Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana        

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Context

• Pradhan Mantri Jeevan Jyoti Bima Yojana sees cumulative enrolment of 9,27,78,284 and Pradhan Mantri Suraksha Bima Yojana sees cumulative enrolment of 17,74,81,194.

Pradhan Mantri Jeevan Jyoti Bima Yojana

About

• Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed Life insurance scheme in India.
• It was launched in 2015 with a view to enhance the level of insurance penetration in the country and to provide insurance cover to common people, especially poor and the under-privileged sections of the society.

Features

• Pradhan Mantri Suraksha Bima Yojana is available to people (Indian Resident or NRI) between 18 and 70 years of age with bank accounts.
• People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
• Premium:330 per annum. The amount is automatically debited from the account.
• The GST is exempted on Pradhan Mantri Suraksha Bima Yojana.
• This insurance scheme is offered through banks and administered through public sector general insurance companies.
• Risk Coverage: 2 Lakh in case of death for any reason. In case of unexpected death or full disability, the payment to the nominee will be Rs 2 lakh and in case of partial Permanent disability Rs 1 lakh.
• The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.
• Full disability has been defined as loss of use in eyes, hands or feet. Partial Permanent disability has been defined as loss of use in one eye, hand or foot.

Pradhan Mantri Suraksha Bima Yojana

• Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme in India. It was launched in 2015.
• Aim: To enhance the level of insurance penetration in the country and to provide insurance cover to common people, especially poor and the under-privileged sections of the society.

Features

• Eligibility: Available to people in age group 18 to 70 years with bank account. Any person having a bank account and Aadhaar number linked to the bank account.
• Premium:12 per annum.
• Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account.
• Risk Coverage:

Death - Rs 2 Lakh

Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot - Rs 2 Lakh

Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot – Rs.1 Lakh.

• Terms of Risk Coverage:

A person has to opt for the scheme every year. S/He can also prefer to give a long-term option of continuing in which case his/her account will be auto-debited every year by the bank.

Who will implement this Scheme?

• The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.

Government Contribution

• Various Ministries can co-contribute premium for various categories of their beneficiaries from their budget or from Public Welfare Fund created in this budget from unclaimed money.
• This will be decided separately during the year. Common Publicity Expenditure will be borne by the Government.

https://pib.gov.in/PressReleseDetailm.aspx?PRID=1807839