The advent of whatsapp has made messaging obsolete. who wants to pay for messaging when whatsapp is faster is easier.
All you get in messages is anyways advertisements and promotions. But isn’t it super difficult to ignore the little notification on your phone, despite most of them being the same annoying promotional offer?
Lately many of us have been receiving a lot of messages from our banks about the Pradhan Mantri Suraksh Bime Yojna (PMSBY) and Pradhan Mantri Jeevam Jyoti Beema Yojna (PMJJBY). Not only messages but a lot of emails and letters too have somehow been talking and pushing us to avail it. So what are these Yojnas?
Pradhan Mantri Suraksha Bima Yojana
The PMSBY is an accident insurance policy introduced by the Government of India for its citizens. It provides cover up to ₹ 2 lakh for accidental death or full disablement of the policyholder for just ₹ 1 per month. Any Indian Citizen between ages 18 to 70 years regardless of their socio-economic status can buy this policy.
What is in Store for You
- It is linked directly to your bank account. The annual premium amount of ₹ 12 will be debited in a single installment from your bank account on or before 1 June every year.
- Death and Full Disability: ₹ 2 lakh : Full Disability is described as
- Total and irrecoverable loss of both eyes or loss of use of both hands or feet, or
- Loss of sight of one eye and loss of use of hand or foot
- Partial Disability: ₹ 1 lakh Partial Disability is described as
- “Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot”
Pradhan Mantri Jeevan Jyoti Yojna
Rs.2 lakhs is payable on member’s death due to any reason. If the Scheme Member dies during Insurable Membership, subject to Policy being in force and all due Premiums, Service Tax and any Other Levies (if any) having been paid and subject to any restrictions or qualifications referred to in these Clauses, the amount specified as the Sum Assured for such Scheme Member shall become due to the Nominee of the Scheme Member. No Maturity benefit is payable under the policy. No Surrender benefit is payable under the policy.
No policy comes without the fine print terms and conditions. So here are some for the PMSBY and PMJJBY
- You can have only one subscription to the insurance policy regardless of the number of bank accounts you may hold.
- The policy will be processed through the policyholder’s AADHAR-linked bank account only- So if you don’t have an AADHAR number ( card is a distant dream at this point) time to stand in those long lines at the municipal corporation.
- To get the policy, you must authorize your bank during application to auto-debit the premium amount at the time of renewal and ensure the continuation of the policy.
- A shout out to all broke people- you must have sufficient balance (i.e. Rs 12 for PMSBY and Rs. 330 for PMJJBY) in your linked bank account at the time of renewal each year. Failure to do so would result in the risk cover being suspended with reinstatement at the sole discretion of the insurance company.
- Your linked bank will be the Master PolicyHolder on behalf of you.
If you are one of those few people, whose bank has not already contacted you, please get in touch with them to process your policy application.
What a regular internet search will not tell you clearly about this policy
You will be able to get the claim of Rs 1 lakh only if you lose one eye or one limb. No other accidental ailment will be covered.- So if you are admitted to a hospital for a fracture or injury, this scheme will not bear your hospital charges.
Read more about What is health Insurance?
Read also An anatomy of an health insurance plan
Read more about Dejargonizing health insurance terms
Be safe and secure 🙂
