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Pradhan Mantri Jan Suraksha Yojana enrollments see pickup; 14.7 million enrollments in H1

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After seeing a stagnation in enrollments, Pradhan Mantri Jan Suraksha Yojana insurance schemes have got 15 million new enrollments in H1 of the year. This was driven by a government nudge to the banks as well as zero premium increase.

According to a report published in Moneycontrol.com, the insurance scheme saw some stagnation in FY18 and FY19 but enrollments picked up again from April 2019 onwards.

The personal accident scheme (Pradhan Mantri Suraksha Bima Yojana/PMSBY) and term insurance scheme (Pradhan Mantri Jeevan Jyoti Bima Yojana/PMJJBY) were launched in May 2015.

Both policies have a sum assured of Rs 2 lakh each and need to be renewed after one year. But their premiums are low at Rs 12 and Rs 330, respectively.