If you still haven’t signed up for these two powerful government insurance schemes, now is the time. Paying only ₹456 per year (₹436 plus ₹20), you may safeguard the future of your family with Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)- two of India’s most affordable and beneficial insurance schemes.
What Are These Schemes?
In 2015, the PMJJBY and PMSBY programs were introduced by the Indian government. The goal is to offer basic but essential life and accident insurance to every citizen whether you’re working, self-employed, or even unemployed.
For just ₹456 a year, any Indian with a savings bank account can get covered under both plans and claim up to ₹4 lakh in case of unfortunate events.
PMJJBY – Life Insurance for ₹436 Per Year
For those between the ages of 18 and 50, the Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance program that provides policyholders with permanent coverage.
Coverage: ₹2 lakh on death from any cause — disease, accident, or calamity
Premium: ₹436 per year
Eligibility: Indian citizen possessing savings bank account
Policy Validity: June 1 to May 31 (auto-renewable every year till age 55)
If the policyholder dies during the coverage period, the nominee gets ₹2 lakh directly in their bank account. However, this is a term plan, so if the person survives the policy period, there is no payout.
If you miss paying the premium, the policy stops but the good part is, you can rejoin before turning 55.
Documents Needed: Aadhaar card, PAN card, passport-size photo, bank passbook, and mobile number.
PMSBY – Accident Cover for Just ₹20
Open to people aged 18 to 70, Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance programme.
Coverage: ₹2 lakh on accidental death or full disability
₹1 lakh for partial permanent disability
Premium: Just ₹20 per year
Policy Term: June 1 to May 31
Eligibility: Must have a bank account (only one account allowed)
Premium is auto-debited every year. If there’s no balance in the account, the policy will lapse. So, make sure to maintain at least ₹20 before June 1 every year.
How to Enroll?
You can join both schemes online through your bank’s net banking or offline by visiting your bank branch. The process is simple and quick.
Online: Use net banking or mobile app of your bank
Offline: With your paperwork, head to your closest bank branch.
Why Should You Not Miss This?
In today’s uncertain times, ₹456 is a small price to pay for ₹4 lakh insurance coverage. These schemes are backed by the government, trusted by millions, and easy to access even from home.
Don’t wait for an emergency. Register right away to provide you and your loved ones with peace of mind.