Insurance

Maintaining low bank account balance? You can miss out on benefits worth Rs 4 lakhs: Here’s how | Personal Finance News

Maintaining low bank account balance? You can miss out on benefits worth Rs 4 lakhs: Here’s how | Personal Finance News
Written by Arindam

New Delhi: Do you often maintain a low account balance? If yes, then you probably could lose out on benefits worth lakh of rupees. Yes, you read that right. Not maintaining a sufficient amount in the bank account could actually make you lose out on the benefits offered by the Central government for a mere premium that is deducted from the funds in your account. The insurances offered under the Central government’s two schemes — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) — will soon be renewed. That’s why it is necessary to maintain sufficient funds in the bank account so that you could continue enjoying the benefits. 

Last Date For Renewal of PMJJBY, PMSBY Insurance 

The last date to renew the insurance policies offered under the PMJJBY and the PMSBY schemes is May 31, 2022. Beneficiaries receive insurance benefits worth Rs 4 lakh under the two schemes.

Prime Minister Jeevan Jyoti Insurance (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme for Indians aged between 18 to 50. If a policyholder dies, his or her family members or nominees are provided with financial help. Eligible citizens can get a life insurance cover worth Rs 2 lakh by paying Rs 330 per year. One can buy a PMJJBY policy by visiting their nearby bank branch or Post Office. The premium is auto-debited from the policyholders’ account.

Prime Minister’s Suraksha Bima Yojana (PMSBY)

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accidental insurance scheme under which the financial sum is provided to the nominee/s only if the policyholder dies in an accident. Indian citizens aged between 18 to 70 years can buy the policy. The scheme offers a sum assured of Rs 2 lakh in case of accidental death and Rs 1 lakh in case of partial disability for an annual premium of just Rs 12. Also Read: CNG price hike today: No respite for common man as gas prices increase again

Indian citizens should keep at least Rs 342 (Rs 330 for PMJJBY and Rs 12 for PMSBY) to make sure that remain covered under the two insurance policies. Also Read: Paytm Q4 Results: Quarterly loss widens, revenue jumps 89% to 1,540.9 crore

About the author

Arindam

Leave a Comment