All you ever needed to know about the Pradhan Mantri Bima Yojana

All you ever needed to know about the Pradhan Mantri Bima Yojana

All you ever needed to know about the Pradhan Mantri Bima Yojana Details

all you ever needed to know about the pradhan mantri bima yojana - image030 300x169 - All you ever needed to know about the Pradhan Mantri Bima Yojana

The Government of India has come up with many social security schemes for individuals and households in order to provide financial security. Pradhan Mantri Bima Yojana is mainly introduced with an objective of providing financial protection against illness, accident or death, specifically for an underprivileged and uninsured section of the society. There are mainly two Bima Yojanas introduced by the Modi-led government.

You can apply for Pradhan Mantri Bima Yojana online through authorised bank’s net banking facility. Let’s take a look at the various Pradhan Mantri Bima Yojana available for enrolment.

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana is introduced by the Government of India to provide accidental death coverage to larger uninsured section of the society.

Highlights of Pradhan Mantri Suraksha Bima Yojana

  • Any Indian citizen between the age of 18 years and 70 years can enrol into this scheme
  • Individual must have a savings account from where he can give consent to auto-debit the premium amount
  • The policy is issued for one year period starting from 1st June to 31st May of the next year. Yearly renewal can be done. You can also opt for long-term enrolment with auto-debit of premium every year.
  • The premium for the policy is a minimal amount – INR 12 per annum. The contribution has to be made for a minimum of 20 years
  • Aadhaar details and mobile number are important KYC requirement for the enrolment
  • The scheme provides coverage of INR 1 lakh for partial disability and INR 2 lakhs for complete disability or death. The amount will be paid to the designated nominee in case of death
  • Total risk coverage provided under the scheme is INR 2 lakhs
  • Following are the benefits offered by the scheme:
Events insured Amount of sum insured
Accidental death INR 2 lakhs
Total and permanent loss of both eyes or loss of both hands/feet or loss of sight of one eye and loss of one hand/feet INR 2 lakhs
Total and permanent loss of sight of one eye or loss of one hand/feet INR 1 lakhs
  • Main exclusions under the scheme are – suicide or attempted suicide, alcohol and drug abuse, self-inflicted  injury and breach of law

Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme introduced by the Government of India. Basically, this ambitious social security scheme of the Modi Government is renewable life insurance issued for a period of one year. The coverage is offered against life risk. Pradhan Mantri Jeevan Jyoti Bima Yojana is a pure term plan with no savings component attached. That means, the benefits will only accrue to the designated nominee.

Highlights of Pradhan Mantri Jeevan Jyoti Bima Yojana

  • Any Indian Individual Resident between the age of 18 years and 50 years can enrol into this scheme. The maximum maturity age under the scheme is 55 years
  • Individual must have a savings account from where he can give consent to auto-debit the premium amount
  • The policy is issued for one year period starting from 1st June to 31st May of the next year. Yearly renewal can be done.
  • Aadhaar details and mobile number are important KYC requirement for the enrolment
  • Risk cover under the scheme will commence from 45 days of enrolment into the scheme
  • Simple enrolment process without any medical examination requirement
  • Annual premium for Pradhan Mantri Jeevan Jyoti Bima Yojana was INR 330 for one year period. However, the premium is revised on a quarterly basis now. Following are the details:
Period Amount of premium payable
1st quarter – June, July and August INR 330
2nd quarter – September, October and November INR 258
3rd quarter- December, January and February INR 172
4th quarter- March, April and May INR 86
  • Sum assured under the scheme is INR 2 lakhs which is payable to nominee in case of death of the subscriber

To sum up, Pradhan Mantri Bima Yojana helps larger section of the Indian population to cope up with the uncertainties of life. The social security net provided to people of the country will, in turn, boost the growth of the country’s economy.

 

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Courtesy Article: Supramind / October 20, 2019 mintpro.in