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GOVERNMENT BACKED INSURANCE SCHEMES AS
SOCIAL SECURITY MEASURES: AN ANALYSIS
(PMJJBY AND PMSBY) Dr.Samir Kumar
1, Dr.Sandeep Nath Modi
2
1Sr.Manager,
2Manager, Syndicate Bank, is Presently on Deputation as Faculty,
National Institute of Financial Management, Ministry of Finance,
Government of India, Faridabad, Haryana
ABSTRACT
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY ) and Pradhan Mantri Suraksha Bima Yojana (PMSBY)
are two Government of India backed flagship insurance schemes, which were launched in May 2015 after the
historic success of saving account opening (Approx. 25.98 Crore by 14th
December 2016) under PMJDY
(Pradhan Mantri Jan Dhan Scheme).The objective of the present study is to analyse the progress made under
both schemes as on 14.12.2016, the performances of the participating instituitions , similarities and
dissimilarities between both schemes and cost advantage of insurance premium to be paid under both
schemes in comparison to other private players . The present study also investigates the performance in terms
of coverage under PMJJBY and PMSBY schemes for the saving accounts opened under PMJDY. Three field
based case studies ,one under PMJJBY and two under PMSBY, have also been discussed which shows the ease
of process of claim settlement in favour of nominee ,assuring the pious concept of social security behind these
schemes. This is a noble scheme that aims to bring the uninsured into the mainstream insurance scheme much in
line with the prestigious PM Jan Dhan Yojana and is actually a continuation of the latter. The Scheme has so
far succeeded for at least those living below poverty line in far flung areas with a sigh of relief in case of event
of accidents in their life. PMJJBY and PMSBY have benefitted to the common mass in terms of settlement of
claims under Death and Accidental cases.
Key Words: Insurance Schemes, Insurance Claims, Public Sector Banks, Private Sector Banks, RRBs.
JEL Classification: G22, I13, O18, R20
I. BACK DROP:
The Pradhan Mantri Jan Dhan Yojana (PMJDY) sets out to provide a basic Bank account to every family who
till now had no account. The bank account comes with a RuPay debit card with a built-in accidental cover of Rs
1 lakh. During the launch of the PMJDY scheme on 28.08.14 in New Delhi, Hon’ble Prime Minister announced
a life cover of Rs. 30,000/- with the RuPay Card for all those who subscribe to a bank account for the first time
during the period 15th August, 2014 to 26th January, 2015. Pradhan Mantri Jeevan Jyoti Bima Yojana
(PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) are two Government of India backed flagship
insurance schemes, which were launched in May 2015 after the historic success of saving account opening
(Approx.25.98 Crore by 14th December 2016) under PMJDY (Pradhan Mantri Jan Dhan Scheme).
II. OBJECTIVE OF THE STUDY:
To find out performance of PSBs, RRBs, Private Banks and Foreign Banks in terms of Number of
Accounts opened under PMJDY.
To analyse the position of Zero Balance Accounts under PMJDY by PSBs, RRBs, Private Banks and
Foreign Banks.
To assess the Progress under credit balance in Accounts opened under PMJDY Accounts.
To compare Performance of Selected Banks under Jan Dhan Yojana.
To identify the number of accounts covered / Enrolments made under PMJJBY and PMSBY Govt.
Insurance Schemes by PSBs, RRBs, Private Banks and Foreign Banks.
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To establish Performance of Insurance companies in respect to Claims Reported, Paid, Rejected and
Outstanding Claims.
To make Comparative analysis of Cost of Insurance coverage for Rs 2, 00,000/ (Rupees Two lakh only)
by different private players versus PMJJBY & PMSBY.
III. DATA COLLECTION
Secondary Data has been used for the study purpose mainly available on Government Portals for the period
2015-2016.
IV. LIMITATIONS OF THE STUDY:
This study does not cover behavioural aspects of people opting for Insurance schemes like PMJJBY &
PMSBY.
State wise performance of the schemes is not available.
Relevancy of the data will decrease over the period of time as Government may focus its energy on some
other Government Schemes.
