Prime Minister Mr. Narendra Modi is in Kolkata today and will be
launching Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri
Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY) from
there. These schemes are targeted to provide social security benefits to
a large percentage of the low income earning population in India.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Policy Coverage – The scheme offers to provide you or your
family a cover of up to Rs. 2 lacs in case of any mishappening,
resulting into death or disability of the insured. In case of death or
full disability, you or your family will get Rs. 2 lacs and in case of
partial disability, you will get Rs. 1 lac. Full disability means loss
of both eyes or both legs or both hands, whereas partial disability
means loss of one eye or one leg or one hand.
Age of the Insured – Savings bank account holders aged between
18 years and 70 years are eligible to apply for this scheme. People
aged more than 70 years will not be able to get the benefits of this
scheme.
Premium Amount – It costs you just Rs. 12 in annual premium
for having an accidental death or disability cover of Rs. 2 lacs under
this scheme. It works out to be just Re. 1 a month, which is
extraordinarily low. Again, your age has nothing to do with the premium
payable for your insurance cover under this scheme as the premium is
fixed at Rs. 12 for a cover of Rs. 2 lacs.
Period of Insurance – You will remain insured for a period of
one year from June 1, 2015 to May 31, 2016. Next year onwards as well,
the risk cover period will remain to be June 1 to May 31.
Administrators for PMSBY – The scheme would be offered /
administered by many of the general insurance companies, both in the
public sector as well as in the private sector. Participating banks will
be free to engage any such general insurance company for implementing
the scheme for their subscribers. National Insurance Company Limited,
Oriental Insurance Company Limited and ICICI Lombard are some of the
companies which would be offering this scheme.
Auto Debit Facility – You will be required to provide your
consent for auto debit of Rs. 12 as the annual premium from any one of
your bank accounts at the time of enrolling for this scheme. This
premium of Rs. 12 will get deducted from your savings bank account
through auto debit facility every year between May 25 and June 1.
Last Date for Enrolment – May 31, 2015 is the last date for
getting enrolled for this scheme, but the government has given an
extension of three months up to August 31, 2015 for us to get enrolled
and give auto-debit consent for this scheme. This enrolment period may
be extended by the government for another period of three months, up to
November 30, 2015.
Those joining this scheme subsequent to May 31, 2015 will have to pay
the full year’s premium of Rs. 12 and agree to specified terms of this
scheme.
Toll-Free Numbers – 1800 110 001 / 1800 180 1111 – These two
are the National Toll-Free Numbers for this scheme. You can check the
state-wise toll-free numbers from this link –
State-Wise Toll Free Numbers
Service Tax Exempt – Yes, Finance Minister Mr. Arun Jaitley
has proposed to exempt this scheme from service tax. So, you will not be
charged any service tax on the premium payable.
Know Your Customer (KYC) – Aadhaar Card issued by the UIDAI will be the primary requirement for your KYC under this scheme.
Application Form – Here you have the link to the application form for you to enroll yourself for this scheme –
Application Form for PMSBY
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Age of the Insured – Bank account holders aged between 18 and
50 years are eligible to apply for this scheme. So, if you are aged more
than 50 years, you are not eligible to enroll yourself for this scheme.
But, once enrolled, you can continue with this scheme till you attain
the age of 55 years.
Premium Amount – Less than Re. 1 a day or an annual premium of
Rs. 330 is what you need to pay to get a life cover of Rs. 2 lacs. No
matter what your age is, the premium is fixed at Rs. 330 for a life
cover of Rs. 2 lacs. This annual premium of Rs. 330 has been fixed for
the first three years from June 1, 2015 to May 31, 2018, after which it
will again be reviewed based on the insurers’ annual claims experience.
Period of Insurance – June 1st, 2015 to May 31st, 2016 is the
period for which this scheme will cover all kind of risks to your life
in the first year of operation. Next year onwards as well, the risk
cover period will remain June 1 to May 31.
LIC as the Administrator – The scheme would be offered /
administered by the Life Insurance Corporation (LIC) and other life
insurance companies like SBI, ICICI etc. through their tie ups with the
interested banks like SBI, ICICI, Canara Bank etc. Participating banks
are free to engage any such life insurance company for implementing this
scheme for their subscribers.
Auto Debit Facility – Annual premium of Rs. 330 will get
deducted from your savings bank account through auto debit facility. You
will have to give your consent for auto debit of premium from any one
of your bank accounts at the time of enrolling for this scheme.
Last Date for Enrolment – May 31, 2015 is the last date for
getting enrolled for this scheme, but the government has given an
extension of three months up to August 31, 2015 for us to get enrolled
and give auto-debit consent for this scheme. This enrolment period may
be extended by the government for another period of three months, up to
November 30, 2015.
Those joining this scheme subsequent to May 31, 2015 will have to pay
the full year’s premium of Rs. 330 and submit a self-certificate of
good health in the prescribed proforma.
Toll-Free Numbers – 1800 110 001 / 1800 180 1111 – These two
are the National Toll-Free Numbers for this scheme. You can check the
state-wise toll-free numbers from this link –
State-Wise Toll Free Numbers
Service Tax Exempt – Finance Minister Mr. Arun Jaitley has
proposed to exempt this scheme from service tax. So, you will not be
charged any service tax on the premium payable.
Know Your Customer (KYC) – Aadhaar Card issued by the UIDAI will be the primary requirement for your KYC under this scheme.
Application Form – Here you have the link to the application form for you to enroll yourself for this scheme –
Application Form for PMJJBY
I covered
Pradhan Mantri Jeevan Jyoti Bima Yojana yesterday,
a scheme which provides life insurance cover of Rs. 2 lacs to its
subscribers for an annual premium of only Rs. 330. I think both these
schemes are quite attractive and provide a combined cover of Rs. 4 lacs
for a premium of just Rs. 342, which works out to be less than Re. 1 a
day.
In a country like India, where many members of a family are dependent
on the primary earner’s income to survive and grow, I think these
schemes would play a very important role in providing a much required
social security comfort to the citizens of India. I think the government
is doing a wonderful job in taking these initiatives to attract low
income group people to get themselves covered against the risks of
untimely death or accidental disabilities. I think you should definitely
subscribe to both these schemes.
