Securing your family’s future for just ₹456 a year may sound unbelievable, but two Central Government insurance schemes have made it possible. At a time when private insurance premiums are rising rapidly, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) offer affordable and reliable protection for the common citizen.

These schemes are open to salaried individuals, students, self-employed persons, and homemakers, making them among the most inclusive insurance plans in India.

1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Life Cover at Minimal Cost

PMJJBY is a pure term life insurance scheme that provides financial support to the family in case of the policyholder’s death, due to any reason.

• Annual Premium: ₹436

• Age Eligibility: 18 to 50 years

• Life Cover: ₹2 lakh on death (natural or accidental)

• Policy Period: June 1 to May 31 (renewable every year)

2. Pradhan Mantri Suraksha Bima Yojana (PMSBY): Accidental Insurance Protection

PMSBY is designed specifically to cover accidental death and disability.

• Annual Premium: ₹20

• Age Eligibility: 18 to 70 years

• Coverage:

  • ₹2 lakh for accidental death or total permanent disability

  • ₹1 lakh for partial permanent disability

Why Are These Schemes Important?

The combined annual premium is just ₹456, which works out to less than ₹40 per month. For middle- and lower-income families, this small amount can provide crucial financial support during emergencies.

So far, millions of people across the country have benefited from these schemes, with around 52% beneficiaries being women.

How to Apply for PMJJBY and PMSBY

Enrolling in these schemes is simple and hassle-free:

• Apply through your bank’s net banking or mobile app

• Or visit your nearest bank branch and fill out a short application form

The premium amount is auto-debited from your bank account, so make sure you maintain sufficient balance by the end of May each year.