It is renewal time for the Modi government’s low-cost life and accident insurance schemes, launched last year.
About 12.50 crore policies subscribed under the schemes will be automatically renewed if the bank accounts have the required balance.
Government data on the gross enrolments reported by banks up to May 5, show that total subscriptions to the Pradhan Mantri Jivan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), and the low-cost pension scheme Atal Pension Yojana stood at about 13 crore .
