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IBA LTR No 0085 DT 09052023 - Action Plan For PMJJBY PMSBY
IBA LTR No 0085 DT 09052023 - Action Plan For PMJJBY PMSBY
,.
Chairman/
Managing Director & CEOs
All member Banks
We refer to the communication received from the Department of Financial Services (DFS),
Ministry of Finance (MoF), GoI, regarding 'Action Plan for renewal afrd the period of auto debit
of premiums under the PMJJBY and PMSBY schemes. A copy of the DFS letter dated 08.05.2023
is enclosed for ready reference.
2. DFS has advised that in order to ensure that the subscribers of the said schemes (PMSBY
and PMJJBY) renew their subscriptions for the next year (June 2023 to May 202$ by
implementing the following action plan so that sufficient funds are available in the subscriber's
bank accounts for auto debit of the renewal premium of Rs. 436.00 for PMJJBY and Rs. 20.00 for
PMSBY schemes between 25.05.2023 and 0l .06.2023 :
b Banks/ Post Offices and Insurers to act in unison and utilise their IT infrastructure for sending
SMS/ voice blast-based messages in vernacular languages for renewal of schemes.
Reminders may be sent by email in case email ids are available;
d. Banks to focus more on those accounts where auto debit advice has been received but they
have insufficient balance for auto debit of premium under these schemes.
3. Further, DFS has also advised that the above action plan to be followed also to enrol all
uncovered account holders under the PMSBY and PMJJBY schemes.
4. In this context, may we request the member Banks to initiate suitable action to enable
seamless renewal of the existing insurance coverages / policies. Member Banks are also request to
inform their sponsored RRBs suitably in the maffer for compliance.
faithfully,
Anba
Banking)
Stadium House,.Block Il & lll, 6th Floor, 81-83, V. N. Road, Churchgate, Mumbai - 400 020. .Tel.:022 6951 5163 to 6951 5190 . Website: www.iba"org.in
F. No. H-12011/2/2015-Ins.II (E 300506009)
Govemment of India
Ministry of Finance
Department of Financial Services
Insurance-Il Section
Jeevan Deep Building,2nd Floor
Sansad Marg, New Delhi-110 001
Dated: 8tt, May,2023
To
1. Govemor, Reserve Bank of India
2. Secretary, Department of Posts
3. Chairman, NABARD
4. Chairman, Life Insurance Corporation of India
5. Chief Execud.ve, Indian Banks' Association
6. Chief Execudve, General Insurance Public Sector Association
7. Secretary General, Life Insurance Council
8. Sectetary General, General Insurance Council
9. Chief executives of all insurance companies
(through the Life and General Insutance Councils and the General Insurance Public
Sector Association)
10. Chief executives of all implementing commercial banks
(through the Indian Banks' Association)
11. Chief executives of all implementing urban co-operative banks
(through the Reserve Bank of India)
12. Cl'ttef executives of all implementing rural co-operative banks
(through NABARD)
Sub: Action Plan for ensuring renewal of insurance under PMSBY/ PMJJBY for all
the enrolled subscribers- reg.
Madam/Sir,
Pradhan Manui Jeevan Jyoti Bima Yoiana @MJJB\) and Pradhan Mantri Suraksha
Bima Yojana @MSB! were launched by the Prime Minister on 9.5.201.5 as social security
insurance schemes targeted especially at the poor and the under-privileged, with a view to
move towards a universal social security system. As on 26th April, 2023, Cumulative enrolment
reported by Banks is over 16 crore under PMJJBY and over 34 crore under PMSBY totalling
over 50 crore.
2. This Department has been receiving requests from banks and Department of Post
through the Jan Suraksha Mission office seeking clarification regarding the renerval of the
schemes PMJJBY and PMSBY and the period of auto debit of premiums under the schemes.
3. In order to ensure that subscribers to these schemes renew their subscriptions for the
next year and sufficient funds are accordingly available in their bank / post office accounts for
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auto debit of premium by lstJune, 2023, the following Action Plan may be implemented by
all the banks / post offices and insurance Companies:
(i) Renewal drive to be undertaken immediately to publicize and make subscribers a'ware of
the need to keep sufficient balance in their bank / post office accounts for auto debit of
the renewal premium of Rs. 436/- for PMIJBY and Rs.20/- for PMSBY between 25th
May, 2023 and 1 st Jun e, 2023.
(ii) Banks / post offices and insuers to act in unison and utilise their IT infrastructure for
sending SMS/ voice blast based messages in vernacular languages for renewal of schemes
and the need to have sufficient balance in their bank / post office accounts for auto debit
of the renewal premium of Rs. 436/ - for PMJJBY and Rs.20/- for PMSBY benveen 25th
May,2023 and 1stJune,2023. Reminders to be sent by email in case email ids are available.
(iv) Banks / post offices to focus more on those accounts rvhere auto debit advice has been
teceived but they have insufficient balance for auto debit of premium under these schemes.
4. AII participating banks, insurance companies and Department of Post are requested to
initiate necessaly action in order to implement the above-mentioned Action Plan to ensure that
not only existing subscribers to these schemes renew their subscriptions for the next year but
all uncovered account holders are also brought under this insurance cover.
5. IBA, GIPSA, Life Insurance Council and General Insurance Council may kindly inform
all their respective members. NABARD and RBI may kindly inform all rural and urban
cooperative banks and Department of Post may inform their Post offices rvho are participating
in these social security schemes.
Yours sincerel ,
2a
oy
Under Secretary to Government of India
Tel. 011-23748789
Email usins 1 -dfs@nic.in
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Copy,,uvith enclosures, to:
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