Govt to expedite sanctioning of claims under its flagship insurance schemes

FM Sitharaman to meet insurers to discuss easing processes for settling claims

Topics

Nirmala Sitharaman | insurance schemes


Nikunj Ohri  | 
New Delhi 

health insurance

The meeting will also focus on simplifying procedures and documentation to settle claims under the government’s flagship insurance schemes in a time-bound manner during the pandemic.

Finance Minister Nirmala Sitharaman will meet heads of public and private insurance companies to expedite sanctioning of claims under the PM Jeevan Jyoti Bima Yojana (PMJJBY) and the PM Suraksha Bima Yojana (PMSBY).

The meeting will also focus on simplifying procedures and documentation to settle claims under the government’s flagship insurance schemes in a time-bound manner during the pandemic. This comes a month after the Finance Minister had intervened and asked Insurance Regulatory and Development Authority of India (Irdai) to resolve the problem of Covid-19 patients being denied cashless health insurance claims by hospitals and insurance companies.

“The meeting on Saturday is expected to further ease and speed up processes for them,” said the Ministry of Finance.

About 103 million subscribers have availed PMJJY, which provides life insurance cover worth Rs 2 lakh at Rs 330 per annum to all account holders aged between 18 and 50 years, as on May 5. The PMSBY, which provides accident cover of Rs 2 lakh at Rs 12 a year to account holders aged 18 to 70 years, has 234 million subscribers.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) FY21

FY20

Enrollments (in Rs crore) 10.27 6.96

Claims Received

250,351 190,175

Claims Disbursed

234,905

178,189


Pradhan Mantri Suraksha Bima Yojana (PMSBY)

FY21

FY20

Enrollments (in Rs crore)

23.26 18.54

Claims Received

58,540 50,328

Claims Disbursed

45,472 39,969


Note: Data reported as on March 31, 2021

The schemes cater for the marginalised and the poor who have been brought under the banking network through PM Jan Dhan Yojana (PMJDY).

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.


We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, June 04 2021. 19:25 IST