Pradhan Mantri Jeevan Jyoti Bima Yojana

People between the ages of 18 and 50 who have bank accounts and permission to enroll in or allow auto-debit are eligible to participate in the PMJJBY. Aadhar would be the main form of KYC for the bank account. The 2-lakh-rupee life insurance policy is renewable and valid for 12 months, starting on 1 June and ending on 31 May. This policy offers risk coverage up to Rs. 2 lakhs in the case of the insured person’s demise for any reason. The annual premium is Rs. 436, and it must be auto-debited from the subscriber’s bank account on or before May 31st of each annual coverage term, based on the choice he makes.

Pradhan Mantri Suraksha Bima Yojana 

The scheme is open to anyone between the ages of 18 and 70 who has a bank account and who consents to join or activate auto-debit on or before May 31 for the coverage duration running from June 1 to May 31 on an annual renewal basis. Aadhar would be the main form of KYC for the bank account. The risk covered by the plan is Rs. 2 lakhs for accidental demise and total disability, and Rs. 1 lakh for partial impairment.The annual premium of Rs. 20 will be automatically withdrawn from the account holder’s bank account in a single installment.

Public-sector general insurance companies or any other general insurance company prepared to offer the product on equal terms is offering the program.

Why opt for government health insurance programs?

When it comes to health, many people find it difficult to choose where to go. There is lots of confusion between public and private health insurance programs. Let us tell you why you should opt for government health insurance programs.

Low premium

Government health insurance programmes are priced at low premiums, while private health insurance programmes are not priced at such low costs. The government sets the prices at an amount that everyone can afford. So every section of society can go for it. In private health insurance programmes like Policy Bazaar, the higher the premium, the higher the benefits. 

Discount

Government health insurance programmes are mostly on discount. So that everyone can take advantage of it. But private health insurance programmes are not based on discounts. HDFC or LIC can’t provide much of a discount as they are also seeking their own profit. But government schemes are only based on serving the people.

Suited for everyone

The government promotes those schemes that are preferable for every category of society. The same applies to health insurance programmes. It applies to everyone, and anyone can apply for it. Private health insurance programmes are not affordable to everyone, as they are geared toward families who can afford them.

FAQs related to PMJJBY

The nominee in pmsby and pmjjby and the account can be the same or not?

Yes it can be the same 

How do I make payments under this scheme?

Depending on the option he selects, the annual premium, which is Rs. 436, must be automatically deducted from the subscriber’s bank account on or before May 31 of each annual coverage term.

If I have accounts in different banks can I enrol in the scheme at each bank?

A person who has numerous bank accounts with one or more banks would only be able to participate in the programme through one of those accounts.

Can I get a better and cheaper product in private than this scheme?

No

What is the age limit in the pmjjby scheme?

18 to 50 years

FAQs related to PMSBY

How do I make payments under this scheme?

The annual premium of Rs. 20 will be automatically withdrawn from the account holder’s bank account in one payment.

Is PMSBY refundable?

If no claim is submitted, the money is not refundable.

What is the age limit in the PMSBY scheme?

18 to 70 years

Disclaimer : for any queries refer to https://financialservices.gov.in/financial-inclusion-schemes