More than 30% life insurance claims in a social security cover that Prime Minister Narendra Modi launched in 2015 were made within the first 30 days of a person joining the scheme, industry data show.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), an insurance cover for less than Rs 1 a day, collected premium of about Rs 970 crore till the first week of January while more than Rs 190 crore was paid in claims, which means an outflow of 19.6%.
It was launched in May 2015.
Sources said revised data reflect a larger claim ratio, likely to be significantly higher than 19.6%.
This is a worrying sign since less than 1% claims comes within the first month for regular life insurance policies.
