Revised Premium Rates for PMJJBY & PMSBY | PMJJBY & PMSBY Rules Amended | Major Changes in Premium Rates in Janata Suraksha Schemes 2022
F. no. H-12011/2/2015-Ins.II
Government of India
Ministry of Finance
Department of Financial Services
Jeevan Deep Building, 2nd floor
Parliament Street, New Delhi — 110 001
Dated 30th May 2022
Please refer to the rules, and the enrolment and claim forms, for PMJJBY and PMSBY schemes issued by this Department vde letters/e-mails dated 25.4.2015, 25.5.2015, 28.5.2015, 2.5.2016, 1.6.2021, 11.6.2021, 23.6.2021, 27.9.2021, 12.10.2021 and 4.5.2022.
2. In view of the claims experience of the PMJJBY and PMSBY schemes, the rules for PMJJBY and PMSBY have been amended and are annexed herewith.
The following are the main changes i/c/w PMJJBY & PMSBY:
1) Premium rates are revised as follows : Schemes Premium per annum per subscriber
PMJJBY (Pradhanmantri Jeevan Jyoti Bima Yojana):
What is the existing Premium Rate for PMMJBY Scheme?
Existing Premium is Rs. 330.
What is the Revised Premium Rate for PMMJBY Scheme?
Revised Premium is Rs. 436.
PMSBY (Pradhanmantri Suraksha Bima Yojana):
What is the existing Premium Rate for PMSBY Scheme?
Existing Premium is Rs. 12.
What is the Revised Premium Rate for PMMJBY Scheme?
Revised Premium is Rs. 20
ii) Payment of administrative and operational cost to the Bank is revised to Rs. 17 and Rs. 1.5 per enrolment per year for PMJJBY and PMSBY respectively which is inclusive of annual commission to be paid to the Business Correspondents, agents,etc.
Since there is a very short time period available with subscribers for renewal of their policies which expire on 31.5.2022, in order to maintain continuity of insurance coverage, it has been decided to allow a grace period of 30 days i.e. up to 30.6.2022 for debit of premium from the accounts of subscribers and the credit into the account of the respective insurer.
4. Minor changes have been made in the enrolment forms and claim forms of the schemes and are annexed herewith. These involve inclusion of complete address and KYC details of the subscribers to ensure better services to the subscribers and claimants. These revised forms would be effective from 1.7.2022.
5. The Indian Banks’ Association,the General Insurance Public Sector Association and the Life and General Insurance Councils are requested to circulate this letter among their respective members and to advise them to take necessary steps in this regard on top priority.
6. The Reserve Bank of India and NABARD are requested to transmit this letter to all urban and rural co-operative banks respectively.
7. The Department of Posts is requested to suitably instruct all post offices participating in the said schemes.
8. Participating banks, insurers and the Department of Posts are advised to initiate the existing insurance coverages / policies.
Download Revised Premium rates i/r/o PMJJBY & PMSBY Order in PDF