It is said that a drowning man clutches at a straw. In times of crisis, even a small help can prove to be very big. The central government had started two welfare schemes to provide such help to the common man. If you want to take advantage of these schemes in times of need, then keep ₹456 in your bank account by 31 May. If there is no money in the account, then you may be deprived of the benefits of both these schemes. So, what are these schemes, and why is the deadline of 31 May so important? Let’s know.
Security cover of ₹4 lakh for just ₹456
Exactly 10 years ago, on 9 May 2015, the central government started the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). They aimed to provide insurance facilities to poor people as well. Under the PM Suraksha Bima Yojana, you get accident insurance of ₹ 2 lakh at an annual premium of just ₹ 20. Whereas, under the Pradhan Mantri Jeevan Jyoti Bima Yojana, life insurance of ₹ 2 lakh is available for just ₹ 436. This is a great security cover for the common man.
The installment will be deducted before 31 May
The premium of both Pradhan Mantri Jeevan Jyoti Bima Yojana and Suraksha Bima Yojana is calculated from 1 June to 31 May. Therefore, the annual installment of both these schemes is deducted in May. This is the reason why you have to keep money in your bank account, to which both these schemes are linked. This account should also be linked to the Aadhaar card. To renew the policy, the insurance company will deduct the premium before 31 May. Therefore, forgetting this deadline can prove to be costly for you.
What will happen if there is no money in the account
If there is no money in your account, then your policy will not be renewed. You may also have to visit the bank to get the policy renewed. If you do not get a chance to pay the premium of the policy after May 31st, then you will not get insurance coverage. It is possible that you have to live without insurance cover for the whole year. Apart from this, whenever the policy is renewed, you will get the cover from that day itself. If any accident happens in the days before this, then you will not be able to claim. Therefore, it is very important to pay the premium on time!
If the account is closed, then change it immediately
You can find out through net banking from which bank account the premium of these policies is deducted. If the account from which you took this policy in 2015 has been closed, then you should get it changed immediately. For this, you can go to your bank and get help. This is a small but very important step to keep your policy running.
Crores of people took advantage in 10 years
Today, both these schemes have completed 10 years. During this time, these schemes have become one of the most hit schemes of the Central Government. Pradhan Mantri Jeevan Jyoti Bima Yojana had 2.96 crore beneficiaries in March 2016, while this figure has increased to 23.64 crores in April 2025. Similarly, registration in Pradhan Mantri Suraksha Bima Yojana has increased by more than 400 percent in ten years! While 9.40 crore people had taken this policy in March 2016, it has increased to 51.06 crore by April 2025. This figure itself tells the story of the success of these schemes.