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FinMin working to double the life insurance cover under the PMJJBY
New Delhi
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The Union finance ministry is working on a proposal to double the life insurance cover under its flagship financial inclusion insurance scheme, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), said a senior government official.
As part of this revamp, a revision in premiums is also under consideration. 'Under the proposed plan, the life insurance cover under PMJJBY, which currently provides a one-year term life cover of ₹2 lakh for individuals aged 18-50 years, may be doubled to ₹4 lakh.
However, the annual premium, which is currently ₹436 per subscriber, could also be increased to ₹700–800,' the official said. The
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