There will be no hike in insurance plans under the Pradhan Mantri Jan Suraksha Yojana in this financial year. Though pure-term insurance and personal accident policies under the plan have seen claims being registered and paid, the cost of the cover has not been revised upwards.
Insurers expecting some upward movement because claims will now have to offer the required cover at the same cost. Besides, a pension scheme (Atal Pension Yojana), the plan provides term insurance and an accident insurance plan — Pradhan Mantri Jeevan Jyoti Bima Yojana
(PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). Eleven months since commencement, the plan has sold almost 124 million policies.
“Volumes have been big and, hence, the sector has faced claims as well. Some premium increase was expected, but we are told there would not be any in this financial year,” said a senior general insurance executive. There could, he said, be some revisions from FY18, based on data.
The plans include a cover of Rs 2 lakh each, with a premium of only Rs 12 a year for accidental insurance and Rs 330 for the life insurance.