Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana

Thursday, July 23, 2015

Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana
Prime Minister of India introduced two new schemes for the benefit of Indian people. Both Schemes are mainly concentrated on middle class and low class people of India. The two new schemes are Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Only criteria that is required to join these scheme is Savings Account. You can register for these two schemes from the bank where you have your savings account. The amount will be deducted according to the scheme from your savings account. Customer should not use register with more than one savings account otherwise the premium shall stand forfeited and no claims would be paid.

Pradhan Mantri Suraksha Bima Yojana:

PMSBY is a scheme for Accidental Death Insurance by paying Rs 1 per month. This scheme is for the welfare of Indian people. The premium will be directly auto- debited by the bank from the subscribers account. This is the only payment mode available. It deducts Rs.12 per annum from the savings account. Total amount that can be claimed under PMSBY scheme is Rs. 2 Lakh. Savings account holder with age between 18 years to 70 years is eligible.

For Death you can claim Rs. 2 Lakh. For total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of one hand or one foot you can claim Rs. 2 Lakh. For total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot you can claim Rs. 1 Lakh. The membership in the scheme will remain in force as long as all premium due are paid until attaining age of 70 years as on Annual Renewal Date.

Major Exclusions include intentional self injury, suicide or attempted suicide whilst under the influence of intoxication liquor or drugs, any loss arising from an act made in breach of law with or without criminal intent. 

Pradhan Mantri Jeevan Jyoti Bima Yojana
PMJJBY is a scheme for Life Insurance by paying Rs 330 annually. The amount will be auto-debited from savings account and covers a sum assured of Rs. 2 Lakh on death of the Insured member. The amount is payable only to the Nominee. Savings account holder with age between 18 years to 50 years is eligible. When the account holder attains age of 55 years the scheme will be terminated.

Join these schemes and get benefited. Also recommend your family members, relative and friends to get enrolled in these schemes.


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