana), by almost 50% in order to enable life insurers to offer more policies under the scheme, and provide financial security to bottom of the pyramid of Indian population, through life insurance.
The easing of capital requirement by IRDAI will accelerate the penetration of life insurance in India, and will support the life insurers in achieving the target set by the Government.
The premium rate of PMJJBY has been revised upward to ₹1.25 per day, translating into an increase from ₹330 to ₹436 annually effective June 1.
