Your PMJJBY and PMSBY Insurance Cover May Get Canceled If You Don't Submit Premium Before May 31: Know Here Benefits

Your PMJJBY and PMSBY Insurance Cover May Get Canceled If You Don't Submit Premium Before May 31: Know Here Benefits

In his first term, two insurance schemes were launched by the Modi government to benefit the poor and unorganized sector people in particular. These are Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). The first is for life insurance, and the second is for accident insurance. The most important thing in these schemes is that they have to pay the premium name only. In Pmjjby, where there is an annual premium of Rs. 330, the PMSBY has to pay a premium of only Rs. 12 per annum. Thus, in a premium of Rs. 342 per annum, the customer can avail of these two schemes. The insurance period of both these schemes varies from June to May 31. Therefore, the premium of both these schemes has to be deposited on May 31 or earlier. If you are involved in any of these schemes, you will have to keep enough money in your account by May 31, cut the premium, and avail the benefit of the scheme for the next one year. Let's know what the benefits of these two schemes are.

Pradhan Mantri Suraksha Bima Yojana (PMSBY):

In this scheme, beneficiaries get one year's insurance cover when death or disability occurs by accident. The benefits of PMSBY can be availed by people aged 18 to 70 years. The beneficiaries of the scheme are required to have savings bank accounts. In the case of suicide in this scheme, the family of the deceased does not get the amount of insurance. Further, a temporary partial disability is also not covered in the scheme. On the death of the beneficiary due to murder, the family gets the benefit of the scheme.

Under this scheme, an insurance cover of Rs. 2 lakh is available in case of permanent full disability and death due to an accident. In addition, an insurance cover of Rs. 1 lakh is available in case of permanent partial disability. Under the scheme, a cover of 2 lakh is available on permanent disability statuses such as complete loss of use of both eyes or damage to the use of both hands and both legs.

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Image credit: financialexpress

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