Review Meet

Finance minister asks states, insurance companies to expedite settlements of claims under key schemes

During a Review Meet of the (PMGKP) Insurance Scheme for health workers fighting the pandemic.

The minister observe that only 419 claims amounting to Rs 209.5 crore have been pay so far under this scheme.

(Deposit in the account of their nominees).

Review Meet

Finance minister Nirmala Sitharaman on Saturday ask insurance companies to expedite settlements of claims under key schemes.

She also direct states to take up Covid19 claims of health workers on a priority basis.

Make maximum use of a simplify mechanism that has put in place.

In a virtual meeting with chiefs of public and private insurers

The minister said 1.2 lakh claims amounting to Rs 2,403 crore have been pay to beneficiaries of the (PMJJBY) at a disposal rate of 99% since the pandemic start spreading its tentacles in April 2020.

Faster claim settlements have assume greater significance

In recent months, given the ferocity of the pandemic that has claim 3.44 lakh lives in the country.

Under the PM Suraksha Bima Yojana (PMSBY), 82,660 claims worth Rs 1,629 crore have been settle as of May 31.

The PMJJBY and PMSBY were launch in 2015 to provide life and accidental insurance covers

Respectively, of Rs 2 lakh each to beneficiaries for an annual premium of only Rs 330 and Rs 12, respectively.

As of May 5, total enrolment stand at 23.37 crore under the PMSBY and 10.33 crore under the PMJJBY.

During a review of (PMGKP) Insurance Scheme for health workers fighting the pandemic.

The minister observed that only 419 claims amounting to Rs 209.5 crore have been pay so far under this scheme.

To tackle the issue of delay on part of states in sending documents

Sitharaman said a new system has been put in place whereby a simple certificate from the district magistrate and endorse by the nodal state health authority will be sufficient to process these claims.

Sitharaman also stress the importance of streamlining the process and documentation requirements under the schemes so that the claims are disbursed speedily.

Review Meet

The finance ministry said in a statement

Appreciating the recent efforts made by insurance companies and banks in speedy processing of claims.

She said that insurance company officials should continue being sympathetic while providing services to nominees of deceased policy holders, especially during pandemic period.

She also appreciated the initiatives taken recently to facilitate claims processing under PMJJBY.

PMSBY during the pandemic including processing of claims by insurers within 7 days instead of 30.

End-to-end digitization of the claim settlement process between banks.

Insurance companies and claim documents transmission via email/App.

Public sector insurance companies are going to implement API-base App for claim transmission by June 2021.

Rationalize forms and simplify claims process issue shortly adding attending doctor’s certificate.

Certificate issue by DM/authorize officer, in lieu of death certificate to be consider for the fast settlement of claim.

These claim amounts provide much-needed financial relief to nominees who have lost near.

Dear ones, and the government’s steps will enhance the ease and speediness of this process, it added.

PMJJBY and PMSBY were launch in 2015 to provide life and accidental insurance covers respectively of Rs 2 lakh each to all beneficiaries enroll under the schemes through their bank with annual premium of only Rs 330 and Rs 12, respectively.

The objective is to ensure that more and more persons working in the unorganized segment get the much-needed financial security of Rs 4 lakh by enrolling themselves under PMJJBY and PMSBY at a premium of less than Rs 1 per day.

Review Meet

Through the government’s financial inclusion programmes, while over 42 crore bank-accounts have been open under Pradhan Mantri Jan Dhan Yojana (PMJDY), cumulative enrolments under PMJJBY and PMSBY are 10 crore and 23 crore respectively.

With Jan Dhan-Aadhaar-mobile linking, the beneficiaries of different government schemes are receiving the government support directly in their bank-accounts.

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