Who Implemented PM Jeevan Jyoti Bima Yojana and Why?
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-provided life insurance program in India, launched on May 9, 2015. Formerly, insurance covered only 20% of Indians; the then Finance Minister first put forth the idea during his budget speech in 2015. The PMJJBY was introduced to enhance life insurance penetration among citizens.
Prime Minister Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), established in 2015, is a one-year life insurance policy renewed yearly and provides death coverage. Both public and private insurance organizations manage Prime Minister Jeevan Jyoti’s insurance scheme in collaboration with scheduled commercial banks, regional rural banks, and cooperative banks.
The government has placed a strong emphasis on the insurance industry as most of the population lacks access to insurance coverage. This Prime Minister’s insurance yojana was designed to encourage the spirit of inclusive growth in parallel with the ‘Sabka Saath Sab ka Vikas‘ and include the impoverished and underprivileged sections of society. The government contributed to this scheme by paying Rs. 14,144 crores in claims under PMJJBY.