V. PERIODIC PERFORMANCE UNDER VARIOUS PARAMETERS:
Table - 1: Performance Parameters for Pradhan Mantri Jan Dhan Yojana (PMJDY) Scheme
(As on 14-12-2016)
(All Figures in Crores)
Parameters
Numbers
of
Accounts
Number of
Accounts with
Zero Balance
Credit Balance
in Accounts
% of zero
balance
accounts
No of accounts opened by PSBs 20.70 11.76 57988.45 23.42
No of accounts opened by RRBs 4.41 2.17 13411.12 20.04
No of accounts opened by Private
Banks
0.87 0.37 2723.55 34.66
No of accounts opened by Foreign
Banks
NA NA NA NA
Total
25.98 14.30 74123.12 23.22
(Source: http://pmjdy.gov.in/account) Observation: - Account Opening under PMJDY has been entered under Guinness Book of World Records in
2015. As on 14-12-2016 a total of 25.98 crores new accounts under PMJDY has been opened having a credit
balance of Rs.74, 123.12 crores. Zero balance account constitute 23.22 % of total number of Accounts. Focus
has to be given on reducing Zero Number of Accounts by Government, Banks so that people may take
advantage of Banking channels, Insurance Schemes and other benefits like Rupay ATM Debit Card, Overdraft
Scheme on PMJDY.
Table – 2: Progress under Number of Accounts opened under Jan Dhan Yojana (All Figures in Crores)
Parameter -1 Numbers of Accounts
As on
31.12.15
As on
14.12.16
% Change
No of accounts opened by PSBs 15.85 20.70 +30.60
No of accounts opened by RRBs 3.60 4.41 +22.50
No of accounts opened by
PRIVATE Banks
0.74 0.87 +17.57
No of accounts opened by foreign
Banks
NA NA NA
Total 20.19 25.98 +28.68
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(Source: http://pmjdy.gov.in/account)
Interpretation: - It is clear from the table that there is an overall increase of 28.68% on year
to year basis for opening of PMJDY Accounts. Highest growth has been achieved by PSBs
(+30.60% growth) in comparison to their Peer Banks viz. RRBs (+22.50% increase) and
Private Banks (+17.57% growth). It can be inferred that PSBs are driving the pace of
Financial Inclusion. Table – 3: Progress under Number of Accounts with Zero Balance
(All Figures in Crores)
(Source: http://pmjdy.gov.in/account)
Parameter -2 Number of Accounts with Zero Balance
As on
31.12.15
As on
14.12.16
% Change
No of accounts having Zero
Balance by PSBs
5.04 11.76 +133.33
No of accounts having Zero
Balance by RRBs
0.99 2.17 +119.19
No of accounts having Zero
Balance by Private Banks
0.30 0.37 +23.33
No of accounts having Zero
Balance by Foreign Banks
NA NA NA
Total
6.33 14.30 +125.91
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Interpretation: - It can be inferred from Table 3 that there is a sharp increase in accounts in
zero balance with PSBs (+133.33% growth) from the period 31.12.2015 to 14.12.2016. RRBs
have also shown (+119.19% growth) increase in accounts with zero balance in comparison to
private players (+23.33% growth). Larger is the number of accounts with zero balance
coverage of Financial Inclusion smaller is the scope of Insurance claim under zero balance
accounts.
Table – 4: Progress under Credit Balance in Accounts
(All Figures in Crores)
(Source: http://pmjdy.gov.in/account)
Parameter – 3 Credit Balance in Accounts
As on
31.12.15
As on
14.12.16
% Change
No of accounts having
credit balance with PSBs
23753.97 57988.45 +144.21
No of accounts having
credit balance with RRBs
5203.45 13411.12 +157.74
No of accounts having
credit balance with Private
Banks
1151.03 2723.55 +136.62
No of accounts having
credit balance with Foreign
Banks
NA NA NA
Total
30108.45 74123.12 +146.19
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Interpretation: - There has been a remarkable increase in credit balance in PMJDY Accounts on y-o-y basis
with an overall increase of 146.19%. Maximum Increase being witnessed by Accounts opened by RRBs with a
y-o-y increase of 157.74%. Here a critical observation is that private banks showed a growth of 17.57% (as per
Table 2) in terms of number of account opening but growth under credit balance in these PMJDY accounts is
+136.62%. Similarly PSBs have shown a growth of 30.60% (as per Table 2) and achieved a growth under credit
balance in accounts is +144.21%.
Let’s have a macroscopic view of Bank wise performance under Jandhan Scheme as on 14.12.2016 which is
given in the Table No - 5
Table -5: Comparative Analysis of Performance of Selected Banks under JAN DHAN Yojana
(Source: http://www.pmjdy.gov.in/Account) Observation: - Private Banks need to open more number of Branches in Semi-Urban, Rural areas to widen the
coverage under Financial Inclusion so that the common mass may be benefitted of Insurance Scheme under
PMJDY.
