SBI account holders can get up to 4 lakhs by investing just Rs 342 annually; Know how

People have started to understand the significance of life insurance during this Covid-19 pandemic time. Many people have started investing in insurance policies but it’s difficult to choose the right policy among all the available policies.

There are many government and private companies which are offering many life insurance policies and schemes. If you are looking for a government insurance policy then take a look at these policies which will offers an benefits of up to 4 Lakh by investing just Rs 342 annually.

These policies are Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

State bank of India (SBI), the country’s largest public sector bank, has shared some information about these two policies through a tweet on its Twitter handle. SBI shared a picture of the insurance schemes and captioned the tweet as “Get the insurance that suits your need and live life worry-free”.

Here is the tweet:

As per the tweet, premium will be deducted from savings bank account of the policy holder through auto debit facility. You can get the scheme through only one savings bank account.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Pradhan Mantri Suraksha Bima Yojana offers risk coverage of Rs 2 lakh to nominee for accidental death of the policy holder. The insured will get Rs. 1 lakh if he/she becomes partially or permanently disabled under this scheme. The highlight of the scheme is policy holders will only need to pay just Rs 12 annually.
The annual premium of this plan is only Rs 12. The premium of Rs 12 per annum will be deducted from the policy holder’s bank account through ‘auto-debit’ facility in one installment.

The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

The Pradhan Mantri Jeevan Jyoti Bima Yojana offers insurance coverage of Rs 2 lakh to nominee on the death of the insured. You only need to pay just Rs 330 annual premium. Let us tell you that both these are term insurance policies. The Rs 330 per annum premium will be auto-debited in one installment from the subscriber’s bank account.

The life cover of Rs 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable

Any person in the 18 to 50 years age group can avail the benefit of this scheme.

Insurance cover from 1st June to 31st May
You should know that this insurance cover is from 1st June to 31st May. You need to have a bank account to apply for the scheme. Note that insurance can also be canceled due to closure of bank account or insufficient balance in the account at the time of premium deduction. Therefore, read all the necessary information before opting for the insurance.

You can get the scheme in Life Insurance Corporation (LIC) and all other corporations who are offering the product on similar terms with necessary approvals and tie up with banks for this purpose.

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