Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life Insurance scheme in India that provides low-cost life insurance coverage to eligible individuals. The scheme was launched in 2015 as part of the government's efforts to increase financial inclusion and provide social security to the masses.
Under the PMJJBY scheme, eligible individuals can purchase life insurance coverage for a nominal premium of Rs. 330 per annum. The coverage amount under the scheme is Rs. 2 lakhs, which is paid out in case of the policyholder's death due to any cause.
To be eligible for the scheme, individuals must be between the ages of 18 and 50 and have a bank account. They must also provide consent to join the scheme and allow for the premium to be auto-debited from their bank account annually.
The PMJJBY scheme is administered by the Life Insurance Corporation of India (LIC) and other insurance companies empaneled by the government. Claims under the scheme are settled by the insurance company within a specified timeframe, provided the claim is made by the nominee of the policyholder after their death.
Overall, the PMJJBY scheme is aimed at providing affordable life insurance coverage to individuals who may not have access to such coverage otherwise. By providing a low-cost insurance option, the government hopes to increase financial inclusion and social security for all Indians.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme in India. The scheme was launched in 2015 as part of the government's efforts to increase financial inclusion and provide social security to the masses.
Under the PMSBY scheme, eligible individuals can purchase accident insurance coverage for a nominal premium of Rs. 12 per annum. The coverage amount under the scheme is Rs. 2 lakhs, which is paid out in case of the policyholder's death or permanent disability due to an accident.
To be eligible for the scheme, individuals must be between the ages of 18 and 70 and have a bank account. They must also provide consent to join the scheme and allow for the premium to be auto-debited from their bank account annually.
The PMSBY scheme is administered by various insurance companies empaneled by the government. Claims under the scheme are settled by the insurance company within a specified timeframe, provided the claim is made by the nominee of the policyholder after their death or disability due to an accident.
Overall, the PMSBY scheme is aimed at providing affordable accident insurance coverage to individuals who may not have access to such coverage otherwise. By providing a low-cost insurance option, the government hopes to increase financial inclusion and social security for all Indians.
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