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98 mn sign up for govt's accident insurance plan

M Saraswathy / Mumbai 29 Nov 16 | 07:54 AM

The number of policies in the Pradhan Mantri Suraksha Bima Yojana, a part of the Jan Suraksha scheme, reached 98 million on November 24. 

The insurance policy that can be renewed annually has a premium of Rs 12 and offers a cover of Rs 2 lakh for death by accident. Families of victims of the recent derailment of the Indore-Patna Express who had signed up can make claims.

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Although the pace has declined, the number of enrolments in the Jan Suraksha scheme has risen to 132 million.  The Jan Suraksha scheme includes a personal accident cover, term insurance, and a pension plan.

Since the policy premium is deducted from an individual's bank account, the documentation required is considerably reduced. 

Of the Rs 12 insurance premium, the insurer keeps Rs 10, pays Rs 1 to intermediaries like business correspondents and agents, and Rs 1 as reimbursement to banks for administrative expenses. 

The performance-to-potential ratio shows Indian Bank, State Bank of Bikaner & Jaipur, and Bharatiya Mahila Bank as the top three banks in generating enrolments for the Pradhan Mantri Suraksha Bima Yojana. Others among the top 10 include Andhra Bank, Dena Bank, and State Bank of Patiala. 

Public sector banks have outperformed private ones in enrolments.

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