finance | IST

Sharp rise in death claims under PMJJBY scheme; details here

There is a sharp rise witnessed in death claims under the government's Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Numbers released by the government show that the rise in the number of claims has been much steeper than any private insurance company.

There is a sharp rise witnessed in death claims under the government's Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Numbers released by the government show that the rise in the number of claims has been much steeper than any private insurance company.
The contrast in the death claims received under the government's Pradhan Mantri Jeevan Jyoti Bima Yojna as compared to any other life insurance scheme has been very significant, with much higher claims coming under the government's PMJJBY scheme in the first quarter of FY22.
As per the data tabled by the government, death claims under the PMJJBY scheme in the first quarter of FY22 itself have already surpassed the whole of death claims received in the entire FY21 year both in terms of the number of claims settled as well as the amount paid towards settling those claims.
Now, of course, the rise in the death claims also coincides with the period of the second wave of COVID-19 which had hit the rural areas much more severely than the urban areas and the rural section is where the PMJJBY scheme has a much higher exposure.
Now, as far as the states are concerned, the highest number of death claims have come from Uttar Pradesh followed by Gujarat and Telangana.
Among companies, the Life Insurance Corporation of India has been the most impacted because of the large market share of over 80 percent which it holds as far as the PMJJBY scheme is concerned.
Watch the accompanying video of CNBC-TV18’s Yash Jain for more details.