(Central Govt. Insurance Schemes)

PMJJBY

• PMJJBY is a government-backed life insurance scheme in India that covers death due to any reason.
• The scheme is valid for one year and can be renewed annually.
• The scheme is available to people between the ages of 18 and 50 years with a savings bank account.
• The annual premium for the scheme is Rs. 330, which is automatically deducted from the member's bank account.
• The scheme offers a life cover of Rs. 2 lakh to the nominee in case of the member's death.

PMSBY

• Low-priced policy, especially for weaker sections of the society and can be purchased for Rs. 20.
• Money is given to the nominee in case of an insurer’s death.
• The auto-debit option of premium from the bank account is available.
• Option to choose either a long-term policy or yearly renewability.
• Easy exit and re-entry rules.
• It can also help in saving tax.
• Provides coverage of up to ₹2 lakhs against death and full or partial disability caused due to an accident.
• The annual cover will remain valid from 1st June till 31st May.