PMSBY and PMJJBY Rules changes: Insurance agents, brokers will also be able to sell PMSBY and PMJJBY policies, know rules

The central government is preparing for major changes in the rules of two major government insurance schemes, Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). 

Policy sales will be further simplified to increase the coverage of these schemes. According to sources, now insurance marketing firms, brokers and insurance agents can also get approval to sell these government insurance policies to increase the reach of insurance. Till now these schemes can be taken only through the bank. Through these schemes, crores of people of the country have been brought under the ambit of insurance coverage.

According to sources, preparations are being made to increase the scope of PMSBY and PMJJBY. Sales of insurance through more channels will not only make the policy reach more people but will also accelerate renewals. Right now the policy is issued and renewed by debiting money from the savings account only. The government believes that the reach of coverage insurance will increase by getting more options related to the policy. According to the data, more than 16 crore people are registered in PMSBY and 6 crore in PMJJBY.

4 lakh coverage for Rs 342 

You can take advantage of this insurance cover through the government’s Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). If you have an account in the bank, then you can easily take advantage of both these schemes. The annual premium in Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is Rs 330, with life insurance of Rs 2 lakh. The annual premium of the Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme is just Rs 12, in which accidental coverage of Rs 2 lakh is available. This means that coverage of Rs 4 lakh can be taken in both the schemes at a premium of Rs 342 per annum.

The insurance cover is for a period of one year from June 1 to May 31. Every year before May 31, the premium amount is auto-deducted from your account. Your insurance cover may get canceled due to closure of bank account or insufficient balance at the time of premium deduction.