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A Descriptive Study on Prime Minister Modi's PMJJBY, PMSBY Insurance Schemes

Author

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  • R.Anitha

    (Sri Sarada Niketan College of Science for Women)

Abstract

Insurance is a commercial means for relocating risks and covering fiscal losses. In India, a number of Government supported insurance schemes have been initiated over the last decade. Higher insurance penetration achieved through a widening of social security net will help increase domestic savings, which again can be used for infrastructure funding and other big-ticket development plans. The Indian insurance industry witnessed a great transformation when the Prime Minister Narendra Modi launched flagship schemes- Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeewan Jyoti Bima Yojana (PMJJBY). PMSBY is very much like a health insurance product offering you the accidental insurance cover of Rs 2 lacs with a nominal premium of Rs 12 per annum, while PMJJBY is a life insurance product offering you cover of Rs 2 lacs at a higher but very manageable yearly premium of Rs 330. This research is mainly made to know the impact and implementation of insurance schemes.

Suggested Citation

  • R.Anitha, 2017. "A Descriptive Study on Prime Minister Modi's PMJJBY, PMSBY Insurance Schemes," Shanlax International Journal of Commerce, Shanlax Journals, vol. 5(4), pages 183-191, October.
    • Handle: RePEc:acg:sijcom:v:5:y:2017:i:4:p:183-191
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