Why Did the Govt Hike Premium Rates?

Seven years after the inception of its flagship insurance schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), the federal government of India has raised the premium for the very first time.

Following this, the gross annual premium for PMJJBY – which provides a death coverage of Rs 2 lakh to the beneficiary of the policy in the event of the sudden demise of the insured person – has moved up from Rs 330 to Rs 436.

On the other hand, the premium of PMSBY – which provides a death coverage of Rs 2 lakh to the policy beneficiary in case of the insured’s accidental demise – has increased from Rs 12 to Rs 20.

Source-

https://www.financialexpress.com/money/insurance/pmjjby-pmsby-become-costly-what-makes-the-govt-hike-premium-rates/2553412/

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