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Finance Minister Nirmala Sitharaman will hold a meeting with heads of public and private sector insurers on Saturday for faster settlement of claims under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) during the pandemic.

Discussions are also likely to be held on simplifying the procedures and documentations needed to settle claims under the schemes in a seamless and time-bound manner, the finance ministry said in a series of tweets.

As on May 5, total cumulative enrolment stood at 23.37 crore under PMSBY and 10.33 crore under PMJJBY.

Since 2014, the Modi government has taken various financial inclusion initiatives to empower the people, it said in another tweet.

Under the Pradhan Mantri Jan Dhan Yojana, the banking network has been expanded and over 42 crore bank accounts have been opened.

"This expanded banking network has been leveraged by the PMJJBY & PMSBY to provide life and accident insurance cover of 2 lakh each at nominal annual premiums of 330 and 12, respectively, to the marginalised and the poor," it said.

"Enrollment under the PMJJBY stands at 10.3 crore subscribers and under PMSBY at 23.40 crores subscribers. The meeting on Saturday is expected to further ease and speed up processes for them," it added.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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