15th October, 2018

All Government Insurance Schemes To Be Merged With PMSBY and PMJJY

The finance ministry is considering bringing all government sponsored insurance schemes under a flagship life and general insurance scheme. The discussions are underway with numerous central and states ministries to converge their individual schemes with Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

The two schemes together have a subscriber base of 18 crore individuals and the consolidation of schemes can raise the economies of scale for big schemes.

Another scheme

The Aam Aadmi Bima Yojana (AABY) is another scheme that can be readily converged with PMJJBY and PMSBY for the beneficiaries in the age between 18-50 years.

AABY gives an insurance cover of Rs 30,000 on natural-death and Rs 75,000 on accidental death.

Eight schemes which have been subsumed and talks with some other departments are going on. Some 80 lakh workers have been brought under the fold already.

‘Jandhan se Jansurakhsa’

The government will create single portal ‘Jandhan se Jansurakhsa’ for insurance and pension schemes. The Aadhar seeding of insurance beneficiaries will also allow the government to identify those who are yet to be brought under insurance services.