When it comes to both life and accidental insurance plans, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are the finest options for a worry-free future. The combination of these two schemes would provide you with Rs 4 lakhs of coverage for just Rs 342 per year. As a result, the country's largest lender, State Bank of India, stated on Twitter that "Get the insurance that suits your needs and live life worry-free."
The period of insurance will be annually from 1st June to 31st May and the premium amount will be deducted from the savings accounts of account holders through an auto-debit facility. As well as a customer of SBI would be eligible to join the scheme through his or her one savings account only.
The accident insurance under the Pradhan Mantri Suraksha Bima Yojana would be Rs 2 lacs in case of death or total disability of the policyholder in case of an accident, with a premium of Rs 12 per annum is required to pay. The insured receives a Rs 1 lakh compensation under the scheme if he or she becomes partially or completely disabled due to an accident. This accident insurance scheme will be one-year insurance, renewed from year to year, covering accidental death and disability coverage for death or disability caused by an accident.
Individuals who have numerous savings bank accounts in one or more organizations are only eligible to join the initiative through one of their savings bank accounts, however, the primary KYC for the bank account would be Aadhaar authentication. Under the scheme, the death benefit will be Rs 2 lakh, a benefit of Rs 2 lakh will be provided 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 hand or foot and a benefit of Rs 1 lakh will be provided for total and irrecoverable loss of sight of one eye or loss of use of one hand or foot.
The Pradhan Mantri Jeevan Jyoti Bima Yojana, on the other hand, provides the insured with a life insurance policy worth Rs 2 lacs for an annual premium of Rs 330. Under the scheme, the nominee will get the insurance benefit in case of the sudden death of the insured. People between the ages of 18 and 50 who have a bank account and are willing to join or allow auto-debit are eligible for the PMJJBY. The primary KYC for the bank account would be Aadhaar authentication and a benefit of Rs. 2 lakh life insurance policy will be valid for a year, from June 1 to May 31, and will be renewed yearly.
Life Insurance Corporation of India and other life insurance firms will provide and handle the policy. Savings bank account holders of banks and other financial institutions who provide their authorization to join and allow auto-debit and are between the age group of 18 and 50 will be eligible for the scheme. Individuals who have multiple savings bank accounts in one or more institutions are only eligible to join the program through one of their savings bank accounts and the primary KYC for the bank account would be Aadhaar authentication or verification.