PMJJBY & PMSBY -Banks Government Sponsored Insurance Schemes

Last updated on October 9th, 2023 at 01:02 pm

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) are two central Government sponsored Insurance schemes provided through Banks to the Indian citizens.

Banks are now becoming a one stop destination as they are cross selling various investment options like Mutual Fund and Government Bonds. Also banks provide option for subscription to Insurance services provided by Government as well as Insurance Companies.

Banks are providing these services to increase their revenue as the addition services like these will increase their Non Interest Income.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an life insurance scheme that provide protection to the family of the subscriber upon the death of the subscriber by any cause.

The Scheme Details are as follows.

Eligibility

• Any Individual with a KYC compliant Bank Account can subscribe for PMJJBY scheme.
• The Applicant should be 18 to 50 Years Old.

Benefits

PMJJBY scheme provides Life Insurance Cover of Rs. 2 Lakh with a fixed Yearly premium of Rs. 436.

The Premium will be auto debited from the subscribers account every year.

PMJJBY will cover death due to any cause for the subscribed period of 1 year from the date of subscription.

Enrolement and premium

PMJJBY cover is for One year and it starts on 1 st June and ends on May 31 with a premium of Rs. 436.

But if Enrollment of the scheme is on the middle of the year the premium is appropriated as below.

Enrolement Month	Insurance Premium
June, July and August	Rs. 436 ( Full Premium)
September, October and November	Rs. 342
December, January and February	Rs. 228
March, April and May	Rs. 114

Read Also:  National Savings Certificate (NSC) Scheme Details and Benefits

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

PMSBY is a Accidental Insurance Scheme provided for the Indian Citizens.

The Scheme Covers death and Disability of the subscriber due to accident.

The Scheme parameters are as follows.

Eligiblity

• Age of the Subscriber should be between 18 and 70 Years.
• The person should have a Valid operative Account with proper KYC in any of the Bank.

Benefits

The scheme comes with a Yearly Premium of Rs. 20 and covers Accidental death and Disability of the subscriber due to accident.

The Coverage of PMSBY is as below

Scenario	Insurance Cover
Accidental Death	Rs. 2 Lakh
Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot	Rs. 2 Lakh
Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot	Rs. 1 Lakh

Read Also: Sukanya Samriddhi Yojana Benefits and Details

How to Apply for PMJJBY and PMSBY?

Application for these Insurance schemes can be given through both Online and Offline Mode. Please confirm with your bank that the Online subscription service is provided by them.

Online Mode

• Log in to Mobile Banking Application or Internet Banking of your Bank.
• In the Services section you can find the Insurance Schemes and here you can click for PMJJBY or PMSBY and click subscribe.
• The next page will give you the details of your account, you need to verify the details and fill out the Nominee details for the Insurance scheme and click Submit.
• You might be prompted for the Transaction Password and OTP, upon providing the required details you are successfully subscribed to the Insurance.

Offline Mode

Apart from online Mode you can apply for PMSBY and PMJJBY from bank as well like good old days.

• You can request for a respective application form from your banks service counter.
• Fill the application with the Nomination details and submit it to the bank official along with the valid KYC of yours.
• The bank officials will process your request and the subscription will be debited from the account representing the successful subscription.

Read Also: Senior Citizen Savings Scheme Eligibility and Benefits

Documents Required for Insurance Claim

In the event of the death of the subscriber, Nominee with the necessary documents can submit to the bank to proceed with the claim.

The bank will forward the documents to the respective insurance company, and the amount will be settled to the Nominees account.

The following are the documents required for the claim process.

• Duly signed Claim form with the following documents
• Death Certificate of the subscriber
• KYC of the Nominee
• Account details of the Nominee for the settlement

For the PMSBY claim the following additional documents have to be produced

• FIR copy of the Accident
• Medical Report from the doctor

Conclusion

PMSBY and PMJJBY are provided to the people from under privileged sector. These plans are provided at an affordable price compared to the conventional Insurance Products provided by Insurance Companies.

Thus for the country where insurance is not considered as a essential requirement, government provided this schemes to bring most of its citizens under insurance products.