The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has successfully provided life insurance coverage of Rs 2 lakh to over 21 crore beneficiaries, ensuring financial protection for families during times of crisis, according to the Finance Ministry. As of October 20, 2024, the scheme has enrolled 21.67 crore people, and a total of 860,575 claims, amounting to Rs 17,211.50 crore, have been processed.
PMJJBY is an annual renewable life insurance program offering death coverage for any reason. It is available to individuals between the ages of 18 and 50 who have an active bank or post office account. Once enrolled, individuals can continue to receive coverage up to the age of 55, provided they pay the regular premium. The scheme offers life coverage worth Rs 2 lakh for an annual premium of just Rs 436.
In addition to PMJJBY, the Finance Ministry highlighted the impact of other major social security schemes. The Pradhan Mantri Suraksha Bima Yojana (PMSBY) has provided accident insurance coverage of Rs 2 lakh to nearly 48 crore individuals. As of the latest updates, PMSBY has enrolled 47.59 crore beneficiaries, with 193,964 claims processed and 147,641 claims disbursed.
The Pradhan Mantri Jan Dhan Yojana (PMJDY), another key initiative, has seen over 54 crore beneficiaries, significantly improving financial inclusion across the country. As of mid-August 2024, there are 53.13 crore PMJDY accounts, with 55.6% (29.56 crore) account holders being women. Rural and semi-urban areas account for 66.6% (35.37 crore) of these accounts. The total deposits under PMJDY accounts have reached Rs 2.31 lakh crore, reflecting a substantial 15-fold increase in deposit balances and a 3.6-fold rise in the number of accounts.
These programs collectively demonstrate the government’s commitment to enhancing financial security and inclusion, benefiting millions of citizens across India.
Also Read: The Bharat Progress Report 2024: Over 13 Crore Vendors Received Loan Under PM SVANidhi Scheme
