The enrollment for the two government insurance coverage schemes – Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY ), starts on June 1 every single year. By paying a total premium of Rs 342, one will be in a position to get triple insurance coverage cover – an accidental death cover, coverage for disability, and a life cover. The premium is to be paid annually and the scheme coverage is till May 31 of next year with a renewal of the schemes on yearly basis.
The coverage for accidental death and disability is beneath the Pradhan Mantri Suraksha Bima Yojana (PMSBY) policy, when the life cover is beneath the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) policy.
One can invest in PMJJBY and PMSBY separately and spend the premium according to every single scheme. The premium is Rs 12 for PMSBY ( for accidental death and disability) and Rs 330 for PMJJBY ( life cover) as a one-time annual payment, a total of Rs 342 for covering the 3 significant dangers in life.
The coverage for each the schemes is for 1 year beginning from June 1 till May 31 next year and they have to be renewed every single year by paying the needed premium. If you had currently enrolled for any or each the schemes, the renewal premium would have been deducted by your banker by now.
How to apply for PMJJBY, PMSBY
Applying for PMJJBY and PMSBY is by means of a easy and effortless approach. Only these who are inside the age limit and these possessing a bank account are eligible to invest in these government schemes. Also, a mandate has to be offered for auto-debit of premium at the time of renewal.
One can join any of these two government schemes by filling the prescribed type readily available at any bank branch. For PMJJBY, one can method Life Insurance Corporation or any other insurer as properly. Some banks have also made arrangements to enroll on the internet or by means of mobile banking.
PMSBY information
Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides insurance coverage against accidental death and disability and is readily available to all in between the age of 18 and 70 years. Only death and disability arising out of accident will be covered and death due to organic causes such as heart attack is excluded. In the case of death due to an accident, the quantity of cover is Rs 2 lakh when for partial disability arising out of an accident, the claim quantity is Rs 1 lakh.
Claim settlement will be made to the bank account of the insured or his nominee in case of death of the account holder.
- Death: Rs 2 lakh
- Total and irrecoverable loss of each eyes or loss of use of each hands or feet or loss of sight of one eye and loss of use of one hand or one foot: Rs 1 lakh
- Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot: Rs 1 lakh
PMJJBY information
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is the other government insurance coverage scheme for social advantage. PMJJBY which is readily available to any individual in between the age of 18 and 50 years offers a fixed life cover of Rs 2 lakh. The advantage of PMJJBY is that it offers life cover of the nature of the term insurance coverage program. PMJJBY covers death due to any cause such as heart attack or accident or due to any other.
Joining PMJJBY in the middle of the year
For joining PMJJBY in the middle of the year, the premium quantity will be decided on the basis of the application date and not as per the date of debit from the account. The proportionate premium structure is:
June, July and August – Annual Premium of Rs 330 is payable
September, October and November – Premium of Rs 258 is payable
December, January and February – Premium of Rs 172 is payable
March, April and May – Premium of Rs 86 is payable.
One should really not rely completely on the coverage of these two schemes but enrolling might assist boost general coverage. Ideally, one should really have a life cover of at least seven occasions of one’s annual take-home earnings.