Page 39 - Life Insurance Today January 2018

PM Bima schemes response tepid Bundled insurance prod-

The response to three schemes coverage in the case of accidental ucts offer convenience
launched by the government on the death, and full or partial disability at HDFC Standard Life Insurance and
Jan Dhan Yojana platform two years Rs 2 lakh and Rs 1 lakh, respectively. Apollo
ago has not been upto expectations.
The scheme has an annual premium Munich
The three - the of Rs 12, and open for Health In-
Pradhan Mantri people of the age 18- sur ance
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 pr oduct
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 No- 18-50. The scheme provides a life “Both the companies are offering
vember, the enrolment in the Jan cover of Rs 2 lakh, against an annual their flagship products through one
Dhan Yojana was about 306 million. premium 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 re- subscribers and also the opportunity ecutive officer Apollo Munich Health
lease. The government has now given of higher earnings in case the rate of Insurance.
banks specific targets for enrolment return is higher than 8 per cent at the As far as the life portion goes, the
under the APY. time of maturity, after staying in- prospective policyholder can choose
vested in the scheme for 20-42 years.
"Like private banks, we have now only a term plan. The individual also
been given specific targets for enrol- Under the APY, the subscribers would gets a five per cent discount on the
ment in the APY. We are organising receive a fixed minimum pension of Rs premiums for buying this bundled
special camps for it. However, the 1,000-5,000 per month, depending on product. The discount makes the
problem is that people in general do their contributions. pricing competitive. But a customer
not have an awareness about pension "While people have been willing to can still find a cheaper health and
products," according to an executive spend as little as Rs 12 for an accident life insurance product in the market.
of a public 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 re- venience over premiums, then you
better response because of its low quires a higher premium," said an ex- can look at a separate life and
premium. The scheme provides risk ecutive of a public sector bank. health insurance.

Life Insurance Today January 2018 39

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