Pradhan Mantri Jeevan Jyoti Bima Yojana: This is a great government plan where you can get a benefit of Rs 4 lakh for just Rs 456.

Government initiatives known as Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana were launched long ago. You can get insurance up to ₹400,000 by signing up for this program. Read our article to learn more details about these two schemes.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

You are required to renew this program annually after having your name added to it. Your age range to enroll in the program is 18 to 50 years old. Any bank or post office will allow you to open an account under the system.  If a person joins the plan before completing the age of 50, he will be able to continue the life risk until the age of 55 on payment of the regular premium.

The plan’s yearly cost is Rs. 436. There is a life insurance benefit of up to ₹200000 available if a person passes away for any reason after enrolling in the program. Your bank or post office account is promptly credited with the scheme money. The scheme money is automatically deducted from your bank account or post office account.

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Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Pradhan Mantri Suraksha Bima Yojana is a program for accident insurance. By enrolling in this program, you will receive benefits from the plan in the event that an accident causes your death or disables you. It is also necessary to renew this program annually. The program is open to everyone between the ages of eighteen and seventy-nine. Accounts can be opened through banks or post offices.

An annual premium deposit of ₹ 20 is required for the scheme. In the event of the plan participant’s death, the nominee receives his insurance proceeds. This money is simultaneously deposited into the nominee’s bank account, and in the event that the nominee becomes handicapped, they will receive the remaining funds under the plan.

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For citizens of the nation who cannot afford pricey life insurance, the government has developed the two aforementioned programs. Numerous people across the nation benefit from this plan, which also provides them with financial support during hard times.

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