Premium for government led social security insurance schemes have gone up. The government has introduced two insurance schemes under the Pradhan Mantri Jan Dhan Yojna (PMJDY) scheme named as PMJJBY & PMSBY.
PMJJBY stands for Pradhan Mantri Jeevan Jyoti Bima Yojana which is a one year life insurance scheme providing term cover of Rs. 2 lakh to the beneficiary. The scheme is applicable for common man between the age group of 18 years to less than 55 years. The coverage is provided for period between 1st June – 31st May and the premium for the PMJJBY scheme is debited from your linked savings bank account. Since inception, the annual premium for PMJJBY was Rs. 330/-. However, from this year onwards it has been revised to Rs. 436/-. The premium for this PMJJBY scheme has gone up by an amount of Rs. 106/-.
Similarly, the premium for PMSBY now stands at Rs. 20/- per annum instead of Rs. 12/- which was levied before. PMSBY stands for Pradhan Mantri Suraksha Bima Yojana and is a social security accidental death insurance coverage scheme led by the government of India for common man. The coverage for PMSBY is provided for period between 1st June – 31st May and the premium for the PMJJBY scheme is debited from your linked savings bank account. The increase in premium for PMSBY is Rs. 8/- per annum.
While the premium for both the schemes are auto debited from the savings accounts of the enrolled beneficiaries and many might not have noticed these changes, this increase of Rs. 106/- & Rs. 8/- extra premium amount is definitely an additional cost for the common man.