PMJJBY is an insurance scheme offering life insurance cover for death due to any reason. It is a one-year cover, renewable from year to year.
The age group of 18 to 50 years are entitled to join. In case of multiple bank accounts held by an individual in one or different banks/Post office, the person is eligible to join the scheme through one bank account only. Aadhaar is the primary KYC for the bank account.
Rs. 2 lakh is payable on member's death due to any cause.
Premium: Rs. 436/- per annum per member. The premium will be deducted from the account holder's bank account through 'auto debit' facility in one instalment, as per the option given, at the time of enrolment under the scheme. The premium would be reviewed based on annual claims experience.
PMSBY
PMSBY is an Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. It would be a one-year cover, renewable from year to year.
The age group of 18 to 70 years in participating banks will be entitled to join. Aadhaar would be the primary KYC for the bank account.
Coverage includes Rs. 2 lakh for accidental death and full disability, and Rs. 1 lakh for partial disability.
Premium: Rs. 20/- per annum per member. The premium will be deducted from the account holder’s bank account through 'auto debit' facility in one instalment on or before 1st June of each annual coverage period under the scheme. However, in cases where auto debit takes place after 1st June, the cover shall commence from the date of auto debit of premium by Bank. The premium would be reviewed based on annual claims experience.
