Over 21 Crore Individuals Reap Benefits from PMJJBY Life Insurance Initiative: Finance Ministry
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New Delhi, Dec 15 (NationPress) More than 21 crore individuals have availed themselves of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a scheme that provides life insurance coverage, according to the Ministry of Finance.
The PMJJBY, initiated in May 2015, is a term life insurance policy. Under this program, in the event of death for any reason, the family of the insured receives Rs 2 lakh.
“The Pradhan Mantri Jeevan Jyoti Bima Yojana #PMJJBY has granted Rs 2 lakh life insurance coverage to over 21 crore beneficiaries, ensuring financial security for families during times of uncertainty,” the Ministry highlighted in a post on the social media platform X.
It mentioned that as of October 20, the scheme recorded a total enrolment of 21.67 crore. Conversely, the total number of claims processed reached 860,575, amounting to Rs 17,211.50.
Individuals aged 18-50 years with an individual bank or post office account can register for the scheme. It offers a life cover of Rs 2 lakh in case of death due to any reason for a premium of Rs 436 annually.
In addition, the Finance Ministry shared the financial review for 2024 regarding other schemes like the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Pradhan Mantri Jan Dhan Yojana (PMJDY).
Under the PMSBY scheme, which provides Rs 2 lakh for accident insurance coverage, nearly 48 crore individuals have signed up, stated the ministry.
The PMSBY has seen a total enrolment of 47.59 crore, while the total number of claims received reached 193,964 as of November 20. According to official data, the total number of claims disbursed stood at 147,641.
“Nearly 48 crore individuals have enrolled in Rs 2 lakh accident insurance coverage through the Pradhan Mantri Suraksha Bima Yojana,” the ministry indicated on X.
The PMJDY has attracted more than 54 crore beneficiaries, with a total of 53.13 crore PMJDY accounts as of August 14, as noted by the ministry.
“With over 54 crore beneficiaries, the Pradhan Mantri Jan Dhan Yojana #PMJDY has emerged as a cornerstone of Financial Inclusion, empowering unbanked citizens nationwide,” the ministry posted.
Furthermore, the ministry reported that approximately 55.6 percent (29.56 crore) of Jan-Dhan account holders are women, and 66.6 percent (35.37 crore) of Jan-Dhan accounts are located in rural and semi-urban regions.
According to the ministry, total deposit balances under PMJDY accounts amount to Rs 2,31,236 crore. The deposits have increased about 15 times with an increase in accounts of 3.6 times as of August 15, 2024.
