FM to chair meeting with heads of insurance companies

Nirmala Sitharaman, Finance Minister, West Bengal, Economy, Industry

Finance Minister Nirmala Sitharaman will chair a meeting with the heads of public and private insurance companies to further enhance the speed of sanctioning of claims under the PM Jeevan Jyoti Bima Yojana (PMJJBY) and the PM Suraksha Bima Yojana (PMSBY). The meeting is scheduled for tomorrow (5 June 2021), in which the minister will discuss simplifying the procedures and documentation needed to settle the claims.

“Discussions are also likely to be held on simplifying the procedures and documentations needed to settle claims under the schemes in a seamless and time-bound manner during the pandemic,” reads the tweet of the finance ministry.

Since 2014, as per the ministry, the Modi government has taken various financial inclusion initiatives to empower the people. For instance, Under the Pradhan Mantri Jan Dhan Yojana, the banking network has been expanded and over 42 crore bank accounts have been opened.

“This expanded banking network has been leveraged by the PMJJBY and PMSBY to provide life and accident insurance cover of Rs. 2 lakh each at nominal annual premiums of Rs 330 and Rs 12, respectively, to the marginalised and the poor,” reads the tweet of the ministry.

Currently, the enrollment under the PMJJBY stands at 10.3 crore subscribers and under PMSBY at 23.40 crores subscribers. The meeting on Saturday is expected to further ease and speed up processes for them.

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