What are PMJJY and PMJSY In India

What are PMJJY and PMJSY In India?

Finance Minister Arun Jaitley announced a Life/Accident insurance under PM’s Social Security Scheme PMJJY (2Lac) Rs 330   & PMJSY (2Lac)   Rs12 per year.

This scheme provide the insurance cover in the unfortunate event of death by any cause or disability due to an accident

PMJSY will offer a renewable one year accidental death cum disability cover of Rs 2 lakh for partial permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber

PMJJBY on the other hand will offer a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber.

There are some key  points :-

	PMJSY	PMJJBY
Risk coverage	An accidental death and full disability cover of Rs. 2 Lakh and   for partial disability cover of Rs. 1 Lakh	Rs. 2 Lakh in case of death for any reason
Eligibility	This cover is available to people in age group 18 to 70 years	This cover is available to people in age group 18 to 50 years
Premium	12 per annum	Rs 330 per annum
Payment Mode	Directly auto-debited by the bank from the subscribers account.	The payment of premium will be directly auto-debited by the bank from the subscribers account
Terms of Risk Coverage	A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.	A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
Renewal	Every year	Every year
How to opt	Any person having an Aadhaar-linked bank account can join the   scheme by submitting a form to the bank.	Any person having an Aadhaar-linked bank account can join the   scheme by submitting a form to the bank.

Please verify   the information   with Bank.

I am  happy to answer any questions and discuss any concerns you may have.