1. Want basic cover at affordable cost? Go for PM’s insurance schemes on June 1

Want basic cover at affordable cost? Go for PM’s insurance schemes on June 1

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) were launched by Prime Minister Modi in May 2015 to provide affordable universal access to essential social security protection in a convenient manner.

By: | Updated: June 1, 2017 11:17 AM
Narendra Modi government, Pradhan Mantri Awas Yojana, Modi government, PMAY, PMAY-U, pucca houses Pradhan Mantri Jeevan Jyoti Bima Yojana is a one-year life insurance scheme, which is annually renewable.

You must have heard about the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY), which were launched by Prime Minister Narendra Modi in May 2015 to provide affordable universal access to essential social security protection in a convenient manner. While the first is a life insurance scheme, the other is an accidental cover.

If you have already enrolled yourself under these schemes and want the cover to continue, then the premium will be auto debited from your account on June 1. You might also have received an SMS from your bank in this respect. However, if you have still not done this and want to go for the schemes, then you can enrol for these schemes on June 1 to get their full benefit as the schemes provide coverage for one-year period from June 1 to May 31. You can go for these schemes anytime during the year, but will have to pay the same premium. So, why to delay? Why not to get enrolled from Day 1?

Here’s how these schemes work:

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

Pradhan Mantri Jeevan Jyoti Bima Yojana is a one-year life insurance scheme, which is annually renewable. The scheme provides coverage of Rs 2 lakh for death owing to any reason and is offered to all saving bank account holders in the age group of 18 to 50 years at the annual premium of only Rs 330.

The date of commencement of insurance cover under this scheme is the date of debit of premium from the insured member’s account for joining the scheme and the insurance cover is provided up to May 31 of the subsequent year. However, the risk is not covered for new members during the first 45 days from the date of enrollment into the scheme.

The cover is automatically renewed on June 1 of every year by debiting the premium from the member’s bank account. In case anyone wishes to join the scheme thereafter, one can do so by paying the full year’s premium and submitting the requisite documents.

According to the information provided by the government, as on April 12, 2017, Cumulative Gross enrolment reported by banks subject to verification of eligibility, etc. was about 3.1 crore under PMJJBY. A total of 63291 claims were registered under this scheme, of which 59770 have been disbursed.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Pradhan Mantri Suraksha Bima Yojana is a one-year accident insurance, which can be renewed annually. Under this scheme, accidental death and full disability cover of Rs 2 lakh and partial disability cover of Rs 1 lakh is offered on account of an accident to all saving bank account holders in the age group of 18 to 70 years for a premium of Rs 12 per annum. If you subscribe for this scheme, then the premium will directly auto-debited by the bank from your account.

As on April 12, 2017, cumulative gross enrolment reported by banks subject to verification of eligibility, etc. was about 10 crore under PMSBY. A total of 12816 claims were registered under PMSBY, of which 9646 have been disbursed.

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