Salaried workers often end up having zero balance in their bank account by the end of the month. If this is the case with you also, then ensure that there is some amount left in your bank account on May 31. Doing this will help you secure an insurance cover worth Rs 2 lakh! Surprised? Well, banks will auto-deduct the annual premiums of Pradhan Mantri Suraksha Bima Yojana (PMSBY) account and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) account on May 31. They have already started sending alerts to their respective customers in this regard. If there is no balance in your account on May 31, then you won't be able to get the benefits of these two schemes. Here are important details of the two schemes you need to know and the amount that needs to be maintained in your account to enjoy the insurance benefit. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Under PMSBY, the annual premium is just Rs 12. The scheme provides a cover of Rs 2 lakh in case of death due to an accident. In case of permanent partial disability, the sum assured under the scheme is Rs 1 lakh. 

According to Bank of Baroda's official website, the Scheme is available to people in the age group 18 to 70 years with a savings bank account who give their consent to join and enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.

"Pradhan Mantri Suraksha Bima Yojana (PMSBY) is aimed at covering the uncovered population at a highly affordable premium of just Rs.12 per year. The Scheme will be available to people in the age group 18 to 70 years with a savings bank account who give their consent to join and enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis," BoB website says. 

The policy period under PMSBY is just one year, stretching from June 1-May 31. 

You can open a PMSBY account either by visiting the bank branch or through internet banking facility of your bank. 

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

This scheme provides life cover up to 55 years of age. Under the scheme, the nominee of the insuree gets Rs 2 lakh in case the latter dies. The policy is renewed every year for a premium of Rs 330. To get the benefit of the scheme, you should have a bank account with this balance on May 31. 

SBI Life website says, "The date of commencement of insurance cover is the date of debit of premium from the insured member’s account for joining the scheme and the insurance cover will be up to 31st May of the subsequent year. Thereafter, the cover can be renewed on the 1st of June every year by debiting the premium from your saving bank account. The premium is subject to change as specified by the Government of India from time to time."  

In case you want to join the scheme after June 1, you will have to make payment of full year’s/pro-rata premium based on the month of joining and submission of requisite documents/declaration, if any, as specified by scheme rules, says SBI Life.