

15 Oct 2024
The revised Jan Suraksha model may provide higher insurance and pension coverage, doubling life and accident cover limits.
The Centre is planning to upgrade the Jan Suraksha model to offer wider coverage for life and accident insurance and pension by linking all Jan Dhan account holders. It is also considering increasing the minimum guaranteed pension under the Atal Pension Yojana (APY), which is currently ₹1,000 to ₹5,000 per person.
Under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the insurance cover is ₹2 lakh. Currently, insurers and banks have to settle claims within 14 days of receipt, giving one week each to the bank and the insurer.
Centre plans to hike premium rates and push prompt claim payment. Banks are advised to proactively inform deceased account holder nominees by identifying the corresponding customers from core banking solutions.
Centre had revised annual premium rates to ₹436 for PMJJBY’s life insurance scheme and ₹20 for PMSBY’s accidental death and disability scheme in 2022.
Source: ET