Ahmedabad: A record 6.98 Lakh Enrollment has been reported in Gujarat in the Life Insurance scheme supported by the government, Pradhan Mantri Jeevan Jyoti Bima Yojana, in the year of Pandemis.
According to data provided in the latest state-level banker committee report, the number of registration grew from 30.6 lakh in 2019-20 to 37.59 lakh at 2020-21.
“Fear will covid encourage many people to choose life insurance policies, especially those who don’t have it before,” said M Bansal, Convener, SLBC-Gujarat.
“At the same time, awareness about having an improved life insurance cover among people.” He added: “Lately, bankers have received customer approval for registration in the insurance scheme supported by the government right when opening their bank account.” As a consequence, the Bansal said, the number of registration sees a significant wave.
PMJJBY provides RS 2 Lakh’s life insurance protection, as part of the Central Social Security Scheme with the Nominal Premium RS 330.
“Many people lose their lives in pandemics.
So more people choose life insurance schemes.” Bankers said the increased uncertainty because the pandemic was a factor.
The number of inns claims also rose 38% from 16.327 last May until 22,476 this May.
“Obviously, because many people lose their lives, the number of claims will definitely grow,” said a source at SLBC.
About 4.72% of claims are rejected.
The main reason for rejection is death within 45 days of policy initiation.