Quick Summary
First ever Revision of premium rates of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) w.e.f. 1st June 2022 1st revision in the premium rates since inception of both schemes in 2015, 7 years ago In view of the long-standing adverse claims experience of the schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), and in order to make them economically viable,the premium rates of the schemes h
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1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
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FAQ :
The new premium rates for PMJJBY and PMSBY came into effect from 1st June 2022.
The premium rates have been revised due to the long-standing adverse claims experience of both schemes and to make them economically viable for the implementing insurers.
The annual premium for PMJJBY has been revised from Rs 330 to Rs 436, and for PMSBY from Rs 12 to Rs 20.
Before the revision, the claims ratio for PMJJBY was 145.24% and for PMSBY was 221.61%.
The target is to increase coverage from 6.4 crore to 15 crore under PMJJBY and from 22 crore to 37 crore under PMSBY in the next five years.
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