Two government-backed insurance schemes launched in 2015 offer remarkably affordable coverage to millions of uninsured Indians. If you do not have these, you are leaving crucial protection on the table.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
PMSBY is an accidental death and disability insurance scheme with an annual premium of just ₹20, linked to your savings bank account.
Coverage Details
- Accidental Death or Total Permanent Disability: ₹2 Lakh
- Partial Permanent Disability: ₹1 Lakh
- Eligibility: Indian residents aged 18–70 with a savings bank account.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
PMJJBY is a life insurance scheme offering ₹2 lakh cover for any cause of death at an annual premium of just ₹436.
Coverage Details
- Life Cover: ₹2 Lakh for any cause of death
- Eligibility: Indian residents aged 18–50 with a savings bank account.
- Auto-Renewal: Premium is auto-debited annually from your linked account.
How to Enroll
Visit your bank branch, internet banking portal, or mobile banking app. Go to the insurance section and enable PMSBY and/or PMJJBY. The premium is auto-deducted on June 1st every year.
For ₹456 per year (less than ₹1.25 per day), you can have ₹4 lakh in combined cover – one of the best deals in Indian insurance.
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