In view of the massive losses as say for every Rs. 100 collected as premium under the Pradhan Mantri Suraksha Bima Yojana, the government has to give claim of Rs. 120 and in light of it the government is in consultation with different general insurers.
So, in response the insurance companies are of the view that premium revision be effective from the current Rs. 12 to any amount between Rs. 12 and Rs. 25 for an yearly basis. As per the website details of Jan Suraksha Yojana there are as many as 101.2 million subscribers under the scheme and the enrollment in the insurance scheme was led by SBI.
"The current rate of premium was very low and not sustainable on a long term basis. Hence, we sought a revision in premium," said a senior general insurance company chief executive. The premium for the scheme is auto-debited from the subscriber's account. And as of now it is unclear since when the price revision under the scheme shall be effected.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a personal accidental scheme rolled out by the cover and in case of any accident the government is entitled to pay a sum equivalent to Rs. 2 lakh to the insured. The scheme is available to bank account holders in the age group of 18-70 years.
The scheme covers any disability due to natural calamity, murder as well as any mishappening due to snake bite etc which needs to be supported by a valid medical record. Nonetheless no cover is provided for any accident due to suicide.