IndiaFirst Life Settles Rs. 161 Crore Claim under PMJJBY Scheme

Private sector life insurer, IndiaFirst Life Insurance today said it has settled claims amounting to Rs 161 crore and supported around 8,000 families under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme so far. Moreover, the company has witnessed an enrolment of more than 2 million lives under the group scheme for the current policy period which began early this month.

Over the last 2 years, the company has settled a claim of Rs 161 crore and supported around 8,000 families under the scheme, a company statement said. PMJJBY, the financial inclusion scheme promoted by the government was launched in June 2015. India First Life Insurance has begun its third year of enrollment now.

The scheme provides life cover of Rs 2 lakh at an annual premium of Rs 330.

"IndiaFirst Life has been participating in the financial inclusion movement in line with the government's initiatives to ensure a financially secure India," RM Vishakha, managing director and chief executive, IndiaFirst Life Insurance said.

"We are aligned with the government's vision of making insurance not only affordable, but also simple, accessible and efficiently serviced for the mass market," she added. The company serviced more than 2.3 million lives in the past two policy periods (June'15-May'16) and (June'16-May'17).

According to Vishakha, "it is gratifying to witness customers reposing faith on us, for the third continuing year. We have been consistently servicing our customers under PMJJBY scheme through seamlessly integrated technology combined with the low cost distribution model.