SBI customers to get bumper benefit in just Rs 342

New Delhi: 

SBI High Return Schemes: By investing in Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), you can avail benefits of Rs 4 lakh. Both the schemes get a benefit of Rs 2 lakh each.

At the same time, the premium of both these plans together is Rs 342 (330 + 12). Let us know what are the benefits of these schemes.

SBI High Return Schemes: If you also want to earn big profit by investing less then the country’s largest government bank State Bank of India is giving you this opportunity. To enable the poor and weaker sections of the people to take advantage of insurance, the government has run two schemes with cheap premiums. 

These schemes are Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance, in which a cover of Rs 2 lakh is available. While PMSBY is an accident insurance scheme, it also has a cover of Rs 2 lakh. To take advantage of these schemes, it is necessary to have a bank account.

If a person has registered in both these schemes, then he/she will be eligible for an insurance cover of up to Rs.4 lakh in aggregate. At the same time, the premium of both these plans together is Rs 342 (330 + 12). Both these insurance plans run on the cycle of 1st June-31st May. In both the plans, the annual premium is deducted in May every year. 

Therefore, if there is not enough money in the bank account at the time of deduction of annual premium, the insurance may get cancelled. Let us know all the other details including the annual premium of both these plans.

What is Pradhan Mantri Jeevan Jyoti Bima Yojana?

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life insurance till the age of 55 years. On the death of the insured person due to any reason, his nominee gets an amount of Rs 2 lakh. Citizens in the age group of 18 to 50 years can take advantage of this scheme. 

The annual premium of PMJJBY is only Rs 330. If one joins PMJJBY in the middle of the year, then the premium amount will be decided on the basis of the date of application and not the date of deducting money from the account.

What is Pradhan Mantri Jeevan Jyoti Bima Yojana?

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life insurance till the age of 55 years. On the death of the insured person due to any reason, his nominee gets an amount of Rs 2 lakh. Citizens in the age group of 18 to 50 years can take advantage of this scheme. The annual premium of PMJJBY is only Rs 330. 

If one joins PMJJBY in the middle of the year, then the premium amount will be decided on the basis of the date of application and not the date of deducting money from the account.

PMJJBY claim process

To claim PMJJBY, the nominee/heir of the insured has to approach the bank branch where the account of the insured is linked to this life insurance plan. To get the claim, the death certificate and claim form of the life insured has to be submitted. After the process is completed, the claim amount will be transferred to the nominee’s bank account. PMJJBY is a pure term insurance policy, so it only covers death and does not have investment facility. There is no maturity benefit, surrender value etc.

What is Pradhan Mantri Suraksha Bima Yojana?

Indians in the age group of 18 to 70 years can avail PMSBY. The annual premium of this plan is only Rs.12. Under this scheme, in case of accidental death or total disability, the insured gets accident insurance of Rs 2 lakh. In case of permanent partial disability, a cover of Rs 1 lakh is available. So you too can take advantage of this scheme.

2 lakh on death

In case of complete or non-recovery of both eyes or incapacitation of use of both arms or legs or in case of loss of sight in one eye and loss of use of one arm or leg – Rs. 2 lakh.

In case of complete loss of vision in one eye and inability to return or loss of use of one arm and leg – Rs 1 lakh

Terms and Conditions of Pradhan Mantri Suraksha Bima Yojana.

PMSBY is offered by public sector general insurance companies or other general insurance companies. An individual can join PMSBY with only one insurance company and one bank account. This insurance will terminate when the insured attains the age of 70 years. If joint bank account holders want to take advantage of this scheme, then all the account holders will have to pay a separate annual premium.

Persons who leave the plan can rejoin it by paying annual premium but certain conditions will be applicable. In case of injury or disability, the claim amount will be paid to the account of the insured. In case of accidental death, payment will be made to the account of the nominee. 

It will be necessary to report to the police in case of any other accident of road, rail or similar, drowning in water, involvement in crime. In accidents like snakebite, falling from trees, claims will be given on the basis of hospital records.

How to register in these schemes

For registration in PMJJBY and PMSBY, application can be made by visiting any nearest bank. If you want, you can also take the help of a bank friend or insurance agent. Life insurance companies can also be approached for PMJJBY. 

Government insurance companies and many private insurance companies are offering these plans in association with banks. A big gift is being given to you by State Bank of India.

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