Jeevan Jyoti Bima Yojana- PMJJBY and Suraksha Bima Yojana-PMSBY
Jeevan Jyoti Bima Yojana (PMJJBY) and Suraksha Bima Yojana
(PMSBY), two of the most prominent social security insurance schemes declared in the Union Budget, will be
launched by the Prime Minister on 9th May 2015. This would be a path
breaking initiative towards providing affordable universal access to essential
social security protection in a convenient manner linked to auto-debit facility
from the bank account of the subscriber.
The two insurance schemes to be launched namely, Pradhan Mantri Jeevan Jyoti Bima Yojana
(PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) would provide
insurance cover in the unfortunate event of death by any cause / death or
disability due to an accident. The convenient delivery mechanism of the schemes
is expected to address the situation of very low coverage of life / accident
insurance and old age income security products in the country.
Benefits of the
Scheme under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
PMJJBY will offer a renewable
- One year life cover of Rupees Two Lakh to all savings bank account holders.
- Available in the age group of 18 to 50 years extendible up to 55 years,
- Covering death due to any reason,
- Nominal premium of Rs.330/- per annum per subscriber.
- The scheme would be offered / administered through LIC or other Life Insurance companies.
Benefits of the
Scheme under Pradhan Mantri Suraksha Bima Yojana (PMSBY)
PMSBY will offer a renewable
- One year accidental death cum disability cover of Rupees Two Lakh (Rupees One Lakh for partial permanent disability) to all savings bank account holders.
- Available in the age group of 18 to 70 years.
- Nominal premium of Rs. 12/- per annum per subscriber.
- The scheme would be offered / administered through Public Sector General Insurance Companies (PSGICs) or other General Insurance companies.
In short the schemes being launched by the prime Minister
are offering risk coverage of Rs 4 Lakhs on payment of premium of Rs 342/- per
person per year. This kind of coverage is not available anywhere else and that
too without any medical checkups and any conditions therof. Thought the Aadhar
Number is desirable but in case Aadhar Number is not available, the benefits of
insurance cover will not be denied to anyone.