6. PMJJBY and PMSBY: A Comparative Analysis
Banks Numbers of
Accounts opened
31.12.15
14.12.16
%
Change in
Numbers
Balance in Accounts as
(In Crores)
31.12.15 14.12.16
%
Change
in
Balance
% of
zero
balance
account
s as on
31.12.15
% of
zero
balance
account
s as on
14.12.16
%
change
in Zero
Balance
Account
Public Sector
Banks
Syndicate
Bank
39,65,4
40
41,70,950
5.18 713.43 1499.12 110.13 30.96 19.80 +36.05
SBI 4,78,66,
930
7,36,97,35
0
53.96 3624.14 10762.33 196.96 46.65 32.76 +29.77
PNB 1,22,61,
467
1,49,91,03
4
22.26 129.26 3547.48 2644.45 15.93 9.98 +37.35
BOI 99,89,5
29
1,55,39,44
7
55.56 972.88 3833.95 294.08 36.57 20.07 +45.12
Bank of
Baroda
1,13,84,
367
1,70,29,50
5
49.59 1975.20 5662.25 186.67 21.79 20.39 +6.42
Canara Bank 71,77,4
35
61,98,637
-13.64 1161.41 2262.53 94.81 16.19 13.73 +15.19
Dena Bank 34,19,7
57
36,47,646 6.66 435.22 832.13 91.20 36.44 26.54 +27.17
Union Bank of
India
56,73,8
58
62,72,210 10.55 669.84 1637.37 144.44 31.84 24.76 +22.24
Private Banks
ICICI Bank 25,86,0
72
31,57,739 22.11 171.25 258.70 51.07 40.74 37.71 +7.44
HDFC Bank 15,35,1
59
17,23,006 12.24 476.55 1115.99 134.18 33.21 28.09 +15.42
YES BANK 13,120 14,207 8.29 1.24 2.67 115.32 56.94 48.94 +14.05
AXIS Bank 5,66,51
6
6,44,005 13.68 65.66 256.08 290.01 36.09 38.43 +6.48
Foreign
Banks
Standard
Charted Bank
N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
HSBC N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
CITI Bank N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) are
government-backed accident insurance scheme in India. It was originally mentioned in the 2015 Budget speech
by Finance Minister in February 2015. It was formally launched by Prime Minister on 9 May in Kolkata. As of
May 2016, only 20% of India's population has any kind of insurance, these schemes aim to increase the number.
Table 6 given below makes a comparative analysis of the ongoing government backed insurance schemes,
PMJJBY and PMSBY.
Table: 6 - Comparative Analysis of PMJJBY and PMSBY
PMJJBY PMSBY
1. Details of the scheme
One year cover, renewable from year to year,
Life insurance cover for death due to any reason.
Offered / administered through LIC and other Life
Insurance companies.
Participating banks will be free to engage any such
life insurance company for implementing the scheme
for their subscribers.
one year cover, renewable from year to year
Accident Insurance Scheme offering accidental death
and disability cover for death or disability on account
of an accident.
Offered / administered through Public Sector General
Insurance Companies (PSGICs) and other General
Insurance
Participating banks will be free to engage any such
insurance company for implementing the scheme for
their subscribers.
2. Scope of coverage
All savings bank account holders in the age 18 to 50
years.
In case of multiple saving bank accounts held by
an individual in one or different banks, the
person would be eligible to join the scheme
through one savings bank account only.
Aadhar would be the primary KYC for the bank
account.
All savings bank account holders in the age 18 to 70
years.
In case of multiple saving bank accounts held by an
individual in one or different banks, the person would
be eligible to join the scheme through one savings
bank account only.
Aadhar would be the primary KYC for
the bank account.
3. Enrolment period
Initially on launch for the cover period 1st June 2015
to 31st May 2016, subscribers were required to enrol
and give their auto-debit consent by 31st May 2015.
Late enrolment for prospective cover which was up
to 31st August 2015, has been extended by Govt. of
India up to 31/05/2016.
