Banks to implementation of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) from 01.06.2015

RBI/2014–15/585 DCBR.BPD (PCB ) Cir.No.8/12.05.001/2014–15

May 5, 2015

Modal­i­ties for imple­men­ta­tion of Prad­han Mantri Jee­van Jyoti Bima Yojana (PMJJBY) and Prad­han Mantri Surak­sha Bima Yojana (PMSBY)

Gov­ern­ment of India, Min­istry of Finance intends to roll out Prad­han Mantri Jee­van Jyoti Bima Yojana (PMJJBY) Scheme and Prad­han Mantri Surak­sha Bima Yojana (PMSBY) from June 1st, 2015. Prad­han Mantri Jee­van Jyoti Bima Yojana (PMJJBY) Scheme offers life insur­ance worth Rs 2 lakhs at Rs 330 per annum while Prad­han Mantri Surak­sha Bima Yojana (PMSBY) offers acci­dent insur­ance worth Rs 2 lakhs at Rs 12 per annum. The schemes will be imple­ment­ed by mem­ber banks in accor­dance with the pre­lim­i­nary rules and terms finalised by the Gov­ern­ment, the copies of which are enclosed, for your infor­ma­tion and nec­es­sary action. The rules, roles and respon­si­bil­i­ties assigned to the banks for imple­ment­ing the scheme are also men­tioned therein.

2. As the schemes have to be imple­ment­ed in a sys­tem dri­ven IT mode, the UCBs in co-ordi­na­tion with the insur­ance com­pa­nies con­cerned would also be required to intro­duce the nec­es­sary mod­ule for this pur­pose in their CBS pack­age and in the soft­ware for the hand­held devices of BCs to enable on-line enrol­ment etc. The acknowl­edge­ment slip may be made into an acknowl­edge­ment slip cum cer­tifi­cate of insurance.

3. All Pri­ma­ry Urban Coop­er­a­tive Banks not oper­at­ing under direc­tions u/s 35 A of BR Act,1949(AACS) with full CBS imple­men­ta­tion and hav­ing capa­bil­i­ties to build nec­es­sary mod­ules in the CBS/hand held devices soft­ware for banks and BCs for the roll out of these insur­ance schemes by May 31, 2015 may par­tic­i­pate in these schemes. Such UCBs are advised to final­ize MOUs with LIC/GIPSA or any oth­er Insur­ance Com­pa­nies of their choice who are will­ing to offer the prod­uct on sim­i­lar terms with nec­es­sary approvals and tie ups with UCBs for this pur­pose as men­tioned in the schemes.

4. UCBs may appoint a Nodal Offi­cer for imple­men­ta­tion of the schemes and fur­nish to our Region­al Offices the full details such as name of the bank, address, name of the Nodal Offi­cers with details of their tele­phone num­bers, email address­es etc. for onward trans­mis­sion to Min­istry of Finance, Gov­ern­ment of India.

5. The details of the schemes are avail­able at web­site www.jansuraksha.gov.in/www.financialservices.gov.in.