Over 21 cr people benefited under PMJJBY life insurance scheme: Finance Ministry

New Delhi (The Uttam Hindu): More than 21 crore people have benefited under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme that provides life insurance coverage, said the Ministry of Finance. The PMJJBY, launched in May 2015 is a term life insurance plan. Under this scheme, in case of death due to any reason, the family of the insured gets Rs 2 lakh.

“Pradhan Mantri Jeevan Jyoti Bima Yojana #PMJJBY has provided Rs 2 lakh life insurance coverage to over 21 crore beneficiaries, ensuring financial security for families in times of uncertainty,” the Ministry said in a post on social media platform X.

It added that till October 20, the scheme saw a cumulative enrolment of 21.67 crore. On the other hand, the cumulative number of claims stood at 860,575, worth Rs 17,211.50.

People aged 18-50 years with an individual bank or a post office account can enrol under the scheme. It provides a life cover of Rs 2 lakh in case of death due to any reason against a premium of Rs 436 per annum.

Meanwhile, the Finance Ministry also provided the financial review of the year 2024 regarding other schemes like the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jan Dhan Yojana (PMJDY).

Under the PMSBY scheme that provides Rs 2 lakh for accident insurance coverage, nearly 48 crore individuals have enrolled, the ministry said.

The PMSBY has seen a cumulative enrolment of 47.59 crore, while the cumulative number of claims received stood at 193,964, as of November 20. As per the official figures, the cumulative 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 said on X.

The PMJDY has attracted more than 54 crore beneficiaries, and the number of total PMJDY accounts was 53.13 crore, till August 14, the ministry noted.

“With more than 54 crore beneficiaries, Pradhan Mantri Jan Dhan Yojana #PMJDY has become a cornerstone of #FinancialInclusion, empowering unbanked citizens nationwide,” the ministry posted.

Further, the ministry stated that about 55.6 per cent (29.56 crore) Jan-Dhan account holders are women and 66.6 per cent (35.37 crore) Jan-Dhan accounts are in rural and semi-urban areas.

As per the ministry, total deposit balances under PMJDY accounts are Rs 2,31,236 crore. The deposits have increased about 15 times with an increase in accounts of 3.6 times as of Aug 15, 2024.