The month of May has started. You have to keep Rs 500 in your bank account by the last date of this month i.e. 31st May. We are saying this because an important deadline is ending on this date.
Actually, the Narendra Modi government at the Center had started many schemes for the poor in its first term. Two such schemes are Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). These schemes were started in the year 2015, which provide insurance cover of up to Rs 4 lakh to the customers. The deadline to renew both these schemes is ending on 31st May.
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what does it mean
If you pay premium for both the schemes, you get insurance cover of up to Rs 4 lakh. The premium of both the schemes is for a period of one year. As soon as this period ends, the premium has to be paid once again. Only after this, customers get insurance cover. The total premium of both the schemes is less than Rs 500.
About the scheme
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance scheme that covers death due to any reason. Individuals in the age group of 18-50 years are eligible for this. Those who join the scheme before completing the age of 50 years can continue to take the risk of life till the age of 55 years on payment of regular premiums. The premium for this scheme is Rs 436 per year. In return, a life cover of Rs 2 lakh is available.
Prime Minister’s Security Insurance Scheme (PMSBY)
This is a one-year accident insurance plan that provides coverage for death or disability due to accident. Individuals in the age group of 18-70 years can join it. Accidental death cum disability cover of Rs. 2 lakh (Rs. 1 lakh in case of partial disability) is available for death or disability due to accident at a premium of Rs. 20/- per year.
Enrolment under both the schemes can be done at the account holder’s bank branch/BC point or by visiting the bank’s website or at the post office in case of post office savings bank account. The premium under the scheme is auto debited from the subscriber’s bank account every year.
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