Budget 2025: Possibility of big announcement on PMJJBY, PMSBY in the budget, insurance coverage can be increased.
The central government will present the budget on 1 February. This can make a big statement regarding insurance coverage. The government intends to increase insurance coverage under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). Through this, the government wants to increase the financial security of the weaker section. Apart from this, they are also thinking about it from the perspective of insurance for all till 2047. Under this, there is a plan to provide comprehensive insurance across India.
Work is underway on a plan to increase the limit of life insurance under PMJBY from Rs 2 lakh to Rs 5 lakh. The main objective of this proposal is to provide high coverage. The increased coverage provides better financial support to the insured persons and their dependents. Thus, the government will provide financial security to the people.
crores of people benefit
According to Mint, these changes can be announced in the budget to be presented on February 1. Last month, PMJBY provided Rs 21 crore to over 21 crore beneficiaries across India. There is information about providing life insurance of Rs 2 lakh. By October 20, 2024, enrollment has reached 21.6 crores. In this, claims worth Rs 17,211.50 crore have been settled.
option to increase insurance
PMJBY is a one year life insurance scheme. It covers death due to any cause. PMSBY provides accidental death and disability accident insurance with one year coverage. It is renewed every year. Discussions are going on to increase coverage under both the schemes. There is a possibility of adjustment on these in the upcoming budget.
premium cost
Can opt for more coverage with increased premium. Otherwise you can take the existing cover of Rs 2 lakh. Currently the cost of PMSBY is Rs. 20 while PMJJBY costs Rs. This is 436. Now if the government increases the insurance coverage then the new premium rates will be decided accordingly. The Center hopes that more people will benefit from these schemes, so there will not be much increase in it.