Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) are the two social benefit schemes of the government providing life coverage and accidental coverage to the individuals respectively on paying a nominal amount of annual premium.
While PMJJBY is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose, to avail the benefits of PMSBY, one needs to approach any of the public sector general insurance companies and other private general insurance as well which would need to have a tie-up with the banks.
How to enrol, renew
First timers may enroll by filling the prescribed form and submitting in the bank where the account is held. Some banks have also initiated enrollment through net banking or mobile banking. For both the schemes, renewal is only through auto-debit from the bank account. Those who have already enrolled will need to ensure that the renewal premium gets debited from their account by May 31.
Features common to PMJJBY and PMSBY schemes
Both PMJJBY and PMSBY schemes are for one year period starting from 1st June to 31st May every year. Thereafter, one has to renew the schemes on or before May 31 if the coverage is required to be continued under PMJJBY and PMSBY. Both are annually renewable scheme.
For the cover period 1st June 2019 to 31st May 2020, if anyone wishes to enrol to the schemes, they need to give their auto-debit consent by 31st May 2019. It is compulsory to give consent to enable the auto-debit in the bank account while joining the scheme.
In case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one bank account only.
Here are the basic features of PMJJBY and PMSBY:
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY )
The PMJJBY scheme is a life cover for a fixed amount of Rs 2 lakh for an annual premium of Rs 330 and is available to people in the age group of 18 to 50 years having a bank account. The life cover will be available until the age of 55 years. PMJJBY provides life insurance cover on death due to any reason.
The life cover of Rs. 2 lakh shall be for the one year period starting from 1st June to 31st May every year. The PMJJBY scheme is a yearly renewable scheme and to continue one has to give the consent to the banks in the month of may every year. The one-time payment towards the scheme has to be automatically debited from one’s account. Therefore, one has to enable auto-debit while signing up for the scheme.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a scheme offering insurance against accidental death and disability coverage. PMSBY is basically an accident insurance scheme offering accidental death and disability cover for death or disability on account of an accident. Death due to natural reasons such as heart attack etc will not be covered. The eligibility conditions are simple as all those between 18 and 70 years with a bank account can enroll in the scheme. For PMSBY coverage, the premium of Rs. 12 per annum ( including GST) is deducted from the bank account of the insured through ‘auto-debit’ facility in one installment.
The risk coverage under the scheme is Rs.2 lakh for accidental death and full disability and Rs.1 lakh for partial disability. Claim settlement will be made to the bank account of the insured or his nominee in case of death of the account holder. The coverage is on the following basis:
- Death: Rs 2 lakh
- Total and irrecoverable loss of both eyes or loss of use of both 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