If you are employed, unemployed, or working, then you must be aware of two very important government schemes introduced by the Modi government. Both these schemes were launched in 2015, and most of the people of the country have taken advantage of them. If you have not yet added your name to these schemes, then do not delay at all.
We are talking about Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). You can avail the benefits of both these schemes by paying a nominal premium of just ₹456 (₹436 + ₹20) in a year. This affordable insurance cover is a great way to secure the future of you and your family.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
This is a scheme of the Modi government that provides life insurance cover of ₹2 lakh to bank account holders aged between 18 and 50 years. This plan covers all types of deaths, including natural, accidental, and deaths caused by disasters or epidemics. The annual premium of this plan is just ₹436. This premium is automatically debited from your bank account every year. Under PMJJBY, the insurance amount (₹2 lakh) is transferred directly to the nominee’s bank account on the death of the insured person. Anyone between 18 and 50 years old can buy this policy.
The maturity age of this policy is 55 years. This is a term plan that does not need to be reviewed every year. If the premium is not paid in any year, the insurance benefits will cease, and the policy will be considered closed. However, you have the facility to restart this insurance whenever you want, up to the age of 55 years. You can also take a policy under this scheme by visiting any bank or sitting at home through your bank’s net banking. This is a government term insurance plan.
Term plan means that if the policyholder dies during the term of the insurance policy, the insurance company pays the insurance amount. If the policyholder survives even after the completion of the insurance period, he does not get any benefit. About 52 percent of the beneficiaries of this scheme are women, which shows its wide reach. Documents like Aadhar card, PAN card, photo, bank passbook, and mobile number are required to take the PMJJBY policy.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
This insurance scheme was also launched by the government in 2015. It is an accident insurance scheme available at an annual premium of just ₹ 20. The government launched PMSBY to provide insurance benefits to the low-income group of people, so that they can get financial help in difficult times. People between the ages of 18 and 70 years can avail this scheme.
In case of death in an accident, a cover of ₹ 2 lakh is available. In case of total disability (such as permanent loss of sight in both eyes or both hands/feet) in an accident, a cover of ₹2 lakh is provided. In case of partial disability (such as permanent loss of sight in one eye or one hand/foot), an amount of ₹1 lakh is provided.
To avail PMSBY, you must have a bank account. If you have more than one bank account, you can avail of this scheme from only one bank. On or before 1 June every year, a minimum premium of ₹20 will be deducted from your bank account through the ‘auto debit’ facility. The enrollment period under PMSBY is from 1 June to 31 May. If there is not enough balance in the account to pay the premium, the policy will lapse. All account holders must ensure that their insurance policy is renewed before 31 May.