Jan Suraksha Insurance Schemes
All the schemes currently undergoing under the Modi’s Jan Suraksha policy will remain unchanged of the premium structure involved. In a recent announcement from the PM’s Office, it is made clear that for this current financial year i.e. year 2016 – 2017 there will be no increase in the monthly or yearly premium rates of the insurance schemes under the Jan Suraksha. As these policies are targeted only for the backward classes, lower middle classes, workers of unorganized sectors, women and financially backward masses, it is a noble call by the central govt. not to hike the premium amounts as of now.
Revisions in the premium prices of the Jan Suraksha schemes so far
So far, all the schemes under the PM’s Jan Suraksha after their launch has been very successful in terms of the number of beneficiaries enrolled in these schemes, as well a generation and payment of claims made by the beneficiaries. The claims under these schemes were given according to the policy. Till now, after more than one year of operation, there has been no hike at all in the premium rates of these schemes, instead of thousands of claims by the rightful beneficiaries.
What are the insurance schemes given by the govt. under Prime Minister’s Jan Suraksha Yojana?
Under the Jan Suraksha project by Modi Government, there are both accidental insurance policies as well as general insurance policies for the common masses that provide easy and cheap insurance for the beneficiaries. The insurance schemes have very nominal premium rates which can be afforded by all sections of the society. These schemes offer risk cover of up to Rs. 2 lakh for each registered account holder. As per data collected from PM’s office, more than 120 million insurance policies have been registered all across the nation under the Prime Minister’s Jan Suraksha policy. Some important data regarding the number of beneficiaries and other details of these policies are mentioned below:
|Sl. No.||Attributes||Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)||Pradhan Mantri Suraksha Bima Yojana (PMSBY)|
|1||Year of launch||2015||2015|
|2||Age limit of beneficiaries||18 years – 50 years||18 years – 70 years|
|3||Premium rate||Rs. 330 per annum||Rs. 12 per annum|
|4||Mode of premium payment||Auto debit from bank account||Auto debit from bank account|
|5||Risk Cover amount||Rs. 2 Lakh||Rs. 2 Lakh(For death and total loss of both eyes or both feet or both hands) and 1 lakh(For loss of sight of one eye or loss of one foot or one hand)|
|6||Name of insurance company||Life Insurance Corporation of India (LIC)||Life Insurance Corporation of India (LIC)|
|7||Termination of policy||Till the beneficiary attains the age of 55 years||Till death|
|8||Total insurance policies sold so far||29,558,858||94,093,191|
|9||Total policies sold in rural areas||14,796,964||49,600,473|
|10||Total policies sold in urban areas||14,761,894||44,492,718|
Who are the main beneficiaries for which these schemes of Jan Suraksha being launched?
Insurance from accident or death insurance or even general insurance is an important and necessary need of each individual. But according to some researches, it was found that a major portion of Indian population was not accustomed to the insurance policies or could not afford it. Due to high premium rates, most of the policies providing accidental insurance or general life insurance were inaccessible by the financially weaker masses, the employees of unorganized sectors, women, etc. So the in the year of 2015, two such scheme were launched for these masses so that they can also enjoy the benefits of insurance cover by paying very minimal premium rates. The main motto of launching the two schemes named PMJJBY and PMSBY was to bring the unorganized employees and poorer sections of the nation under the insurance cover for a little insurance premium to be paid every year.
Revisions in premium rates of insurance policies – Are they necessary?
Most insurance policies available in the market do experience some modifications in the rate of premium to be paid by its users. These hikes in premium policies are done from time to time on the basis of the market conditions and other parameters. There are several reasons behind hiking premium amounts of insurance policies by the insurance providing companies. As the insurance claims are made, the insurance companies have to pay large capitals at a time to the policy holders against the claim. Also there are some fraud claims which incur heavy losses to the insurance companies. That why, they hike the premium rates of the insurance policies from time to time. But the central govt. is not keen to make any hike in the premium rates in this financial year despite of great financial burden.
Jan Suraksha schemes in rural areas
As the main aim of the PM’s Jan Suraksha policy was to bring the entire population of the rural India under insurance cover, the results are showing steadily. As per studies, more than 52 per cent of the total rural population has been registered successfully under the insurance schemes offered by the Modi Govt. The number of beneficiaries is increasing rapidly. Due to low insurance premiums which are charged annually, these schemes are finding great response in the villages. The number of female insurance holders has also increased rapidly. As per current data, the total number of accounts opened under the Jan Suraksha in the rural areas is around 64.5 lakh.
As per the current rates, the beneficiaries will have to pay Rs. 330 per annum under the PMJJBY scheme which gives a general insurance cover of Rs. 2 lakh to each beneficiary. And the PMSBY, which is an accidental insurance scheme, gives a sum assurance of up to Rs. 2 lakh and the beneficiaries pay an annual premium of Rs. 12. Each policy is auto renewed year after year. The premium amount is debited from the registered bank account of the beneficiary through an automated debit method.
Other Modi Yojanas
- Mudra Yojana :- This Yojana aims to provide loans to all the small Business Owners in India. The Loan amount varies from rs 50 Thousand to Rs 10 Lakhs. Read More About Mudra Yojana
- PM Awas Yojana :- This yojana aims to provide home to all Indians by 2022. Please read More about PM Awas Yojana.
- Stand Up India Loan :- This scheme aims to provide loan to SCs, STs and Womens. Maximum Loan amount is rs 1 Cr. Read More about Stand Up India.
- Fasal Bima Yojana :- Argiculture has been the most painful business these days and ironically 70% of Rural India is directly or indirectly involved in it. This scheme will ensure the insurance of your crops. Read More about Fasal Bima Yojana