The State Bank of India offers different types of banking solutions to its customers. Two such solutions are the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Pradhan Mantri Suraksha Bima Yojana. Both these schemes are insurance schemes which have been launched by the Government of India for the welfare of the Indian population. These schemes are simple insurance schemes which you can buy if you have an account with SBI Bank. Let’s understand what these insurance schemes are and how they work –

SBI Pradhan Mantri Jeevan Jyoti Bima Yojana

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme which allows coverage against premature death. This is a term insurance plan which pays a fixed benefit, called the sum assured, to the family of the insured in case the insured dies during the policy tenure.

SBI Life Insurance is one of the top insurance companies in India. It offers a number of life insurance plans in India, which can be browsed in this page.

Features of PMJJBY

Here are the salient features of PMJJBY scheme – 

  • The sum assured available under the scheme is INR 2 lakhs. This sum assured is paid in case of death during the coverage tenure. If the plan matures, nothing is payable
  • The coverage is offered for a period of one year after which you would have to get the plan renewed. The coverage tenure is 1st June to 31st May
  • The premium for the scheme is only INR 330 which is payable yearly
  • The premium is auto-debited from your SBI Bank Account. You would, therefore, have to allow the auto-debit feature and give your consent to the bank to deduct the premium from your account every year
  • Eligibility conditions for PMJJBY

    To enrol under the Pradhan Mantri Jeevan Jyoti Bima Yojana through SBI, you should have a bank account. Other conditions are as follows –

    Entry age 

    18 years to 50 years

    Maximum maturity age

    55 years

If you do not meet the eligibility criteria for PMJJBY, it’s not a cause of concern. There are a number of insurance plans offered by private insurance players that will take care of the need. You can browse many other top life insurance plans in India below to secure your future.

Coverage benefits of PMJJBY

The Pradhan Mantri Jeevan Jyoti Bima Yojana covers premature death. Death due to an accident would be covered from the first day of the policy. However, if you have an illness then such illness would be covered after 45 days from the start of the policy. Thus, in case of death due to an illness, the benefit would be paid if death occurs after 45 days of buying the scheme.

How to buy PMJJBY through SBI?

To buy the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme, there are two ways which are as follows –

  1. Through your SBI Bank Account – if you have a bank account with SBI Bank, you can buy the policy from the bank itself. The bank is tied-up with an insurance company which promises you coverage. You just have to fill and submit an application form and give your permission for auto-debit from your bank account. Thereafter, the premium would be deducted and you would be able to avail coverage every year.
  2. Through SBI Life Insurance Company – if you don’t have a bank account with SBI Bank, you can also buy the policy from SBI Life Insurance Company. The application form should be filled and submitted along with a consent form for auto-debit from any bank account that you hold. The cover would be allowed and the premium would be deducted from your bank account.

Documents required for buying PMJJBY

To enrol under the PMJJBY scheme, the following documents would have to be submitted –

  • Application form, filled and signed
  • Identity proof
  • Address proof
  • Age proof
  • Auto debit consent form of your bank account

Pradhan Mantri Suraksha Bima Yojana SBI

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a personal accident insurance scheme launched by the Government of India. The scheme covers instances of accidental deaths and disablements and gives you a lump sum benefit in case of any of the covered contingency.

Features of PMSBY

  • The scheme runs from 1st June to 31st May and has a duration of one year. After one year the coverage can be renewed
  • The premium payable for the scheme is automatically debited from your bank account. That is why to buy the scheme you would have to consent to auto-debit of the coverage premium 
  • The premium is INR 12 per annum while the sum insured is INR 2 lakhs for accidental death and disablement and INR 1 lakh for permanent partial disablement
  • Eligibility conditions for PMSBY

    To enrol under the scheme, you should have a bank account in your name. Other eligibility conditions include the following –

    Entry age 

    18 years to 70 years

    Maximum maturity age

    70 years

Coverage benefits of PMSBY

Coverage under Pradhan Mantri Suraksha Bima Yojana is offered for the following instances –

  • Death due to an accident in which a benefit of INR 2 lakhs is paid
  • Permanent total disability suffered in an accident like total loss of both hands, loss of both feet, loss of both eyes, loss of one eye and one limb. In any of these cases, benefit of INR 2 lakhs is paid
  • Permanent partial disability suffered in an accident like loss of one hand, loss of one foot, and loss of sight in one eye. In any of these cases, a benefit of INR 1 lakh is paid.

How to buy Pradhan Mantri Suraksha Bima Yojana though SBI?

The Pradhan Mantri Suraksha Bima Yojana can be bought through your SBI Bank Account. You would have to fill up an application form to apply for the scheme. Along with an application form, the consent form for auto-debit of premium should also be submitted. Once the application and consent forms are submitted, the bank would approve your enrolment and deduct the premium from your account. Thereafter, your coverage would start.

Benefits of PMJJBY and PMSBY schemes

Both schemes of PMJJBY and PMSBY are social welfare schemes introduced by the Government of India. These schemes aim to provide you with the two most important insurance coverages at very affordable premiums. These schemes are, therefore, tools of financial security as they compensate you for the financial loss suffered.

When does the coverage under the schemes terminate?

Coverage under both the schemes would terminate in the following instances –

  • When you attain the maximum maturity age, coverage would not be allowed to run further and it would terminate
  • If there is no sufficient balance in your bank account, the premium would not be debited. As the premium would not be debited, the coverage would terminate
  • If you close your bank account the coverage would also come to an end
  • If you have multiple bank accounts and if you buy the scheme from all these accounts, the coverage would not be valid and it would terminate

How to make a claim under the schemes?

When there is a claim, i.e. when the insured dies or becomes disabled, the claim process would be as follows –

  • Inform your bank about the claim. If you have bought the PMJJBY scheme from SBI Life Insurance Company, the company should be informed of the death of the insured
  • The claim form should be filled along with the relevant documents proving the claim. In case of death, the death certificate would be required and in case of disability, the disability certificate would have to be submitted with the claim form
  • The bank details of the nominee should also be submitted so that the benefit can be credited directly to the nominee’s account. In case there is a disability claim, the amount would be credited to the policyholder’s bank account from where the premiums are paid

Both the schemes, therefore, provide the much-needed insurance coverage and should not be missed. If you have an SBI Bank account, you can apply for the schemes easily through your bank account and enjoy the coverage offered by them.

With the multiple life insurance plans available in the Indian market, you can now choose from a range of plans serving different purposes. Select a term insurance plan today to provide comprehensive protection to your family against uncertainties in a few easy steps below.


FAQ’s

In case of accidental deaths, the documents would include the following –

  • Death certificate
  • Police FIR
  • Post mortem report
  • Disability certificate availed from a surgeon
  • Identity proof of the nominee or legal heirs who is making a claim
  • Bank details of the claimant

Yes, you can enrol under either of the schemes after 1st June. However, even in case of late enrolments, the full premiums would have to be paid. Moreover, the coverage would run only up to 31st May and you would have to renew thereafter.


Yes, all joint account holders can apply for the PMJJBY or PMSBY schemes from the same account.


Yes, claims under both PMJJBY and PMSBY schemes are independent of other insurance plans that you have. Thus, you would get full claims under these schemes even if you have other plans of similar nature.