A Descriptive Study on Prime Minister Modi’s Pmjjby, PMSBY Insurance Schemes

Abstract

Insurance is a commercial means for relocating risks and covering fiscal losses. In India, a number of Government supported insurance schemes have been initiated over the last decade. Higher insurance penetration achieved through a widening of social security net will help increase domestic savings, which again can be used for infrastructure funding and other big-ticket development plans. The Indian insurance industry witnessed a great transformation when the Prime Minister Narendra Modi launched flagship schemes- Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeewan Jyoti Bima Yojana (PMJJBY). PMSBY is very much like a health insurance product offering you the accidental insurance cover of Rs 2 lacs with a nominal premium of Rs 12 per annum, while PMJJBY is a life insurance product offering you cover of Rs 2 lacs at a higher but very manageable yearly premium of Rs 330. This research is mainly made to know the impact and implementation of insurance schemes.