In the era of Corona epidemic, people have come to know about the importance of insurance along with savings. Insurance provides financial security to the family in case of any untoward incident. There is a very large population of the country who cannot afford insurance cover by paying expensive premiums. There are two schemes of the Modi government for such people, which give a life cover of 2-2 lakh rupees at a very nominal premium. We are talking about Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). PM Jeevan Jyoti Bima Yojana has a cover of 2 lakh rupees. At the same time, PM Suraksha Bima Yojana is an Accidental Insurance Scheme. There is also a cover of 2 lakh rupees. To get cover under both these schemes, you must have bank account and registration in these schemes.
Why keep 342 rupees in your account till 31 May
If the bank account holder has registered in these schemes of Modi government, he will get an insurance cover of up to Rs 4 lakh under both schemes. Now talking about the premium for these schemes, the accountholder has to pay a premium of Rs 330 annually for PMJJBY and Rs 12 annually for PMSBY. It is automatically deducted annually from your account. In both these schemes, the renewal cycle runs from 1 June to 31 May. That is, the annual premium under these schemes is cut in May every year. In such a situation, if you do not have Rs 342 in your account, then the insurance will be canceled automatically.
What is Pradhan Mantri Jeevan Jyoti Insurance Scheme
Under the Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY), life cover is available till the age of 55 years. In this, on the death of the insured due to any reason, his nominee gets a claim of 2 lakh rupees. A citizen of the age of 18 to 50 years can be registered in this scheme. The PMJJBY scheme is administered through LIC and other private life insurance companies. Accidental death is covered in this scheme from day one.
What is Pradhan Mantri Suraksha Bima Yojana
Under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), compensation of 2 lakh rupees is received on death of the insurance holder or if he becomes fully disabled. If the insurance holder becomes partially permanently disabled, he gets a cover of Rs 1 lakh. Under this scheme, any person between the age of 18 to 70 years can take cover.
How does registration happen in these schemes
For registration in the Central Government’s PMJJBY and PMSBY, you can apply to any nearest bank. Banks can also register in this scheme with the help of a friend or insurance agent. Government insurance companies and many private insurance companies along with banks are providing these schemes.