New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Consider the following statements. I. The

    premium of PMJJBY has been increased from Rs 330 to Rs 436. II. The premium of PMSBY has been increased from Rs 12 to Rs 20. III. Union Government has increased the premiums of PMJJBY and PMSBY for the third time in seven years. Which of the above statement is/are incorrect?
    A 1 only Correct Answer Incorrect Answer
    B 2 only Correct Answer Incorrect Answer
    C 3 only Correct Answer Incorrect Answer
    D 1 and 2 both Correct Answer Incorrect Answer
    E All are correct Correct Answer Incorrect Answer

    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 due to “long-standing adverse claims experience. The premium for PMJJBY would increase from Rs 330 to Rs 436 a year effective June 1, and the PMSBY premium would rise from Rs 12 to Rs 20. PMJJBY provides life insurance cover worth Rs 2 lakh to all account holders aged 18-50 years. PMSBY provides accident cover of Rs 2 lakh to account holders aged 18-70 years.

    Practice Next

    Relevant for Exams: