Finance ministry to launch three-month campaign to boost micro-insurance

New Delhi, Mar 31 2023

The department has advised chief secretaries of States/ UTs and chairman and CEOs of Public Sector Banks (PSBs) to extend full support during the campaign

The department of financial services is rolling out a three-month campaign starting April 1 to achieve saturation under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).

“Camps are going to be organised at the Gram Panchayat level across all districts in the country by the banks with active participation of the State administration and other ministries of Government of India to ensure that benefits of...PMJJBY and PMSBY reach the masses,” the department said.

The department has advised chief secretaries of States/ UTs and chairman and CEOs of Public Sector Banks (PSBs) to extend full support during the campaign.

“Lead District Managers (LDMs) will lead the campaign in consultation with State/ UT Level Bankers Committees of the States/ UTs and District Magistrates/ Collectors of the Districts. Line Ministries of Government of India have been advised to utilise their field functionaries for identification and mobilisation of the Scheme beneficiaries for enrolment,” it added.

DFS have instructed all nodal officers to participate in the special SLBC/ UTLBC meetings and to undertake field visits for monitoring the Gram Panchayat level saturation campaign.

PMJJBY and PMSBY are aimed at providing life and accidental insurance cover to the citizens, especially the marginal sections of the society. PMJJBY provides insurance cover of Rs 2 lakh in the event of death due to any reason whereas PMSBY provides accidental insurance cover of Rs 2 lakh for death or full permanent disability and Rs 1 lakh in case of partial permanent disability. The two schemes provide the much needed financial support to the subscribers and/or their families in such eventualities.

[The Business Standard]