Govt Insurance: Secure ₹2 Lakh Cover for Just ₹20 – Application Process and Details Inside

The Indian government has revamped its flagship insurance schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). With updated premiums effective from January 1, 2025, these schemes continue to offer affordable financial security to millions. Here's everything you need to know about the revised premiums, benefits, and application process.

# New Premium Rates for PMJJBY and PMSBY

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

• Old Premium: ₹330 per year
• New Premium: ₹436 per year (from January 1, 2025)
• Increase: 32%

Pradhan Mantri Suraksha Bima Yojana (PMSBY):

• Old Premium: ₹12 per year
• New Premium: ₹20 per year
• Increase: 67%

The hikes aim to maintain financial stability and ensure smooth operations of these social security schemes.

# Coverage and Benefits

PMJJBY:
Provides life insurance of ₹2 lakh for individuals aged 18–50.

PMSBY:

• Offers accidental insurance of ₹2 lakh for individuals aged 18–70.
• Both schemes auto-debit premiums from the enrollee’s bank or post office account, and claim amounts are directly transferred to beneficiaries via Direct Benefit Transfer (DBT).

Financial Impact of the Schemes

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

• Total Premium Collected (till March 2022): ₹9,737 crore
• Claims Paid: ₹14,144 crore
• Pradhan Mantri Suraksha Bima Yojana (PMSBY):

• Total Premium Collected: ₹1,134 crore
• Claims Paid: ₹2,513 crore

These figures highlight the schemes' extensive reach and their role in supporting families during financial crises.

# How to Apply Online

For PMSBY:

Login: Access your bank’s online portal or app.

Select Scheme: Choose the PMSBY option under “Insurance.”

Fill Details: Provide personal and nominee information.

Pay Premium: The annual premium will be deducted from your account.

Confirmation: Receive a policy confirmation message.

For PMJJBY:

Login: Visit your bank’s portal or app.

Select Scheme: Choose the PMJJBY option.

Fill Details: Enter personal and nominee details.

Pay Premium: The premium amount will be auto-deducted.

Confirmation: Get a confirmation message and policy details.

The Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana continue to offer high-value coverage at minimal costs. Despite the premium hike, these schemes remain vital for securing your family’s future. Enroll today to benefit from the financial safety net they provide.