PMJJBY & PMSBY – Affordable Social Security Schemes for Every Indian

 A. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

 Scheme Type

Life Insurance Scheme

Objective

To provide affordable life insurance coverage to citizens, especially low and middle-income families.

 Coverage

✅ Life insurance cover of ₹2 lakh in case of death due to any reason.

🔹 Premium

💰 ₹436 per year
(Automatically debited from bank account)

🔹 Eligibility

• Age: 18 to 50 years

• Must have a savings bank account

• Aadhaar linked bank account preferred

🔹 Policy Period

• One-year cover from 1 June to 31 May

• Renewable every year

🔹 Implemented Through

Public & private sector banks in association with life insurance companies.

🔹 Key Benefits

✔ Very low premium
✔ Financial support to family in case of death
✔ Easy enrollment through bank accounts
✔ Suitable for rural and low-income household

B. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

🔹 Scheme Type

Accident Insurance Scheme

🔹 Objective

To provide low-cost accidental death and disability insurance coverage.

🔹 Coverage

✅ ₹2 lakh for accidental death or full disability
✅ ₹1 lakh for partial disability

🔹 Premium

💰 ₹20 per year
(Auto-debited from bank account)

🔹 Eligibility

• Age: 18 to 70 years

• Savings bank account required

🔹 Policy Period

• Annual coverage from 1 June to 31 May

• Renewable every year

🔹 Key Benefits

✔ Extremely affordable insurance protection
✔ Coverage against accidental risks
✔ Simple enrollment process through banks
✔ Helpful for workers, farmers, laborers, and small earners

📌 Why These Schemes Matter

These schemes are important pillars of India’s financial inclusion and social security framework. With a very small annual premium, citizens can protect their families from financial hardship arising from death or accidents.