All eligible Pradhan Mantri Jan Dhan Yojana account holders can enroll under Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
Think what you can get in today’s time for 12 rupees. A water bottle also costs more than Rs. 12. At the same time, for the same 12 rupees, you can get an insurance cover of two lakhs for a year. The Modi government is providing this facility to provide financial security to the citizens of the country. Under the Pradhan Mantri Jan-Dhan Yojana (PMJDY), a free rupee debit card is made available to the Jan Dhan account holder. It contains accident insurance of one lakh rupees. This coverage amount has been increased to two lakh rupees for account holders after 28-8-2018.
All eligible Pradhan Mantri Jan Dhan Yojana account holders can enroll under Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
Pradhan Mantri Suraksha Bima Yojana
Under the PMSBY, accident insurance cover of Rs 2 lakh is provided to the beneficiaries between 18 and 70 years of age at an annual premium of only Rs 12. In this plan, the insured can turn the insurance off or on at any time he wishes. In this plan, just as the claim amount can be taken by the family on the death of the insured, the amount of the claim can also be taken by the nominee in case of a nominee.
Under the scheme, the nominee is paid Rs 2 lakh on death of the insured. The scheme provides a cover of 2 lakhs for permanent disability, such as complete loss of use of both eyes or loss of use of both hands and both legs. At the same time, in case of permanent partial disability, the insurance cover is Rs 1 lakh. The scheme has the facility of auto-debit of premium directly from the bank account. This does not concern the formalities of regular payment.
Prime Minister Jeevan Jyoti Insurance Scheme
Under the Pradhan Mantri Jeevan Jyoti Bima Yojana, life insurance coverage of Rs two lakhs is made available to the beneficiaries between the age of 18 years to 50 years at an annual premium of Rs 330. This amount of premium is auto-debited from the bank account with the consent of the account holder. The premium of PMJJBY is deducted in a lump sum from the policy holder’s bank account by May 31 of each year. Its premium has to be paid every year. Meaning the policy holder has to pay its premium before 1 June.
Risk cover under PMJJBY starts 45 days after taking the policy. This policy is a purely term policy and aims to provide financial assistance to the family members of the policy holder after his death.
