Government Considers Raising Insurance Coverage Under Key Schemes
Proposal to raise Jan Suraksha insurance cover under review: DFS Secy
Business Standard
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The Indian government is reviewing a proposal to increase the insurance coverage under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) from ₹2 lakh (approximately $2,400 USD) to ₹5 lakh (approximately $6,000 USD). This proposal is being evaluated for its affordability and associated costs.
- 01Proposal to increase insurance coverage from ₹2 lakh to ₹5 lakh under two key schemes.
- 02The review is led by M Nagaraju, secretary of the Department of Financial Services.
- 03Government is assessing affordability and intermediation costs.
- 04Current coverage is considered insufficient for many beneficiaries.
- 05Potential increase aims to enhance financial security for policyholders.
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The Indian government is currently reviewing a proposal to increase the insurance coverage under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) from ₹2 lakh (approximately $2,400 USD) to ₹5 lakh (approximately $6,000 USD). M Nagaraju, the secretary of the Department of Financial Services within the Ministry of Finance, stated that the government is considering various scenarios related to this proposal, focusing on affordability and the costs of intermediation. The current insurance coverage is viewed as inadequate for many beneficiaries, and this potential increase aims to provide greater financial security for policyholders. The outcome of this review could significantly impact the financial well-being of many individuals enrolled in these schemes.
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If approved, the increase in insurance coverage could provide greater financial security to millions of beneficiaries, making it easier for them to manage unforeseen expenses.
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