Page 14 - Insurance Times January 2018 Sample

PM Bima schemes response tepid Bundled insurance prod-

The response to three schemes age in the case of accidental death, ucts offer convenience
launched by the government on the and full or partial disability at Rs 2 lakh HDFC Standard Life Insurance and
Jan Dhan Yojana platform two years and Rs 1 lakh, respectively. Apollo
ago has not been upto expectations. The scheme has an annual premium of Munich

The three - the Rs 12, and open for Health In-
Pradhan Mantri people of the age 18- surance
Jeevan Jyoti Bima 70. According to the have come
Yojana (PMJJBY), government data, together to
Pradhan Mantri among the about 112 offer a
Suraksha Bima Yojana million enrolled, so far combined
(PMSBY), and Atal the government has product
Pension Yojana (APY) - settled claims for that takes care of health as well as
were meant to pro- about 13,090 against life insurance needs of an individual.
vide insurance and pension to the eco- 17,689 claims. By filling a single form and undergo-
nomically weaker sections of society. ing just one medical test, if required,
As regards the PMJJBY, the premium is
The schemes were aimed to give uni- slightly high compared to the PMSBY. an individual can avail Click2Protect
versal social security, especially to the It is open for people in the age group Health by paying a single premium.
unorganised sector. Notably, in Novem- 18-50. The scheme provides a life cover “Both the companies are offering
ber, the enrolment in the Jan Dhan of Rs 2 lakh, against an annual pre- their flagship products through one
Yojana was about 306 million. mium of Rs 330. As of November, policy. For customers, it works like
Against this, in the same month, the against the enrolment of about 35 one policy but at the back, they are
enrolment in the PMSBY was about million, the government settled claims two independent products. In the
112 million, while that of the PMJJBY of about 76,096 applicants, against policy document, on one side are
was about 35 million, according to the claims by about 82,828 individuals. the details of health insurance with
data with the government. The Atal Pension Yojana is a pension premium charged. On the other is
The enrolment under the APY was scheme that offers a guaranteed rate information pertaining to life insur-
around 6 million till August 2017, ac- of 8 per cent assured return for the ance,” says Antony Jacob, chief ex-
cording to a government press release. subscribers and also the opportunity of ecutive officer Apollo Munich Health
The government has now given banks higher earnings in case the rate of re- Insurance.
specific targets for enrolment under turn is higher than 8 per cent at the As far as the life portion goes, the
the APY. time of maturity, after staying invested prospective policyholder can choose
in the scheme for 20-42 years.
"Like private banks, we have now been only a term plan. The individual also
given specific targets for enrolment in Under the APY, the subscribers would gets a five per cent discount on the
the APY. We are organising special receive a fixed minimum pension of Rs premiums for buying this bundled
camps for it. However, the problem is 1,000-5,000 per month, depending on product. The discount makes the
that people in general do not have an their contributions. pricing competitive. But a customer
awareness about pension products," "While people have been willing to can still find a cheaper health and
according to an executive of a public spend as little as Rs 12 for an accident life insurance product in the market.
sector bank. coverage scheme, not many are will- If you are fine with sacrificing con-
In general, the PMSBY has received a ing to purchase a scheme that requires venience over premiums, then you
better response because of its low pre- a higher premium," said an executive can look at a separate life and health
mium. The scheme provides risk cover- of a public sector bank. insurance.

14 The Insurance Times, January 2018

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