Which cover, PMSBY or PMJJBY, suits you best?
Which cover, PMSBY or PMJJBY, suits you best?
The government has introduced these two programmes to assist the less fortunate members of society in getting through challenging times.
Over 250 people were killed in the most recent rail catastrophe in Balasore, Odisha. According to accounts, the majority of the deceased were from the lower socioeconomic echelons of society and were riding in unreserved general compartments. However, families of those who purchased two cost-effective insurance plans would receive up to Rs. 4 lakh in compensation. The Prime Minister’s Suraksha Bima Yojana (PMSBY) and the Prime Minister’s Jeevan Jyoti Bima Yojana (PMJJBY) are the two insurance programmes. But how to do these policies work, how effective are they, and what are the advantages? All of this will be covered here.
PMSBY and PMJJBY: what are they?
Term insurance is offered under the Prime Minister’s Jeevan Jyoti Bima Yojana. This indicates that the insurance company will pay the claim amount to the nominee in the event of the policyholder’s death. The policyholder is not entitled to any rewards if they live past the stated term. On the other hand, the Prime Minister’s Suraksha Bima Yojana offers the policyholder a reimbursement in the event of an accident.
Who may register?
The PMJJBY term plan has a minimum enrollment age of 18 years and a maximum enrollment age of 50 years. Up until the age of 55, coverage is available with this plan. The age range for purchasing PMSBY is 18 to 70. It can be purchased by anybody up to the age of 70, but beneficiaries who are older than 70 are not eligible for the coverage.
What kind of coverage do they offer?
The Jeevan Jyoti Bima Yojana of the Prime Minister offers a two lakh rupee life insurance policy. In the event of the policyholder’s demise or total and permanent disability, a full claim may be filed. The Suraksha Bima Yojana of the Prime Minister additionally provides a cover of Rs. 2 lakh. The beneficiary is entitled to a payout of up to Rs. 1 lakh in the event of partial disability, while the insurance sum is paid out in the event of death or entire disability. While PMJJBY does not cover partial permanent disability, the Suraksha Bima Yojana offers coverage at three levels: death, total permanent disability, and partial permanent disability.
What is the premium’s cost?
The Jeevan Jyoti Bima Yojana of the Prime Minister has an annual premium of Rs. 436, whereas the Suraksha Bima Yojana of the Prime Minister has an annual premium of Rs. From June 1 to May 31, the premium for both insurances is valid. Before June 1 of each year, the insurance payment is taken out of the policyholder’s bank account. When you first agree to purchase insurance, you also agree to an auto-debit request, meaning the premium will be automatically withheld each year.
Conditions for PMSBY and PMJJBY
The potential candidate must maintain a savings account. You can apply for the policy in person at any bank location or online using internet banking.
It is necessary to have an Aadhaar card or official identity.
Make sure that Aadhaar is connected to your bank account.
You have 45 days to file an insurance claim if you want to.
The insurance must be renewed every year, and you must have enough money in your bank account to cover the cost of doing so. Otherwise, you won’t be eligible for insurance benefits, and your plan will be deemed null and void.
