The government on Tuesday raised the premium for its flagship insurance schemes — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in order to make them economically viable.

The premium rate of PMJJBY has been revised upward to Rs 1.25 per day, translating into an increase from Rs 330 to Rs 436 annually.

The annual premium for PMSBY has been hiked from Rs 12 to Rs 20, an official statement said.

The new premium rates are effective from June 1, 2022.

In percentage terms, the premium increase is 32 per cent in case of PMJJBY and 67 per cent for PMSBY.

The decision has been taken in view of the long-standing adverse claims experience of the schemes, it added.

The number of active subscribers enrolled under PMJJBY and PMSBY as on March 31 were 6.4 crore and 22 crore, respectively.