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Centre has increased the premium rates for its flagship insurance schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), for the first time in seven years due to “long-standing adverse claims experience. The premium for PMJJBY would increase from Rs 330 to Rs 436 a year effective June 1, and the PMSBY premium would rise from Rs 12 to Rs 20. PMJJBY provides life insurance cover worth Rs 2 lakh to all account holders aged 18-50 years. PMSBY provides accident cover of Rs 2 lakh to account holders aged 18-70 years.
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