Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana PMSBY and PMJJBY
Two very cheap yearly covers that anyone with a bank or post office account can join, accident cover of ₹2 lakh for ₹20 a year and life cover of ₹2 lakh for ₹436 a year, useful for owners and their staff.
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- Cost to apply
- ₹20 a year for PMSBY and ₹436 a year for PMJJBY, auto-debited
- Status
- Open
- Run by
- Department of Financial Services, Ministry of Finance, through banks, post offices and insurers
What you get
- PMSBY pays ₹2 lakh for accidental death or permanent total disability and ₹1 lakh for permanent partial disability, for ₹20 a year
- PMJJBY pays ₹2 lakh on death from any cause, for ₹436 a year
- Cover runs from 1 June to 31 May and the premium is auto-debited each year
- An owner can join and encourage staff to join, giving basic cover at very low cost
Who can apply
- Age 18 to 70.
- PMSBY is for ages 18 to 70 and PMJJBY for ages 18 to 50 at joining
- Needs a savings bank or post office account and consent to auto-debit
- PMJJBY does not cover death other than by accident in the first 30 days after first joining
- PMJJBY costs less if you join later in the year, ₹342 from September to November, ₹228 from December to February and ₹114 from March to May
How to apply
- Ask your bank or post office for the PMSBY or PMJJBY enrolment form
- Give consent to auto-debit the premium
- Keep enough balance before 31 May each year so the cover renews
In person, your bank branch or post office
In Kerala, any bank branch or post office in Kerala where you hold a savings account
Where we found this
An independent guide by The Company of Four, not a government website. Schemes change often, so check every detail on the official website before you apply. Links marked ↗ open external websites that we do not run, and we are not responsible for their content. Seen something out of date? Tell us and we will look into it.