Quick Summary
Finance Minister Smt Nirmala Sitharaman meets heads of insurance companies for faster claim settlement FM emphasizes for streamlining process and documentation requirements under the schemes for enabling speedy claims disbursement Under PMJJBY 1.2 lakh claims of Rs. 2,403 crore paid with dispo
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FAQ :
The Finance Minister, Nirmala Sitharaman, met with insurance company heads to review progress and accelerate the settlement of claims, especially under the PMJJBY scheme.
Since April 1, 2020, a total of 1.2 lakh claims amounting to Rs. 2,403 crore have been paid under the PMJJBY, with a disposal rate of 99%.
Processes and documentation requirements are being streamlined. For COVID-19 health worker claims, a simple certificate from the District Magistrate, endorsed by the state health authority, is now sufficient.
Initiatives include completing claims within 7 days, end-to-end digitization, claim document transmission via email/App, and using simplified certificates in lieu of death certificates.
PMJJBY provides life insurance cover of Rs. 2 lakh for an annual premium of Rs. 330, while PMSBY provides accidental insurance cover of Rs. 2 lakh for an annual premium of Rs. 12.
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