Government To Increase PMJJBY & PMSBY Insurance Coverage to ₹5 Lakh

As a part of the Government’s “insurance for all by 2047” initiative, this blog brings good news to all the PMJJBY & PMSBY scheme holders or the ones who are looking to get these schemes. 

Two of the Government of India’s Jan Suraksha Schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana’s life cover to increase from ₹2 lakhs to ₹5 lakhs. 

Now, it’s obvious that if life cover will increase, premiums will also increase. But if individuals do not want to pay the higher premiums, they can continue with the existing ₹2 lakh cover by paying the pre-decided premiums. 

Note: The new premium rates have not been decided yet. 

Let’s have a quick rundown of what PMJJBY & PMSBY offers. 

PMJJBY and ​​PMSBY are a part of Jan Suraksha Schemes that were launched by Indian Prime Minister Narendra Modi on 9th May 2015 to provide affordable life insurance. These schemes were especially launched for the well-being of society’s economically weaker or underprivileged section. 

PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana)

Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme that provides life insurance cover of ₹2 lakhs. The benefit is given to the nominee in case of a policyholder’s death for any reason. 

The validity of PMJJBY is one year because it’s a “one-year scheme”, but it can be renewed every year. 

What are the Eligibility Criteria For Pradhan Mantri Jeevan Jyoti Bima Yojana? 

• People who are aged between 18-50 years. 
• Applicants must have an individual bank or post office account.

Premium Amount For Pradhan Mantri Jeevan Jyoti Bima Yojana

• The premium amount that needs to be paid for PMJJBY is ₹436/- on a yearly basis. 

PMSBY (Pradhan Mantri Suraksha Bima Yojana)

This accidental insurance scheme provides accidental death cum disability coverage of ₹2 lakhs if the insured suffers accidental death or disability. If the disability is partial, the coverage provided is ₹1 lakh. 

Like PMJJBY, PMSBY’s validity is also one year because it’s a “one-year scheme” that can be renewed every year. 

What are the Eligibility Criteria For Pradhan Mantri Suraksha Bima Yojana? 

• People who are aged between 18-70 years. 
• Applicants must have an individual bank or post office account.

Premium Amount For Pradhan Mantri Suraksha Bima Yojana

• The premium amount for PMSBY is ₹20/- per annum. 

To conclude, the increase in insurance coverage for PMJJBY and PMSBY is a great step toward providing more financial protection to the underprivileged population of India. It shows that the government is working hard to encourage more and more people to buy these policies and ensure protection against unforeseen risks, losses, and other uncertainties.