The Insurance Regulatory and Development Authority of India (IRDAI) has reduced the capital required by insurance companies offering policies under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) by almost ______ per cent.

Solution

The Insurance Regulatory and Development Authority of India (IRDAI) has reduced the capital required by insurance companies offering policies under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) by almost 50 per cent. This is to enable insurers to offer more policies under the scheme, and provide financial security to the bottom-of-the-pyramid segment in India. The easing of capital requirements by IRDAI will accelerate the penetration of life insurance in India. It will support the life insurers in achieving their target set by the government.