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Budget News

  • Insurance companies to process claims under PMJJBY & PMSBY within a week
  • June 05,2021  19:27

  • The processing of claims made under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY) will be completed within seven days as against 30 days earlier to expedite processing of claims during the pandemic.

    “Digitisation of the claim settlement process between banks and insurance companies has also been initiated for quick settlement of claims”, Finance Minister Nirmala Sitharaman was informed at a meeting with heads of state-owned and private insurance companies.

    Other steps that have been taken by the insurers include transmission of claim documents through email or application; eliminating the delay due to paper transmission; attending doctor's certificate and certificate issued by authorised officer instead of death certificate; and rationalised forms and simplified claims process.

    From April 2020 till date, since the beginning of the pandemic - about 120,000 claims have been paid amounting to Rs 2,403 crore, showing a disposal rate of 99% under PMJJBY. A total of 82,660 claims have been disposed amounting to Rs 1,629 crore under PMSBY scheme.

    PMJJBY, provides life insurance cover worth Rs 2 lakh at Rs 330 per annum to all account holders aged between 18 and 50 years, and has 103 million subscribers as on May 5. The PMSBY provides accident cover of Rs 2 lakh at Rs 12 per annum to account holders aged 18 to 70 years, and has 234 million subscribers.

    The finance minister also reviewed the progress made under the Pradhan Mantri Garib Kalyan Package (PMGKP) insurance scheme for health workers fighting Covid-19. Under the scheme, a total of 419 claims have been paid as on date, amounting to Rs 209.5 crore.

    To address the issue of delays arising out of states sending documents, a new system has been put in place, under which a certificate from the District Magistrate (DM), and endorsed by the nodal state health authority is sufficient to process such claims.

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