PM's insurance schemes: 22 claims settled in 30 days!

As many as 22 death and accident claims were settled within a month of the launch of the government's flagship social security insurance schemes, giving relief to near and dear ones of the policyholders.       

Prime Minister Narendra Modi launched Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana to provide insurance cover to people at nominal premium.

These schemes came into force from June 1.

Insurance companies have settled 19 cases under PMJJBY and 3 under PMSBY, bringing quick financial relief to the kin of the deceased, according to data collated by the Finance Ministry.

PMSBY offers a renewable one-year accidental death- cum-disability cover of Rs 200,000 for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber.

The scheme is managed by general insurance firms.

PMJJBY on the other hand offers a renewable one year life cover of Rs 200,000 to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber.          

Providing detail, the Finance Ministry said, one such claim arose under these schemes on the accidental death of Vijaybhai Babubhai Jethava on June 2 in Amreli, Gujarat.

The claim was reported on June 9 under both PMJJBY and PMSBY and settled by LIC of India on June 15 under PMJJBY, and under PMSBY by Bajaj Allianz on June 24.

The dependents of the deceased thus got financial help of Rs 4,00,000 within a short period from the death.

Another policyholder Tellam Subbalakshmi, aged 28 years, died due to collapse of a wall after heavy rains on June 9 in Buttaigudem village in Andhra Pradesh.

She had joined PMJJBY and PMSBY schemes through Vijaya Bank on May 22. The claim was reported on June 10 under PMSBY and on Jun 18 under PMJJBY.

The PMJJBY claim was settled by SBI Life on June 23, and by United India under PMSBY on June 29, it said, adding, the kin of the deceased thus got financial help of Rs 4,00,000 within one month of her death.