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.
Features of PMJJBY
Here are the salient features of PMJJBY scheme –
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 –
18 years to 50 years
Maximum maturity age
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 –
Documents required for buying PMJJBY
To enrol under the PMJJBY scheme, the following documents would have to be submitted –
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
Eligibility conditions for PMSBY
To enrol under the scheme, you should have a bank account in your name. Other eligibility conditions include the following –
18 years to 70 years
Maximum maturity age
Coverage benefits of PMSBY
Coverage under Pradhan Mantri Suraksha Bima Yojana is offered for the following instances –
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 –
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 –
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.
In case of accidental deaths, the documents would include the following –
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.