PMSBY/PMJJBY

PMSBY is an abbreviation for Pradhan Mantri Suraksha Bima Yojana, a government-sponsored accidental insurance policy in India. PMSBY, which was launched by the Government of India, aims to provide citizens with affordable personal accident insurance coverage. PMSBY’s main characteristics are as follows:

Objective: The major goal of PMSBY is to give financial assistance to individuals and their families in the event of an unintentional death or injury.

• Eligibility: The initiative is open to everyone between the ages of 18 and 70 who has a savings bank account. The individual must provide their agreement to enroll and pay the annual subscription.
• Premium Amount: The premium for PMSBY is minimal, making it an affordable insurance option. The premium amount is typically auto-debited from the insured person’s bank account.

 

• Accident Coverage: PMSBY protects you in the event of an unintentional death or disability. In the event of accidental death, total and irreversible loss of both eyes, loss of use of both hands or feet, or loss of sight in one eye and loss of use of one hand or foot, the scheme provides a fixed sum insured amount.
• Policy Period: PMSBY typically has a one-year policy period. Participants, on the other hand, have the option of renewing their coverage each year by paying the annual price.
• Enrollment Process: Individuals who want to join PMSBY can do so at partnering banks. They must complete the application form and agree to the annual auto-debit of the premium from their bank account.
• Claim Process: In the event of a fatal or catastrophic accident, the nominee or insured person can begin the claim procedure by calling the insurance company. The claim settlement is subject to the scheme’s rules and conditions.

PMJJBY is an abbreviation for Pradhan Mantri Jeevan Jyoti Bima Yojana, a government-sponsored life insurance policy in India. PMJJBY, which was launched by the Government of India, is intended to provide individuals with affordable life insurance coverage. PMJJBY’s main characteristics are as follows:

Objective: PMJJBY aims to provide affordable life insurance coverage to individuals, ensuring financial security for their families in case of the insured person’s death.

• Eligibility: The scheme is open to individuals aged 18-50 with a savings bank account and consent to join.
• Premium Amount: PMJJBY provides life insurance at a low premium, typically auto-deducted annually from the insured person’s bank account.
• Life Insurance Coverage: PMJJBY offers a fixed sum insured amount in case of an insured person’s death, payable to the nominee or legal heir.

 

• Policy Period: PMJJBY policy is generally one-year-long, and participants must renew their coverage annually by paying the annual premium.
• Enrollment Process: Participants can enroll in PMJJBY by filling out an application form and providing consent for annual auto-debit of premiums from their bank accounts.
• Claim Process: The nominee can initiate a claim process after the insured person’s death, subject to the insurance company’s terms and conditions.