Following 3 schemes were announced under Pradhan Mantri Jan Suraksha Yojna:
I. Atal Pension Yojna (APY)
II. Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)
III. Pradhan Mantri Suraksha Bima Yojna (PMSBY)
These schemes were launched in May 2015 and within a period of 7 months, number of policies sold in these 3 schemes crossed 123 million. The number of policies sold both in urban and rural areas for male and female as on 18th December 2015 was as follows:
I. Atal Pension Yojna (APY) – 1,338,454
II. Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) – 29,226,949
III. Pradhan Mantri Suraksha Bima Yojna (PMSBY) – 92,647,389
Total = 123,212,792
In APY, premium and pension depends upon the age at which a person joins. In PMJJBY, life insurance cover for a year is of Rs. 2 lakh and premium amount is Rs. 330. For PMSBY, sum assured is Rs. 2 lakh and premium amount is only Rs. 12 a year i.e. rupee on a month.
Banks played an important role as they were integral park of the scheme. State Bank of India has the highest share of 22.2 million followed by Punjab National Bank 8.7 Million.
These social welfare schemes were quite popular amongst poor people and helped a lot in overall penetration in insurance sector of our country which used to be very low earlier.
Dean, MBA
