Centre has increased the premium rates for its flagship insurance schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), for the first time in seven years. The premium for PMJJBY would increase from Rs 330 to Rs _____, and the PMSBY premium would rise from Rs 12 to Rs _____.

Solution

Centre has increased the premium rates for its flagship insurance schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), for the first time in seven years. The premium for PMJJBY would increase from Rs 330 to Rs 436 , and the PMSBY premium would rise from Rs 12 to Rs 20 . The Pradhan Mantri Jeevan Jyoti Bima Yojana is a government scheme launched in 2015. It aims to provide life insurance security to the poor and low-income section of the society. This scheme can be availed by people aged between 18 years to 50 years. Pradhan Mantri Suraksha Bima Yojana is a government scheme launched in 2015. It intends to provide an affordable insurance scheme for the poor and underprivileged people in the age group of 18 to 70 years with a bank account at a premium of Rs.12 per annum; risk coverage of Rs.2 lakh for accidental death and full disability and Rs.1 lakh for partial disability.