The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY) were launched in May 2015. They offer low cost life and accident insurance through banks and post offices. Both are part of the Jan Suraksha schemes of the Department of Financial Services.
PMJJBY: life insurance
- Cover: Rs 2 lakh on death due to any cause.
- Premium: Rs 436 a year (revised in 2022).
- Age: 18 to 50 years to join. Cover can continue up to 55 years if premiums are paid.
- Offered by LIC and other life insurers through banks.
- For new enrolments, cover for death other than by accident usually begins after a lien period of 30 days.
PMSBY: accident insurance
- Cover: Rs 2 lakh for accidental death or total permanent disability, and Rs 1 lakh for partial permanent disability.
- Premium: Rs 20 a year (revised in 2022).
- Age: 18 to 70 years.
- Offered by public sector general insurers and others through banks.
Cover period
For both schemes, the cover runs from June 1 to May 31 each year. The premium is auto debited from your bank or post office savings account around the renewal date. Keep enough balance to avoid the cover lapsing.
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Who can join
Any individual with a savings bank or post office account, within the age limits, who gives consent for auto debit. Aadhaar is the main KYC document.
How to enrol
- Visit your bank branch or post office and fill in the form.
- Or enrol through net banking, mobile banking or the bank’s app.
- Nominate a family member.
- Keep the acknowledgement slip.
How to claim
- For PMJJBY, the nominee submits the claim form, death certificate and other documents to the bank.
- For PMSBY, the nominee or the insured submits the claim form with the FIR or police report for the accident, death certificate or disability certificate, as applicable.
Forms are available at bank branches and on the Jan Suraksha portal.
Bottom line
For just Rs 456 a year in total, PMJJBY and PMSBY together give life and accident cover of Rs 2 lakh each. They are among the simplest ways for low income families to get basic insurance.
Source / स्रोत: Jan Suraksha portal, Department of Financial Services, Department of Financial Services