The cover shall be for the one year period stretching
from 1st June to 31st May for which option to join /
pay by auto-debit from the designated savings bank
account on the prescribed forms will be required to
be given by 31st May of every year,
4.Enrolment Modality
To join / pay by auto-debit from the designated
savings bank account on the prescribed forms
will be required to be given by 31st May of
every year
Delayed enrollment with payment of full annual
premium for prospective cover may be possible with
submission of a self-certificate of good health.
To join / pay by auto-debit from the designated
savings bank account on the prescribed forms will be
required to be given by 31st May of every year,
Joining subsequently on payment of full annual
premium may be possible on specified terms.
Individuals who exit the scheme at any
Point may re-join the scheme in future years through
the above modality.
5. Benefits
Rs.2 lakhs is payable on member’s death due to any
reason.
Rs. 2 Lakh for death.
Rs. 2 Lakh for total and irrecoverable loss of both
eyes or loss of use of both hands or feet or loss of
sight of one eye and loss of use of hand or foot
Rs 1 Lakh for total and irrecoverable loss of sight of
one eye or loss of use of one hand or foot.
6. Premium
Rs.330/- per annum per member. Rs.12/- per annum per member.
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7. Progress made under PMJJBY and PMSBY: As we analyse the Table no 7, which shows the progress made under PMJJBY and PMSBY as on 14.12.2016, it
is evident from the table that PMSBY has been more popular than PMJJBY due to low premium and insurance
coverage up to 70 years of age. There has been an increase of 27.84% in PMSBY enrolments on y-o-y basis
while there has been an increase of 23.05% in PMJJBY enrolments.
Table—7: No of accounts covered under PMJJBY and PMSBY (as on 14.12.2016)
(Source: https://data.gov.in/catalog/progress-pradhan-mantri-jeevan-jyoti-bima-yojana-
pmjjby)
7. Master Policy Holder
Participating Banks will be the Master policy holder. Participating Banks will be the Master policy holder
8. Termination of assurance
On attaining age 55 years (age near birth day)
subject to annual renewal up to that date (entry,
however, will not be possible beyond the age of 50
years).
Closure of account with the Bank or insufficiency of
balance to keep the insurance in force.
In case a member is covered under PMJJBY with
LIC of India / other company through more than one
account and premium is received by LIC / other
company inadvertently, insurance cover will be
restricted to Rs. 2 Lakh and the premium shall be
liable to be forfeited.
On attaining age 70 years (age nearest birth day).
Closure of account with the Bank or insufficiency of
balance to keep the insurance in force.
In case a member is covered through more than one
account and premium is received by the Insurance
Company inadvertently, insurance cover will be
Restricted to one only and the premium shall be
liable to be forfeited.
9.Appropriation of Premium
Insurance Premium to LIC / insurance company
Rs.289/- per annum per member.
Reimbursement of Expenses to
BC/Micro/Corporate/Agent: Rs.30/- per annum per
member.
Reimbursement of Administrative expenses to
participating Bank: Rs.11/- per annum per member.
Insurance Premium to Insurance Company: Rs.10/-
per annum per member.
Reimbursement of Expenses to
BC/Micro/Corporate/Agent:Rs.1/-per annum.
Reimbursement of Administrative expenses to
participating Bank: Rs.1/- per
PMJJBY
31.12.15 14.12.16
%
increase
PMSBY
31.12.15 14.12.16
%
increase
No of accounts
covered by PSBs
and RRBs
2,22,47,800 2,79,85,448 +25.79 7,18,45,862 8,90,29,282 +23.92
No of accounts
covered by Private
Banks and Urban
and Rural
Cooperative Banks
27,44,700 27,67,792 +0.84% 46,83,747 88,05,094 +87.99
No of accounts
covered by foreign
Banks
-- -- -- -- -- --
Total 2,49,92,500 3,07,53,240 +23.05 7,65,29,609 9,78,34,376 +27.84
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Interpretation: - PSBs and RRBs have shown good growth in PMJJBY and PMSBY Enrolments on y-o-y basis
viz. 25.79% and 23.92% respectively. Whereas Private Banks and Others have not shown good performance in
PMJJBY i.e. 0.84% growth only while they have shown phenomenal performance in PMSBY at 87.99%.
Overall Performance may be considered as satisfactory in PMJJBY and PMSBY enrolments.
