Pay Rs 342 for triple insurance cover up to Rs 2 lakh! Enrollment in these govt schemes begins June 1

By: |
May 31, 2021 3:37 PM

The coverage for both the schemes is for 1 year starting from June 1 till May 31 next year and they have to be renewed each year by paying the required premium.

PMJJBY, PMSBY, PM Jeevan Jyoti Bima Yojana, PM Suraksha Bima Yojana, PMJJBY premium, PMSBY premium, risk coverageOnly those who are within the age limit and those having a bank account are eligible to buy these government schemes.

The enrollment for the two government insurance schemes – Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY ), begins on June 1 each year. By paying a total premium of Rs 342, one will be able to get triple insurance 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 under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) policy, while the life cover is under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) policy.

One can buy PMJJBY and PMSBY separately and pay the premium according to each 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 three major risks in life.

The coverage for both the schemes is for 1 year starting from June 1 till May 31 next year and they have to be renewed each year by paying the required premium. If you had already enrolled for any or both 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 through a simple and easy process. Only those who are within the age limit and those having a bank account are eligible to buy these government schemes. Also, a mandate has to be provided for auto-debit of premium at the time of renewal.

One can join any of these two government schemes by filling the prescribed form available at any bank branch. For PMJJBY, one can approach Life Insurance Corporation or any other insurer as well. Some banks have also made arrangements to enroll online or through mobile banking.

PMSBY details

Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers insurance against accidental death and disability and is available to all between the age of 18 and 70 years. Only death and disability arising out of accident will be covered and death due to natural reasons such as heart attack is excluded. In the case of death due to an accident, the amount of cover is Rs 2 lakh while for partial disability arising out of an accident, the claim amount 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 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

PMJJBY details

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is the other government insurance scheme for social benefit. PMJJBY which is available to anyone between the age of 18 and 50 years provides a fixed life cover of Rs 2 lakh. The benefit of PMJJBY is that it provides life cover of the nature of the term insurance plan. PMJJBY covers death due to any reason including 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 amount 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 not rely entirely on the coverage of these two schemes but enrolling may help enhance overall coverage. Ideally, one should have a life cover of at least seven times of one’s annual take-home income.

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