After the Covid-19 Pandemic, the understanding among common people about insurance has increased. The government is providing the insurance facilities for a very little amount to reach each & every section of society. In this sequence, there are some government schemes like Pradhan Mantri Suraksha Bima Yojana (PMSBY) & Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). This is giving you a cover of up to Rs 4 lakh. Most importantly, you will have to pay only Rs 342.
The country’s largest public-sector bank- the State Bank of India (SBI) has given the information about these 2 schemes. In one of its statements, SBI said that “Get the insurance that suits your need & live life worry-free”.
The bank has informed us that the premium will be deducted from the account holder’s savings bank account through the auto-debit facility. Notably under Pradhan Mantri Suraksha Bima Yojana (PMSBY), in case of the death of the insured in an accident or completely disabled, a compensation of Rs 2 lakh is available. Under the scheme, if the insured becomes partially/permanently disabled, he or she gets a cover of Rs 1 lakh.
In this, any person between 18 years to 70 years can take a cover. The annual premium of this plan is also only Rs 12.
It is worth noting that under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the nominee gets Rs 2 lakh on the death of an insured person. Any person from 18 years to 50 years can take benefit of this scheme. For this scheme also, you only have to pay Rs 330 annual premium. Both of these are term insurance policies & it is for a year.
It may also be noted that this insurance cover is from 1st June to 31st May. And, for this, you need to have a bank account. Insurance can also be canceled due to the closure of a bank account or insufficient balance in the account at the time for a premium deduction. There, take all information before taking the insurance.