Table-8: Insurance Company-wise Data on Claims Reported, Paid, Rejected and Outstanding
as on 07-06-2016
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PMJJBY 1 2 3 4 5 6 7
Name of Life Insurer Reporte
d Paid
% Paid
Rejected
% Reject
ed
O/s
% O/s
Claims
1 BIRLA SUN-LIFE INSURANCE Co.Ltd 0 0 100 0 00 0 00
2 HDFC Life Insurance Co. Ltd 273 239 87.55 6 2.20 28 10.25
3 ICICI Prudential Life Insurance Co. Ltd 74 64 86.49 2 2.70 8 10.81
4 IndiaFirst Life Insurance Company Ltd 3,888 3,420 87.96 78 2.01 390 10.03
5 Life Insurance Corporation of India# 13,108 11,534 87.99 263 2.01 1,311 10.00
6 Max Life Insurance Co. Ltd 112 97
86.61 3
2.68 12 10.71
7 SBI Life Insurance Co. Ltd 8,625 7,589 87.99 173 2.01 863 10.00
8 Shriram Life Insurance Co. Ltd 0 0 100 0 00 0 00
9 Star Union dai-ichi Life Insurance Co. Ltd 3,477 3,056
87.89 71
2.04 350
10.07
10 Tata AIA Life Insurance Co.Ltd 0 0 100 0 00 0 00
Grand Total
29,557 25,999
87.96 596
2.02 2,962
10.02
PMSBY 1 2
3 4
5 6
7
Name of General Insurer Reporte
d Paid
% Paid
Rejected
% Reject
ed O/s
% O/s
1 Bajaj Allianz General Insurance Co Ltd 36 23 63.89 6 16.67 7 19.44
2 Cholamandalam MS 1 1 100 0 00 0 00
3 ICICI Lombard General Insurance Co Ltd 62 41
66.13 9
14.52 12
19.35
4 National Insurance Co. Ltd 1319 843 63.91 211 16.00 265 20.09
5 New India Assurance Co Ltd 1495 954 63.82 240 16.05 301 20.13
6 Reliance General Insurance Co Ltd 131 84 64.12 21 16.03 26 19.85
7 Tata AIG General Insurance Co Ltd 22 14 63.64 4 18.18 4 18.18
8 The Oriental Insurance Co. Ltd 857 548 63.94 137 15.99 172 20.07
9 United India Insurance Co Ltd 1667 1066 63.95 267 16.02 334 20.03
10 Universal Sompo General Insurance Co Ltd 403 256
63.52 65
16.13 82
20.35
Grand Total 5993 3,830 63.91 960 16.02 1,203 20.07
(Source :
http://jansuraksha.gov.in/claims-
reported.aspx)
Interpretation: - In case of PMJJBY overall Claim settled ratio is 87.96% whereas claim rejection ratio is
approximately 2% only and outstanding claim ratio is around 10%. This reflects a good work being done by
Insurance companies having PMJJBY Enrolments. While in case of PMSBY overall claim settlement ratio is
63.91% only whereas Claim rejection ratio is 16.02% and outstanding claim ratio is 20.07%. The Insurance
Companies needs to fasten the claim settlement process in PMSBY because 9.78 crore enrolments are there in
this scheme and work in common interest of public.
8. Comparative analysis of Cost of Insurance coverage for Rs. 2, 00,000/- (Two lakh only)
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One of the feature of the PMJJBY and PMSBY is the advantage of cost of Insurance. Table-6 shows that an
insurance coverage of Rs 2,00,000/- is possible under PMJJBY and PMSBY with a small premium of Rs 330/-
and Rs 12/- respectively while other players like LIC ,Bajaj Allianz , Birla Sun life are providing the life
insurance coverage of Rs 2,00,000/ with a premium of approx. Rs 6,001/-, Rs 25,000/ and Rs
4,597/respectively per year .
Table - 9: Comparative analysis of Cost of Insurance coverage for Rs 2, 00,000/ (Rupees Two
lakh only)
Institutions Premium
required
Period Cash
Back
Other Remarks
Under PMJJBY and
PMSBY by all
participating
Institutions
Rs 12 for
PMSBY by
UIICO
Rs 330 For
PMJJY by
LIC
One Year
Nil
In case of PMSBY Accidental insurance is
covered upto Rs.1.00 Lac (Total and
irrecoverable loss of sight of one eye or
loss
of use of one hand or foot)
LIC 6,001/- One Year Nil PLAN:0814 New Endowment Plan (Source
: www.licindia.in)
Bajaj Alliance 25,000/- One Year Nil Insurance Coverage is Rs.3.75 Lacs(Bajaj
Allianz Future Gain Source:
www.life.bajajallianz.com)
Birla Sun life 4,597/- One Year Nil Rs. 11 per day (Source :
www.insurance.birlasunlife.com
9. Case Studies based on Field Observation: Case: 1: This is a case of Public Sector Bank in Rural Area of Meerut Region. An account holder aged 48 years
took PMJJBY on 01.10.2015. He got an electric shock from electric poll and died while taking treatment in
Hospital on 05.02.2016. His nominee was his wife. She filed for a claim on 25.02.2016 under PMJJBY and got
a Claim of Rs.Two Lacs from Bank within a month of filing claim.
