This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at [email protected]
“Insurance sirf ek rupay mein – Aisa Kaise?” The boy asks his father and the father’s response makes his daughter emotional. You must have watched this commercial on your TV sets many a times this week as the government has launched its Jan Suraksha initiative very aggessively.
Prime Minister Mr. Narendra Modi is in Kolkata today and will be launching Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY) from there. These schemes are targeted to provide social security benefits to a large percentage of the low income earning population in India.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Policy Coverage – The scheme offers to provide you or your family a cover of up to Rs. 2 lacs in case of any mishappening, resulting into death or disability of the insured. In case of death or full disability, you or your family will get Rs. 2 lacs and in case of partial disability, you will get Rs. 1 lac. Full disability means loss of both eyes or both legs or both hands, whereas partial disability means loss of one eye or one leg or one hand.
Age of the Insured – Savings bank account holders aged between 18 years and 70 years are eligible to apply for this scheme. People aged more than 70 years will not be able to get the benefits of this scheme.
Premium Amount – It costs you just Rs. 12 in annual premium for having an accidental death or disability cover of Rs. 2 lacs under this scheme. It works out to be just Re. 1 a month, which is extraordinarily low. Again, your age has nothing to do with the premium payable for your insurance cover under this scheme as the premium is fixed at Rs. 12 for a cover of Rs. 2 lacs.
Period of Insurance – You will remain insured for a period of one year from June 1, 2015 to May 31, 2016. Next year onwards as well, the risk cover period will remain to be June 1 to May 31.
Administrators for PMSBY – The scheme would be offered / administered by many of the general insurance companies, both in the public sector as well as in the private sector. Participating banks will be free to engage any such general insurance company for implementing the scheme for their subscribers. National Insurance Company Limited, Oriental Insurance Company Limited and ICICI Lombard are some of the companies which would be offering this scheme.
Auto Debit Facility – You will be required to provide your consent for auto debit of Rs. 12 as the annual premium from any one of your bank accounts at the time of enrolling for this scheme. This premium of Rs. 12 will get deducted from your savings bank account through auto debit facility every year between May 25 and June 1.
Last Date for Enrolment – May 31, 2015 is the last date for getting enrolled for this scheme, but the government has given an extension of three months up to August 31, 2015 for us to get enrolled and give auto-debit consent for this scheme. This enrolment period may be extended by the government for another period of three months, up to November 30, 2015.
Those joining this scheme subsequent to May 31, 2015 will have to pay the full year’s premium of Rs. 12 and agree to specified terms of this scheme.
Toll-Free Numbers – 1800 110 001 / 1800 180 1111 – These two are the National Toll-Free Numbers for this scheme. You can check the state-wise toll-free numbers from this link – State-Wise Toll Free Numbers
Service Tax Exempt – Yes, Finance Minister Mr. Arun Jaitley has proposed to exempt this scheme from service tax. So, you will not be charged any service tax on the premium payable.
Know Your Customer (KYC) – Aadhaar Card issued by the UIDAI will be the primary requirement for your KYC under this scheme.
Application Form – Here you have the link to the application form for you to enroll yourself for this scheme – Application Form for PMSBY
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Age of the Insured – Bank account holders aged between 18 and 50 years are eligible to apply for this scheme. So, if you are aged more than 50 years, you are not eligible to enroll yourself for this scheme. But, once enrolled, you can continue with this scheme till you attain the age of 55 years.
Premium Amount – Less than Re. 1 a day or an annual premium of Rs. 330 is what you need to pay to get a life cover of Rs. 2 lacs. No matter what your age is, the premium is fixed at Rs. 330 for a life cover of Rs. 2 lacs. This annual premium of Rs. 330 has been fixed for the first three years from June 1, 2015 to May 31, 2018, after which it will again be reviewed based on the insurers’ annual claims experience.
Period of Insurance – June 1st, 2015 to May 31st, 2016 is the period for which this scheme will cover all kind of risks to your life in the first year of operation. Next year onwards as well, the risk cover period will remain June 1 to May 31.
LIC as the Administrator – The scheme would be offered / administered by the Life Insurance Corporation (LIC) and other life insurance companies like SBI, ICICI etc. through their tie ups with the interested banks like SBI, ICICI, Canara Bank etc. Participating banks are free to engage any such life insurance company for implementing this scheme for their subscribers.
Auto Debit Facility – Annual premium of Rs. 330 will get deducted from your savings bank account through auto debit facility. You will have to give your consent for auto debit of premium from any one of your bank accounts at the time of enrolling for this scheme.
Last Date for Enrolment – May 31, 2015 is the last date for getting enrolled for this scheme, but the government has given an extension of three months up to August 31, 2015 for us to get enrolled and give auto-debit consent for this scheme. This enrolment period may be extended by the government for another period of three months, up to November 30, 2015.
Those joining this scheme subsequent to May 31, 2015 will have to pay the full year’s premium of Rs. 330 and submit a self-certificate of good health in the prescribed proforma.
Toll-Free Numbers – 1800 110 001 / 1800 180 1111 – These two are the National Toll-Free Numbers for this scheme. You can check the state-wise toll-free numbers from this link – State-Wise Toll Free Numbers
Service Tax Exempt – Finance Minister Mr. Arun Jaitley has proposed to exempt this scheme from service tax. So, you will not be charged any service tax on the premium payable.
Know Your Customer (KYC) – Aadhaar Card issued by the UIDAI will be the primary requirement for your KYC under this scheme.
