Prime Minister Narendra Modi recently launched two social security schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) -- which are expected to benefit the poor in a big way.
Pradhan Mantri Jeevan Jyoti Bima Yojana
This insurance scheme will offer a renewable one-year life cover of ₹2 lakh with an annual premium of ₹330. This offer can be availed by all savings bank account holders in the age group of 18-50 years. An individual with multiple savings bank accounts would be eligible to join the scheme through one account only with Aadhaar as the primary know-your-customer (KYC) criterion.
The nominee will get the benefits of the scheme in case of the death of the policy holder. Initially, to be covered for the period from 1 June, 2015 to 31 May, 2016, subscribers will be required to enroll and give their auto-debit consent by 31 May, 2015. Click here for more information about the scheme.
Pradhan Mantri Suraksha Bima Yojana
This insurance scheme is also worth ₹2 lakh at an annual Premium of ₹12. All savings bank account holders in the age group of 18-70 years are eligible for it. It will cover death or permanent disability due to accident. Click here for more information about the scheme.
Eligibility to join the scheme is only through one savings bank account and premium will be deducted from it through 'auto-debit' facility annually between 1 June, 2015 and 31 May, 2016. All you have to do is to fill up the application form, which can be accessed from these websites - Jana Suraksha and Financial Services. Alternatively, forms can also be procured from all banks.