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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)

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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)

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

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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(Source: http://pmjdy.gov.in/account)

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)

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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(Source: http://pmjdy.gov.in/account)

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)

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.

356 | P a g e

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

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

357 | P a g e

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)

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.

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.

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Table-8: Insurance Company-wise Data on Claims Reported, Paid, Rejected and Outstanding

as on 07-06-2016

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.

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8. Comparative analysis of Cost of Insurance coverage for Rs. 2, 00,000/- (Two lakh only)

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.

361 | P a g e

Financial Literacy Camps to promote these Schemes should be organised in Rural and Semi-urban

areas.

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/

362 | P a g e

https://en.wikipedia.org/wiki/

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