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Nelito’s solutions for PMJJBY and PMSBY

Updated On : January 2016  |  by Amol S. Khanvilkar

Nelito offers co-operative as well as public and private banks with the solution required for implementing Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). Nelito has developed the interphase which is compatible with banks core banking system and talks to LIC’s server to register and track the service.

Details of PMJJBY and PMSBY

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is one of the several ambitious social security programs initiated by Government of India. It is basically a term life insurance policy that can be renewed either on a yearly basis or for a longer period of time. It will provide life insurance coverage on the death of the policy holder. Life Insurance Corporation of India (LIC) will be offering the plan. The LIC or the other insurers will finalize the claims settlement and administration procedures, which are expected to be simple and friendly towards the subscribers.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) will enable people to avail benefits of accident insurance worth Rs 2 lac at only Rs 12 per year. Under this scheme, people will be given Rs 2 lac for accidental death or full disability. If the subscriber suffers partial disability he will be entitled to Rs 1 lac. The scheme will be available to those bank account holders whose age group is 18 to 70 years. The premium in PMSBY will be collect through ‘auto debit’ facility. The annual period of insurance for all the three social security schemes will be from June 1 to May 31. Also, the person would be able to enroll these three schemes through one savings bank account only.

As per the statistics put out by Ministry of Finance, only 20 per cent citizens have Life Insurance, 11 per cent workers gave Pension Schemes, and only 4 per cent citizens have Accidental Insurance. In order to reach out to the masses especially poor and rural population, the scheme comes as a boon to the backward class.

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