Pradhan Mantri Insurance Schemes (2 most important schemes)

The Central Government has launched two social security schemes under its administration for the welfare and growth of the lower-income groups. In this article, we will cover two such prominent schemes.

• Pradhan Mantri Jeevan Jyoti Bima Yojana
• Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojna

Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-supported life insurance scheme introduced in the 2015 budget speech by the then finance minister, Mr. Arun Jaitley.

PMJJBY is a renewable term insurance policy that provides life insurance coverage of Rs.2 Lakhs in case of death of the insured individual at a reasonable premium amount of Rs.330 per year. The beneficiaries will be provided the sum assured in case of the death of the policyholder.

This policy is obtainable by people between the age group of 18years- 50 years.

Let us go through the features of PMJJBY to understand it better.

Features of PMJJBY

Some Important points to note while opting for Pradhan Mantri Jeevan Bima Yojna (PMJJBY)

1. Any individual having a savings bank account between the age of 18 years-50 years can avail of this scheme with their respective banks.
2. You can avail of this scheme with only one savings account in that particular bank, irrespective of how many accounts you have.
3. It is mandatory to link your Aadhar card to the participatory bank account.
4. Individuals who want to opt for this scheme after the primary enrolment period ranging from 31st Aug 2015- 30th November 2015 will have to provide a self-attested medication certificate as proof that they do not have any preexisting illness mentioned in the policy declaration form.
5. The premium will be debited from the linked bank account from the 25th of May to 31 May every year.
6. If the savings account linked to the plan is closed, the policy shall also be canceled.
7. If the policy gets terminated due to any mentioned reasons, it can be renewed by paying the total premium along with evidence that proves the healthy medical condition of the individual.

Pradhan Mantri Suraksha Bima Yojna

Pradhan Mantri Suraksha Bima Yojna (PMSBY) is a government-supported accidental insurance scheme in India.
It was introduced in the 2015 budget speech by then Finance Minister Arun Jaitley, and then formally introduced by Prime Minister Narendra Modi.

PMSBY offers to provide accidental coverage of Rs.2 Lakhs in case of accidental demise, coverage of Rs.1 Lakh in case of permanent partial disability, and Rs.2 Lakhs for total irrecoverable disability.

Individuals between the age of 18 years to 70 years can apply for this policy.

With just a premium charge of Rs.12 per annum, it is one of the most ideal and cost-effective insurance policies for the lower-income group.

What is covered under Pradhan Mantri Suraksha Bima Yojana(PMSBY)

• PMSBY provides a sum insured of Rs.2 Lakhs in case of accidental death.
• PMSBY provides a sum insured of Rs.1 Lakh in case of partial disability.
• PMSBY provides a sum insured of Rs.2 lakhs in case of total irrecoverable disability or loss of both eyes, loss of both hands and feet, paralysis, etc.

Features of PMSBY

Major exclusion under the Pradhan Mantri Suraksha Bima Yojna (PMSBY)

1. Suicide or attempted suicide
2. Murder

Important Point to note

• You can avail of this scheme with only one savings account in that particular bank, irrespective of how many accounts you have.
• The policyholders can avail of the benefits of the policy up till all the annual premiums are paid until attaining 70 years of age as on the annual renewal date.
• In the case of a joint account, all holders can avail of the scheme.
• The renewal premium of the policy will be debited from the saving bank account from 25th May to 31st of May every year.
• In case you wish to discontinue the policy, a cancellation form must be submitted to the bank before the 30th of April of the year.