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Pradhan Mantri Jeevan Jyoti Insurance Scheme: Prime Minister Narendra Modi in his first tenure launched 2 schemes for insurance cover of people. These schemes are – Pradhan Mantri Jeevan Jyoti and Pradhan Mantri Suraksha Bima. Through this you can get an insurance cover of up to 4 lakh rupees at a nominal cost. Let’s know about these two plans.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
It is a one-year life insurance plan that covers death due to any cause. It is renewed every year. It means that you have to increase this plan every year. Individuals in the age group of 18-50 years who have a personal bank or post office account are eligible to enroll in this scheme. People who join the scheme before completing the age of 50 can continue the life risk till the age of 55 on payment of regular premium.
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How Much Cost, How Much Benefit: This plan at Rs 436 per annum premium in case of death due to any reason Rs. 2 lakh provides life cover. Enrollment under the scheme can be done by visiting the account holder’s bank branch/BC point or bank’s website or post office in case of post office savings bank account. Under the scheme, the premium is auto debited from the customer’s bank account every year.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
It is a one-year accident insurance plan that provides coverage for death or disability due to an accident and can be renewed every year. Individuals in the age group of 18-70 years who have a personal bank or post office account are eligible to enroll under the scheme.
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Advantage: Accidental Death plus Disability cover of Rs.2 lakh (Rs.1 lakh in case of partial disability) is available for accidental death or disability at a premium of Rs.20/- per annum. Nomination under the scheme can be done by visiting the account holder’s bank branch/BC point or the bank’s website or in case of Post Office Savings Bank account, by visiting the post office. Under this scheme, the premium is auto debited from the customer’s bank account every year based on the consolidated mandate of the account holder.