Case 2: This is a case of a Lady staff named Ms Manisha Rathore aged 30 years working as Temporary Part
Time Sweeper in Rural branch of Surat. She took PMJJBY on 15.07.2015. She met with an accident on road
and was hit on her head leading to death. Her mother who was the nominee of the account holder got a claim of
Rs.Two Lacs only after she filed her claim on 31.07.2015. This money is being utilised in meeting needs of
children of Late Manisha Rathore.
Case 3: This is a case of Private Sector Bank of Meerut city wherein an account holder who got insured under
PMSBY met with a severe accident and his left leg was damaged badly and had to be removed because of
infection. Since he was insured under PMSBY he was able to claim Rs. One Lac from Insurance Company
through Banks. Now he is running a small kirana shop in his native village after paying all expenses incurred
during the treatment.
10. Conclusion and Recommendations:
The launch of PMJDY in 2014 that made a history regarding opening of the no frill accounts is severely
criticised by the expert due the presence of Zero balance as well as increasing Dormancy status of the accounts
in absence of operation but it had definitely paved a way for the launch of PMJJBY and PMSBY. Availability of
a life Insurance coverage of Rs 2,00,000/(two lakh only ) with a small premium amount of Rs 12 and Rs 330
under these scheme is gaining popularity day by day due to cost advantage, easy access to scheme, facility of
auto debit towards premium payment as well ease of Claim Settlement. Following Suggestions are being made
for better Implementation of the Insurance Schemes –
More Number of Branches to be opened in Rural and Semi-urban areas by Private Banks and RRBs.
Financial Literacy Camps to promote these Schemes should be organised in Rural and Semi-urban
areas.
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Public Awareness regarding benefits of both these schemes.
There is a need for increase in the ratio of claim settlement against the claim reported.
Adoption of Villages or areas which are unbanked / not approachable by PSBs/ Private Banks/RRBs.
Annexure
Performance of Selected Banks under Enrolments under PMJJBY and PMSBY for
Year 2016-17 (as on 14-12-2016)
Banks
Accounts
Covered under
PMJJBY
Accounts
Covered under
PMSBY
1.Public Sector Banks
Syndicate Bank
38,349 70,490
SBI 1,73,550 1,50,214 PNB 5,495 12,09,177 BOI 39,238 88,282 Bank of Baroda 1,01,680 4,11,121 Canara Bank 27,958 62,392 Dena Bank 27,498 37,191 Union Bank of India 82,172
59,612
Total 4,95,940 21,76,761
2. Private Sector Banks :
ICICI Bank 0 0
HDFC 19,502
53,501
YES BANK 62
87
AXIS Bank 7,163
6,865
Total 3.Foreign Bank Standard Chartered Bank 0 0 Others 0 0 Total 0 0
(Source -http://jansuraksha.gov.in/claims-reported.aspx)
References:-
Financial Inclusion, World Bank Group, World Bank Publications, 2013, ISBN:
9780821399859, 0821399853
Financial Inclusion, Inclusive Growth and the Poor , New Century Publication, 2014,
ISBN: 9788177083675, 8177083678
http://financialservices.gov.in/
http://jansuraksha.gov.in/
http://pmjdy.gov.in/
http://rbi.org.in
http://www.licindia.in/Products/Insurance-Plan/n-endowment
www.life.bajajallianz.com
www.insurance.birlasunlife.com
http://documents.worldbank.org/
https://en.wikipedia.org/wiki/
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http://economictimes.indiatimes.com/news/economy/finance/government-extends-last-
date-for-pmjjby-and-pmsby-enrolment-further/articleshow/50417908.cms
http://www.dnaindia.com/money/report-should-you-invest-in-pradhan-mantri-jeevan-
jyotibima-suraksha-bima-yojana-2091077