Schemes of Govt. of India to provide Insurance of Citizen of India in case Death due to Accient or other provisions

Pradhan Mantri Suraksha Bima Yojana (PMSBY) 

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

The insurance scheme Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) covers accidental deaths and disabilities only.

Most of the Banks had asked their customers to fill this form and the annual installments of both these insurances are deducted every year from our savings account. Help to spread this message. It may be that through this concerted effort, a grieving family will get financial assistance of Rs 2 lakh.

Aim to provide financial security to a broader population, PM launched the scheme on May 09, 2015 namely Pradhan Mantri Suraksha Bima Yojana,Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY).

All those with an age between 18 to 70 years and does have the bank account can participate in this scheme.(Pradhan Mantri Suraksha Bima Yojana)

Pradhan Mantri Jeevan Jyoti Bima Yojana can include account holders of 18 to 50 years. The premium amount will go directly from the account.

It is pertinent to note that the premium amount is valid for one year and every year the account holder has to allow his bank to deduct the premium amount. The account holder can also allow the bank to deduct the premium in one go. Any account holder can opt-out of the scheme and join anytime. One more thing, the benefit of the insurance will be provided for the same year for which the premium is paid. Another special feature is that the insurance cover will be available from June 1 to May 31. If the account holder deposits the premium before May 31, then the insurance cover will be restored from June 1.

The PMSBY Scheme provides :-

  • The risk coverage for accidental death,
  • Full disability or partial disability in case of an accident. The coverage amount is Rs. 2 lacs in case of accidental death and full dissability. While in case of partial disability, it is Rs. 1 lacs. The amount will be paid to your nominee in case of death

. • The proceed amount will get tax exemption under section 10(10D) upto the limit of Rs. 1lac beyond which, it will attract TDS of 2%on the total proceeds.

The PMJJBY Scheme Provides:-

  • The risk Coverage for accidental death
  • No such full or partial disability benefit is there

This policy Pradhan Mantri Suraksha Bima Yojana is offered at a premium of Rs. 12 per annum (Rs. Twelve per annum).& Pradhan Mantri Jeevan Jyoti Bima Yojana is offered at a premium of Rs. 330 per annum(three hundred thirty per annum).This premium paid will be tax free under Section 80C.

How to apply for PMSBY/ PMJJBY

  • You need to have
  • A bank account linked to Aadhaar number. In case you already have this,
  • Then you may apply by filling a simple form with your bank every year before Jun 01.
  • The Scheme will be offered through Public Sector General Insurance Companies and may be later on with other Insurer who may be willing to join along with participating banks.

Lists of Banks

  • State Bank of Hyderabad
  • Indian Overseas Bank
  • State Bank of Mysore
  • Punjab National Bank
  • Andhra Bank
  • Syndicate Bank
  • Allahabad Bank
  • UCO Bank
  • Bank of Baroda
  • Oriental Bank of Commerce
  • Bank of India
  • Union Bank of India
  • Punjab & Sind Bank
  • United Bank of India
  • Bank of Maharashtra
  • Vijaya Bank
  • Canara Bank
  • Axis Bank
  • Central Bank of India
  • ICICI Bank
  • Ltd Corporation Bank
  • IDBI Bank
  • Dena Bank
  • State Bank of Travancore
  • Indian Bank

When can the accident cover assurance terminate?

The accident cover of the member shall termi nate/be restricted accordingly on any of the following events: .

  • On attaining age 70 years (age neared birth day).
  • Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
  • In case a member is covered through more than one account and premium is received by the insurance company inadvertently, insurance cover will be restricted to one account and the premium shall be liable to be forfeited.

 

In Covid-19 Suitation

Post-Covid-19, a variety of special insurance policies were brought to the market, in which the maximum emphasis was given on the expenditure on the treatment of the disease. A traditional insurance policy is already in place in case of death, but there has been no discussion of Prime Minister Jeevan Jyoti Insurance Scheme. Now that Covid has hit lower middle class to lower-income group families in the country, it is necessary for everyone to remember at once whether they have paid an annual premium of Rs 330 or not. If yes, then check what year it is for, and make sure to discuss it with grieving family members, so that it can help them in dealing with any unforeseen situation.

In case of death due to Covid, compensation of up to Rs 2 lakh is given from the Pradhan Mantri Jeevan Jyoti Bima Yojana. If you have only paid the premium for Pradhan Mantri Swasthya Suraksha Bima Yojana, then no compensation for death due to Covid will be provided as it will not be treated as an accident.

Difference Between the Schemes

Basis PMSBY PMJJBY
Premium In Suraksha Bima Yojana (PMSBY) the premium is of Rs 12/- annually. Against Rs 12/- you would be getting a coverage of Rs 2 lakhs  in Jeevan Jyoti Bima Yojana the premium is Rs 330/- annually. Against Rs 330/- you would be getting a coverage of Rs 2 lakhs
Benefits In Suraksha Bima Yojana (PMSBY) you would be getting a sum insured of Rs 2 lakhs against the Death due to accident or partial disability  In Jeevan Jyoti Bima Yojana (PMJJBY) you would be getting a suminsured of Rs 2 lakhs against the Death due to any reason.
Eligibility 18 to 70 Years 18 to 50 Years
Death Due to Natural Cause  if the death has happened naturally in that case you would not get any benefit.  if the death happened naturally due to any reason you would be getting a sum assured of Rs 2 lakhs.
Coverage providing age  the coverage is provided upto the age of 70 years  the coverage is provided upto the age of 55 years
Disability Benefit  there is Disability benefit  there is no Disability benefit
Partial disability benefit case of partial disability you would be get a sum insured of Rs 1 lakhs. there is no such partial disability benefit is there

 

 

 

 

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