Insurers settle one claim a day under PM's insurance schemes

Insurers have settled a claim a day on average since the launch of government's flagship social security insurance schemes, giving relief of Rs 61 lakh to the kin of policyholders.
"The turn around time in most of cases so far has been less than 10 days and we expect this trend to continue as far as claim settlement is concerned," Financial Services Secretary Hasmukh Adhia told PTI.
A total of 31 death and accident claims were settled in the last 33 days under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) which provides insurance cover to people at nominal premium. These schemes were launched by Prime Minister Narendra Modi and became effective from June 1.

Insurance companies have settled 25 cases under PMJJBY and 6 under PMSBY as on July 3, bringing quick financial relief to the kin of the deceased, according to data collated by the Finance Ministry.
PMSBY offers a renewable one-year accidental death-cum- disability cover of Rs 2 lakh for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber. The scheme is managed by general insurance firms.
PMJJBY, on the other hand, offers a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber.

The Finance Ministry said, one such claim arose under these schemes on the accidental death of Vijaybhai Babubhai Jethava on June 2 in Amreli, Gujarat.

The claim was reported on June 9 under both PMJJBY and PMSBY and settled by LIC of India on June 15 under PMJJBY, and under PMSBY by Bajaj Allianz on June 24. The dependents of the deceased thus got financial help of Rs 4,00,000 within a short period from the day of death of the policy holder.
Another policyholder Tellam Subbalakshmi, aged 28 years, died due to collapse of a wall after heavy rains on June 9 in Buttaigudem village in Andhra Pradesh.

She had joined PMJJBY and PMSBY schemes through Vijaya Bank on May 22. The claim was reported on June 10 under PMSBY and on Jun 18 under PMJJBY.
The PMJJBY claim was settled by SBI Life on June 23, and by United India under PMSBY on June 29, it said, adding that the kin of the deceased thus got financial help of Rs 4,00,000 within one month of her death.