The month of May has started, You must keep ₹ 500 in your bank account by the last date of this month i.e. 31st May. We are saying this because an important deadline is ending on this date. Actually, the Narendra Modi government had started many schemes for the poor in its first term. Two such amazing schemes are the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme.
These schemes were started in the year 2015, and provide insurance cover of up to ₹ 4 lakh to the customers. The last date to renew both these schemes is 31st May. What does this mean? If you pay the premium for both schemes, you get an insurance cover of up to ₹ 4 lakh.
The premium for both schemes is for one year. As soon as this period ends, the premium has to be deposited once again. Only after this, do the customers get the insurance cover. The total premium of both the schemes is less than ₹ 500. This is an incredible opportunity to secure the future of you and your family.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is the only one-year life insurance scheme that will covers death due to any valid reason. People in the age group from 18-50 years are aways eligible for it. People who join the amazing scheme before the completing the age of the 50 can now continue the life cover till the age of the 55 by paying regular premiums annually. The minimum premium of this amazing plan is ₹ 436 per year. In return, a life cover of ₹ 2 lakh is available. This provides the invaluable protection for your family members, especially at the time of any unforeseen events.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
This is a one-year accident insurance scheme that provides coverage for death or disability due to an accident. People in the age group of 18-70 years can join it. Every Accidental death and the disability cover of the ₹ 2 lakh on death and fully or partial disability due to an accident is available at a premium of ₹ 20 per year. This nominal premium can help protect you and your family from the financial burden of accidents.
Nomination and auto-debit of premium
Nomination under both the schemes can be made at the account holder’s bank branch/BC point or by visiting the bank’s website or at the post office in case of post office savings bank account. The premium under the great scheme is now auto-debited from the subscriber’s bank account every year automatically. Hence, it is crucial to maintain a sufficient balance in your account before 31st May so that your insurance cover continues. This is a convenient way to keep your insurance policy active without any hassle.