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India: Government launches two new insurance schemes for masses

Source: Asia Insurance Review | Jun 2015

The Indian government has launched two new insurance schemes for the masses that will provide insurance cover in case of death as well as death/disability due to an accident. The two schemes have been named Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). 
   PMSBY will offer a renewable one year accidental death-cum-disability cover of INR2 lakh (US$3,100) for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of INR12 (US$0.20) per annum per subscriber. 
   The scheme would be administered through the four Public Sector general insurance companies or other general insurance companies willing to offer the product on similar terms on the choice of the bank concerned. 
   PMJJBY, on the other hand, will offer a renewable one year life cover of INR2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of INR330 per annum per subscriber. The scheme would be offered or administered through LIC or other life Insurance companies willing to offer the product on similar terms on the choice of the bank concerned.
 
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