The Narendra Modi-led NDA government had introduced several social security schemes as part of its mission to make more people financially inclusive and increase the penetration of insurance policies in India.

There may be chances that you may be a beneficiary of these schemes or maybe paying for premium towards these schemes already.

Pradhan Mantri Jeevan Jyoti Bima Yojana

Available to people in the age group of 18 to 50 years, the scheme provides life cover of Rs 2 lakh for an annual premium of Rs 330.

It is only available to those who have a bank account and have provided consent to their bank to join and enable auto-debit of premium towards the scheme. The premium will be deducted before 1 June.

The cover will last for one-year that is 1 June to 31 May. Aadhar would be the primary KYC for the bank account.

Waiting period fo the risk cover under PMJJBY is 45 days of enrollment, however, in the case of death by accident, the account holder will be exempt from the lien clause and will still be paid. After 45 days of enrollment, the sum assured can be claimed for death due to any reason.

If you haven’t already enrolled, you can join the scheme by contacting your bank. Some banks also provide the scheme via SMS registration or net banking.

Pradhan Mantri Suraksha Bima Yojana

This is an accident insurance scheme which is available to people in the age group 18 to 70 years. It is only available to those who have a bank account and have provided consent to their bank to join and enable auto-debit of premium towards the scheme. An annual premium of just Rs 12 will be deducted by the bank automatically as premium towards the scheme by 31 May each year.

The cover will last for one-year that is 1 June to 31 May. Aadhar would be the primary KYC for the bank account.

The risk coverage under the scheme is Rs 2 lakh for accidental death and full disability (as defined under the scheme) and Rs 1 lakh for partial disability.

This insurance cover will be in addition to any other insurance plan the subscriber has. Note that is not a mediclaim/health insurance- it does not come with provision for reimbursement of hospitalisation expenses following an accident, resulting in death or disability…Read more>>

Source:-yahoo