For the first time, the Central government has revised the premium rates for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) on Tuesday.
“In view of the long-standing adverse claims experience of the schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), and in order to make them economically viable, the premium rates of the schemes have has been revised by making it Rs 1.25 per day premium for both schemes that includes revising PMJJBY from Rs. 330 to Rs. 436 and PMSBY from Rs. 12 to Rs. 20,” the Ministry of Finance said in a press release.
While the schemes were launched in 2015, no revisions have been made in the last seven years.
As of March 31, 2022, the active number of subscribers of PMJJBY and PMSBY were 6.4 crore and 22 crore, respectively.