All you should know about Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana
Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyothi Bima Yojana details explained in this article. Prime Minister Narendra Modi launched these two schemes.
Read about Atal Pension Yojana also.
Our Prime Minister of India launched two schemes on 9th May 2015.
These two schemes are not helpful to rich people.
However, these two schemes will definitely
One of these two schemes
Another one is, Accidental Insurance policy called as Pradhan Mantri Suraksha Bima Yojana (
Let’s the features of both these schemes.
Pradhan Mantri Suraksha Bima Yojana ( PMSBY) :
This scheme will cover accidental risk and the premium has to be paid yearly.
It covers both accidental death and disability due to accident.
The premium paid for this insurance policy is not refundable.
Eligibility for this scheme…
Any person who has savings bank account can take this policy.
Persons whose age between 18 to 70 years can join in this scheme.
If you have more than one bank account, then also you can take this insurance policy from one bank only.
Hence, one person can one policy only.
Sum Assured in this policy…
Nominee will get 2 lakh in case of insured person dies in an accident.
In case of Total and irrecoverable loss of both eyes or loss of use of both feet or hands or loss of sight of one eye and loss of use of hand or foot-Rs.2 lakh will be paid to the Insured Person.
Not only above benefits, In case of Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot-Rs.1 lakh will be paid to the insured person in this policy.
Premium in Suraksha Bima Yojana…
The premium payable is Rs 12 per year per Person.
Insured person has to pay the premium with auto debit facility provided by the bank.
However, in cases where auto debit takes place after June 1st, the coverage shall commence from the date of auto debit of premium by the bank.
Who Manages Suraksha Bima Yojana?…
Public Sector General Insurance Companies and Few other Government Insurance Companies will manage this scheme.
Premium Break Up in Suraksha Bima Yojana?…
Insurance Premium Rs.10 per year per person.
Reimbursement expenses of Rs.1 for intermediaries like BC/MICRO/CORPORATE/AGENT per year per person.
Rs.1 as admin expenses paid to the bank per year per insured person.
Cases where your membership will be terminated in Suraksha Bima Yojana?
- Once the insured person attains the age of 70 years.
- Closure of Bank account of insured person.
- If there are insufficient funds in the bank account.
- In case a person took this insurance in more than one bank, then other insurance policies will be terminated and the premiums paid for more than one insurance policy will be lost.
Pradhan Mantri Jeevan Jyothi Bima Yojana…
This product is pure life insurance policy.
It gives death benefit to the nominee in case of sudden death of the policyholder.
The premiums paid in this policy are not refundable in case the policyholder survives till the term.
The policy is a Pure Term Life Insurance policy as it has no maturity and covers only death.
Do not compare this policy with Policies offered by LIC of India where the insured person gets maturity also. They have higher premiums.
As this policy does not give maturity it has low premium.
This policy is useful to persons who has dependents.
Eligibility for This policy…
All persons whose age is between 18 to 50 years can join in this policy.
A savings bank account is must to have this policy.
You can renew this policy till the age 55 years subject to renewal every years.
However, you can take policy till age 50 years only.
One person can have only one policy.
So, do not opt for more than one policy even if you have more than one bank account.
Life Insurance Coverage in Jeevan Jyothi Bima Yojana…
Life Cover provided is 2 lakh for death due to any kind of reason(accidental or natural).
Jeeva Jyothi Bima yojana Premium…
The premium will be Rs.330 per annum.
Insured person has to pay the premium through auto-debit facility provided by bank.
Premium has to paid on or before 31st may of every year.
In case insured person missed to pay the premium within 31st May in any year, then to renew it, he has to pay the premium and provide the self-certificate of good health.
In case of more death claims, then there is possibility of Premium may be increased.
Who manages this Policy?…
Private Life insurance companies and LIC of India will manage this policy in co-ordination with banks.
Premium Break up in Jeevan Jyothi Bima Yojana…
Life insurance premium of Rs.289 per year per insured person.
Rs.30 per year per insured person will be paid as reimbursement expenses to intermediaries like BC/Micro/Corporate/Agent.
The bank will be admin expenses of Rs.11 every year.
When your policy will be terminated?…
- Once the insured person attains age of 55 years.
- If there are not enough funds in the bank for auto debit of premium.
- In case insured person has taken more than one policy, then extra policies will be terminated.
- If the bank account has closed.
But do remember if you have other life insurance policies like term insurance, endowment, Ulip or any kind group life insurance, then also you can take this policy.
My Opinion on these policies…
Generally, People tend to buy policies which have both insurance and investment as components.
But it is not good to mix both of them. Click this link to know why?.
Finally, Government realized the importance of Term Insurance and Accidental Insurance and launched these two scheme.
I request all of you who reads this article to spread the awareness among others so that every one will be insured at least for 2 lakh.
I know 2 lakh is little, But something is better than nothing.
Poor people must take these two policies.
Read article about guaranted bonus life insurance policies. Click here to read.