He said that 5,93,316 claims were paid amounting to Rs 11,866.32 crore under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Total 1,00,255 claims were paid amounting to Rs 1,990.57 crore under Pradhan Mantri Suraksha Bima Yojana (PMSBY), said Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha.
He said that 5,93,316 claims were paid amounting to Rs 11,866.32 crore under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
The minister stated that the government constituted a committee, headed by a member of the insurance regulatory and development authority of India (IRDAI), for reviewing premium rates for PMJJBY and PMSBY.
“The committee, inter-alia, recommended upward revision of premium rates for PMSBY and PMJJBY in order to keep the schemes viable,” he said.
Subsequently, the minister stated that IRDAI, during its review of the schemes in 2022, also recommended an increase in premium rates as the aggregate claim ratios for PMJJBY and PMSBY were more than 100 per cent each, for the period up to 31 March 2022 since inception.
Keeping in view the recommendation of the government-constituted committee and IRDAI, the premium rates of the schemes have been revised from Rs 330 to Rs 436 per annum per subscriber under PMJJBY and from Rs 12 to Rs 20 per annum per subscriber under PMSBY, he said.