Government schemes which give you benefits up to Rs.2 lakh only for Rs.342


We know how important insurance has become in everyone’s life after the pandemic. so the government offers insurance for only rs.342 as a premium which is to be paid every year in June and this will be valid up to May of the following year.

  The enrolment for the two of the government insurances schemes which are Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha bima yojana (PMSBY) begin on June 1st of every year. An individual will get a triple insurance plan covered under this single scheme considering a life cover, disability for coverage, and accidental death coverage. This premium charged is considered on an annual basis.

One can also buy a single scheme instead of one by paying the desired premium mentioned by the government and the premium is comparatively very reasonable i.e., only Rs12 for PMSBY which covers accidental death.

Steps to apply for PMJJBY and PMSBY:

People who are within the age eligibility criteria and those having a bank account are eligible to buy the government schemes. One needs to fill the prescribed form available at one of the bank branches. Only for PMJJBY, one must approach the Life insurance corporation or any other insurer. Mobile banking option is also availed by some banks for easy and handy access.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers insurance against accidental death and disability and people who fall in the age group 18-70 are eligible to buy one. Only death and disability arising out of accident will be covered and death due to natural reasons is not taken into consideration. In case of an accident partially disabled person can claim only 1lakh and the nominee of person death will get 2 lakhs as mentioned.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is another government insurance scheme for social and general benefits. PMJJBY which is available to anyone who under the age group of 18 and 50 years and provides a fixed life cover of Rs 2 lakh. Unlike PMSBY which takes only accidental issues, PMJJBY covers death due to any reason including heart attack or accident or due to any other reason.

One can join the scheme in the middle of any year and the premium charges are assigned according to the period only like

June, July, and August –RS.330 is the Annual Premium.

September, October, and November – Premium of Rs 258

 December, January, and February –Rs 172 is the Premium

 March, April, and May –Rs 86 is the Premium

Enrolling in any of these might partially help the victim or the nominee.

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