Recently, hundreds of people lost their lives in the train accident in Balasore, Odisha. It has been learned from the news that there were more passengers in the general bogie among the dead. Obviously, most of these people belonged to poor families who could not afford to travel in reserved coaches by paying expensive fares. Among those who died, the families of those who had taken two cheap insurances will get a compensation of four lakh rupees. Money9’s special show Insurance Muqabla presents Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Jeevan Suraksha Bima Yojana (PMSBY). Talking about these two insurances is because both of them are cheap insurances, they are easily available and if you do not have any other insurance then you must take this insurance.
What are PMJJBY and PMSBY?
Pradhan Mantri Jeevan Jyoti Bima Yojana is a term plan. That is, on the death of the policyholder, the insurance company pays the claim amount to the nominee. If the person taking the policy remains well even after the completion of the time, then he does not get any benefit. Pradhan Mantri Suraksha Bima Yojana gives claim money to the policyholder in case of an accident.
Who can take
The minimum age for taking a term plan under PMJJBY is 18 years and the maximum age is 50 years. In this scheme, cover can be taken up to 55 years. PMSBY can be taken by a person aged 18 to 70 years. People of 70 years of age can buy it but if the age of the beneficiary is more than 70 years then this cover will not be available.
How much cover is available?
An insurance cover of two lakh rupees is available in Pradhan Mantri Jeevan Jyoti Bima Yojana. Full 100% claim can be made in case of death and total disability of the policy holder. Pradhan Mantri Suraksha Bima Yojana also gives a cover of two lakhs. In case of death or total disability due to an accident, the amount of insurance is received. On the other hand, in case of partial disability, a benefit of up to one lakh is given. Note that Suraksha Bima is providing cover at three levels. On death, total disability and partial disability while partial disability is not covered in PMJJBY.
How much premium will have to be paid?
The annual premium of Pradhan Mantri Jeevan Jyoti Bima Yojana is Rs.436. The annual premium of Pradhan Mantri Suraksha Bima Yojana is Rs.20. The premium for both these insurances is valid from June 1 to May 30. Every year before June 1, the amount of insurance is deducted from the bank account of the policyholder. When you give consent for insurance for the first time only then you give consent for auto debit request i.e. automatically deduction of premium every year.
Prerequisites for PMJJBY and PMSBY
– The candidate must have an active savings account. You can take the policy under this scheme by visiting any bank branch or through net banking of your bank sitting at home.
Must have Aadhaar card or government ID card.
Make sure that the bank account is linked with Aadhaar.
If you want to claim insurance, then you have to claim this insurance within 45 days.
– Keep in mind that when the time comes for renewal of insurance, there should be sufficient amount in the bank account, because if the premium is not deposited in any year, then the benefit of insurance will not be available and your scheme will be considered closed.
– The form for both these schemes is also available in different Indian languages. These include English, Hindi, Gujarati, Bangla, Kannada, Odia, Marathi, Telugu and Tamil.
– In both these schemes, a person can take insurance cover from any one bank only.
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