Insurance Benefits under PMJJBY & PMSBY Govt Insurance Schemes

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) at Rs 330 and

Pradhan Mantri Suraksha Bima Yojana (PMSBY) at Rs 12*.

*In the Year 2015, the Government of INDIA provided Two Insurance Schemes  to the Savings Account Holders of All the Banks :

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) at Rs 330 and Pradhan Mantri Suraksha Bima Yojana (PMSBY) at Rs 12.

PMJJBY is a Life Insurance coverage plan (like a Term plan). This plan covers both natural and accidental death risks. The maximum sum assured offered under this Govt Scheme is Rs 2 Lakh. The premium is Rs. 330 per year, or less than one rupee per day, for the age group 18-50.

PMSBY is a Personal Accident Insurance Scheme. Under this scheme, if the insured dies due to an accident, the nominee of the insured will get Rs 2 Lakh as death benefit. If there is any total disability due to accident, the insured will get Rs 2 Lakh, and for partial disability, the risk cover is limited to Rs 1 Lakh.

The nominee has to approach the Bank wherein the Member (Life insured / Policyholder) was having the ‘Savings Bank Account’ through which he / she was covered under PMJJBY, along with the death certificate of the member.

Insurance Benefits for Private Sector Employees

Employees Deposit Linked Insurance Scheme or EDLI is an insurance cover provided by the EPFO (Employees Provident Fund Organisation) for private sector salaried employees. The registered nominee receives a lump-sum payment in the event of the death of the person insured, during the period of the service.

With effect from 28.04.2021, the EPFO has increased the maximum benefit to Rs.7 lakh for the registered nominees of the deceased member.

The Ministry had increased the minimum amount of benefit to Rs.2.5 lakh on Feb 2018 for two years. However, the EPFO has further decided to continue with the same minimum benefit of Rs.2.5 lakh with retrospective effect from 15th Feb 2020.

Also, with effect from 28.04.2021, the EPFO has extended the benefit to the nominees of the deceased member who have changed their establishment for employment within a period of 12 months preceding the month of their death.

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