Enrolment in Jan Suraksha scheme touches 123 mn

SBI has the highest share with 22.2 million enrolments, followed by PNB with 8.7 million enrolments

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The Pradhan Mantri Jan Suraksha Yojana, which provides a pension scheme, a term insurance and an accident insurance scheme - Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Pradhan Mantri Suraksha Bima Yojana (PMSBY) - has already crossed 120 million policyholders. Seven months since its launch, the schemes have sold 123 million policies.

Rural areas have been able to gather more enrolments than urban centres, say data on the Jan Suraksha website. Nearly 50 half of the rural market has been covered by the scheme. However, the share of policies being taken by women continues to be low compared to their male counterparts.

According to data on the Jan Suraksha website, public sector banks have sold the highest number of enrolments. State Bank of India has the highest share with 22.2 million enrolments, followed by Punjab National Bank with 8.7 million enrolments. Andhra Bank, Bank of Baroda, Canara Bank and Bank of India have about six million enrolments each.

While there have been a few fraudulent claims under the insurance policies, overall, insurers have seen large volumes being generated. However, it is still not clear if there will be any premium increase in the next year.

This scheme involves one life, one non-life and one pension product. It will extend the benefits of pure-term insurance and group personal accident to the beneficiaries. The government had announced it would extend the learning from the PMJDY scheme for the adoption of a universal social security scheme.

While insurers are wary of future pricing and claims from enrollees, some fraudulent claims have already been detected. Claims data of Jan Suraksha Yojana show both private and public insurers, taking part in the scheme, have faced fraudulent claims. Even the country's largest insurer Life Insurance Corporation of India has faced fraudulent claims, which have been rejected.