Kyabae: Your guide to the future of legal innovation

What's New

Insurance schemes by the govt you shouldn’t miss out on

floating green leaf plant on person's hand

“Unless you are immortal, you need insurance!”

The government has launched 2 schemes which is nothing short of a ‘MUST HAVE’. They offer good cover for a negligible premium: The Pradhan Mantri Suraksha Bima Yojana (PMSBY) and The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Here’s what you need to know about each of the schemes:

  • THE PRADHAN MANTRI SURAKSHA BIMA YOJANA

This is an ‘Accident Insurance Scheme’ offering accidental death and disability cover for death or disability on account of an accident.

Eligibility: Any person in the age group of 18 to 70 years, having a savings bank account, will be entitled to opt for this scheme. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only. Aadhar would be the primary KYC for the bank account.

Premium: Rs. 12/- per annum (pa) per member.

Period covered: The cover shall be for the one year period stretching from 1st June to 31st May, renewable each year. However, if you pay the premium later than 1st June, the cover starts from that date to 31st May.

Benefits: In case of death due to accident, or total loss of both eyes, hands or feet, Rs. 2 lakhs shall be the benefit receivable. In case of total loss of one eye, hand or foot, Rs. 1 lakh shall be the benefit receivable.

  • THE PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA

This is a ‘Life Insurance Scheme’ offering life insurance cover for death due to any reason.

Eligibility: Any person in the age group of 18 to 50 years, having a savings bank account, will be entitled to opt for this scheme. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only. Aadhar would be the primary KYC for the bank account.

Premium: Rs. 330/- pa per member.

Period covered: The cover shall be for the one year period stretching from 1st June to 31st May, renewable each year. However, if you pay the premium later than 1st June, the cover starts from that date to 31st May.

Benefits: Rs.2 lakhs will be payable on member’s death due to any reason.

These schemes have been launched by the government for the welfare of every citizen – take advantage of it! After all, failing to plan is planning to fail.

Also read: Financial planning is not only for the CA’s and CFA’s – only you can be incharge of your money. Follow these 10 mantras for successful ‘financial planning’..

Disclaimer: The above article is curated based on limited and publicly available open source information. The views and opinions expressed therein and all data and information so provided is solely for informational purposes, to be used at the sole discretion of the reader. If you disagree with any article or any part thereof, please contact us and we will resolve the issue at the earliest. KyaBae makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.

Related posts
What's New

Perjury - is it a tool to 'settle'​ disputes in India?

What's New

Legal terms explained: your guide to decoding legal language

What's New

Weird laws across the world that will leave you spellbound!

What's New

4 simple tips to improve your credit score