Application Form – Here you have the link to the application form for you to enroll yourself for this scheme – Application Form for PMJJBY
I covered Pradhan Mantri Jeevan Jyoti Bima Yojana yesterday, a scheme which provides life insurance cover of Rs. 2 lacs to its subscribers for an annual premium of only Rs. 330. I think both these schemes are quite attractive and provide a combined cover of Rs. 4 lacs for a premium of just Rs. 342, which works out to be less than Re. 1 a day.
In a country like India, where many members of a family are dependent on the primary earner’s income to survive and grow, I think these schemes would play a very important role in providing a much required social security comfort to the citizens of India. I think the government is doing a wonderful job in taking these initiatives to attract low income group people to get themselves covered against the risks of untimely death or accidental disabilities. I think you should definitely subscribe to both these schemes.
sir mera account sbi hathars up me or me present time ajmer me hoo.me yha ki kisi bhi branch me pmJjby ka from sumbit kar sakta hoo
Yes Vijay, aap Ajmer mein ye scheme avail kar sakte hain.
Dear Sir,
I have an ICICI Lombard Accident Insurance Policy of Rs.5 lakhs. If I take PMSBY of Rs.2 lacs then can I claim from both policies if I meet an accident and the medical cost is Rs.9 lakhs?
Hi Dhaval,
PMSBY covers only accidental death and disability (partial/full). In case of any such unfortunate event, you or your family will get insurance cover under both your policies, ICICI Lombard as well as PMSBY.
Respected Sir. Please send me the Indian overseas Bank link for online enrolment of insurance. I searched but I couldn’t find.
Hi Raguvaran,
Even I do not have the IOB link for this scheme.
Just I want to confirm if I have already any other general insurance like lic, max company policy then this pradhan mantri jeevan jyot bima yojna also payable claim or not.
Can we received claim from both lic and pradhan mantri jeevan jyot yojna?
Yes Viral, you can make insurance claim under both your policies – LIC as well as PMJJBY.
Dear sir/madam if in insurance period no any accident is happen so balance is refundable or not after complete of period date
Hi Suraj,
Nothing will be paid if the insured person survives the insurance policy period.
Hi Shiv
In the Pradhan Mantri Jeevan Jyoti Bima Yojana , If we are still alive after 55 years cover, will we get the 2 lakhs if we are still alive after 55 years , One of friend in bank Opened this scheme and was told he will get it once complete 55 yrs
Hi Sunil,
That is incorrect information. Nothing will be paid to you if you survive the insurance policy period.
want to know whether I can change the bank next year when i renew the scheme
Yes Divya, you can do so.
PMSBY me natural death hone par claim hoga kya. aur kis prakar ke death par claim kar sakte hai.
Nahin Dipak, natural death PMSBY ke under covered nahin hai. Accidental death or disability is covered under PMSBY.
Sir, My question is that can we get the money after the maturity time period???
No Salil, nothing will be paid to you if you survive the insurance period.
Sir
I also personally found these schemes to b very attractive, but the bankers had not issued me any receipt for the insurance.
I m quite worried for that
Please guide me what to do.
Most banks are asking their customers to get the receipt collected on or after 1st June. So, you should not worry about that. Once the premium gets deducted, it is a proof that you have subscribed to these schemes.
Dear Sir,
I have two-three queries,please clarify.
1)in my family there are 4 member and all are having account in different different banks so can i fill suraksha bima form for all persons.
2) i have filled form for me but need information that where i need to submit this form.
Please clarify?
Regards,
Neelam Bani
Hi Neelam,
1. Yes, all 4 members can subscribe to these schemes, PMJJBY & PMSBY.
2. You need to submit it in your bank branch.
entire procedure to be displayed
Sorry, I do not have such information to be displayed.
Dear Sir,
as per this scheme, nowhere mention about the claim procedure i .e. where to lodge a claim? what are the docs required? time limit of claim settlement? from where to download a claim form? is it directly credited to SBI a/c.?
Please contact the bank branch and they will definitely provide you with the solutions. Claim forms are there on many of the websites/bank branches.
as per this scheme, nowhere mention about the claim procedure i .e. where to lodge a claim? what are the docs required? time limit of claim settlement? from where to download a claim form? is it directly credited to sb a/c.?
in our country where still people are illiterate, then main question is arise how they will take the benefit of this policy for whom such scheme is launched by govt.
Hi Daxesh,
I think the claim form is available on most of the bank websites and branches. Please contact the bank officials for further details. Moreover, the scheme is getting started w.e.f. June 1, so there is still a lot of time for the banks to get the details and provide its customers with the same.
nice and helpful
Thanks Sudhakaran!
Sir, If I have two existing policy with other insurance co. can I get PMSBY
thanks and Regards,
Yes Subhankar, you can subscribe to PMSBY.
how can i activate both schemes in canara bank by moblile message…?
Hi Suryaba,
Canara Bank has not started the SMS services for getting enrolled for these schemes. This is the response I got when I called them today on 1800 425 0018.
Can we open pradhan mantri suraksha bima yojana in my both accounts of canara bank and punjab & sind bank..??
No Shikha, it is not allowed to subscribe to PMSBY or PMJJBY from more than one bank account.
Respected sir,
i want to know about pension scheme what are its benefits and process to enroll ??? My age is 24 years
Please check this post, it has all the details – http://www.onemint.com/2015/03/13/atal-pension-yojana-government-guaranteed-pension-scheme-for-the-unorganised-sector/
Respected sir,
I heard that if i have alredy insured myself from anyother insurance service provider than i am not eligibile for this both scheme is it true ???
No Mayur, that is not correct. You can subscribe to these schemes even if you have other insurance policies.