Fact Check: Misleading Viral Post Claims Government Insurance Scheme May Be Availed for COVID-19 Deaths
Maya M
28 April 2021
A message is being circulated widely on WhatsApp and other social media with a claim that the benefits under two of the prime minister s (PM s) schemes the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) can be claimed for COVID-related deaths.
The advisory post reads “If someone in close relative/friends circle has died due to Covid-19 or for any reason, ask the bank for an account statement or passbook entry from 01-04 to 31-03 of the financial year. Seeing the entry of Rs. 12/- or Rs. 330/- , mark it, Go to the bank and Claim for Insurance Rs 200000.
SBI District Sales Hub opened - The Hindu thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
ISSUE DATE: March 22, 2021
UPDATED: March 14, 2021 11:09 IST
Illustrations by Tanmoy Chakraborty
The Modi government is not looking to divest stake in Life Insurance Corporation (LIC) purely as a fiscal measure; it has also announced far-reaching reforms in the insurance sector in Budget 2021. Finance minister Nirmala Sitharaman proposed hiking the foreign direct investment (FDI) limit in the domestic insurance sector from the current 49 per cent to 74 per cent, a move that would attract additional capital and help insurers maintain adequate solvency margins and invest in technology and product innovations.
The government also plans to privatise one of the five general insurance companies. The Centre has said that 50 per cent of company boards (under the new FDI norms) will be independent directors, and all key people will be Indians. A specified percentage of the profits of the insurance JV will also be retained as a general reserve.
Over 55 lakh will benefit from accident-cum-life insurance plan thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
WhatsApp is on its way to rolling out micro-pension products for the Indian masses In spite of a robust fintech ecosystem, no startup has attempted to cater to an underserved Indian market
WhatsApp could be facing tough challenges as the low-income population lacks financial awareness and the habit of saving
When messaging giant WhatsApp announced its foray into micro-pension products in December 2020, it turned out to be a first-of-its-kind initiative in the Indian fintech space. This is surprising, given the massive depth and reach of the sector. India has 2,000+ fintech startups, and they collectively raised more than $2.1 Bn in 2020, the year of the pandemic, which resulted in an unprecedented slowdown. Moreover, the requirement is already here. From a young demographic in its late 20s in 2019, the Indian population will comprise 20% senior citizens by 2050. Add to that poor financial literacy and a not-so-inclusive annuity market, and the reality looks grim enough. So, what