PRADHAN MANTRI SURAKSHA BIMA YOJNA

PRADHAN MANTRI SURAKSHA BIMA YOJNA
• The scheme was launched on 9th May, 2015.

• It is a social security scheme• It makes people financially strong• Age group eligibility 18 to 70 years.

• The cover is available for one year (1st June to 31st May), so it should be renewed every year.

• Auto debit facility available from bank/ post office savings account• Benefits: Accidental Insurance cover for ₹2 lakh.

• Annual premium just ₹12, must be paid on or before 1st June every year.

• Out of annual premium ₹10 Insurance premium, ₹1 is reimbursed to BC/ Agent/ or corporate agent, ₹1 goes to participating bank as administrative expenses.


PRADHAN MANTRI JEEVAN JYOTI BIMA YOJNA

• The scheme was launched on 1st June , 2015• It is a social security scheme.

• It makes people financially strong• Age group eligibility 18 to 50 years, no entry after the age of 50 years.

• The cover is available for one year (1st June to 31st May), so it should be renewed every year.

• Auto debit facility available from bank/ post office savings account.

Benefits:

Life Insurance cover for ₹2 lakh, death due to any reason•

Annual premium just ₹330, must be paid on or before 31st May every year Appropriation of Premium:

• Insurance Premium to LIC / insurance company: Rs.289/- per annum per member.

• Reimbursement of Expenses to BC/Micro/Corporate/Agent: Rs.30/- per annum per member.

• Reimbursement of Administrative expenses to participating Bank: Rs.11/- per annum per member.

• The scheme is implemented by LIC or any other Life Insurance company.

• Termination of assurance on attaining the age of 55 years subject to renewal up to that date.

• Closure of account with the Bank or insufficiency of balance to keep the insurance in force, will also lead to termination.

Prof. S.P.Singh

One stop solution for all updates in the Banking Arena, assisting one and all to reach soaring heights in their careers. Analysis on recent policies and its impact in the "finance" domain, coming straight from a seasoned Banker and mentor of 1982 vintage.

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