What Is Beneficial in These Two Schemes:

Both the policies are also quite flexible and one can either withdraw or re-join the scheme anytime they want. The only thing you need to do is hand over a self-declaration of good health along with the application form, while re-joining the Jeevan Jyoti Bima Yojna. This is given under the Suraksha Bima Yojna, but you will have pay the annual payment and fulfill any other conditions laid down.

The premium amount here is a one-time payment. The bank will deduct the premium amount from your savings account annually. This will help in keeping the transactions transparent as well as smooth, for customer satisfaction. The only thing you need to remember is to keep an appropriate amount of balance in your savings account.

Applying Strategy and Who are Eligible to Apply:

Any Indian citizen above the age of 18 who has a savings bank account is eligible to apply for both the schemes. However, there is an upper age limitation as well. Those who are over 50 years of age cannot apply for the Jeevan Jyoti Bima Yojna and those who are over 70 years also can’t apply for the Suraksha Bima Yojna.

The procedure for applying is to go to your bank and take the application form. Your Aadhar card will act as an address and ID proof so that you don’t have the need to worry about having any other document. The coverage period begins from June 1, 2015 and ends on May 31, 2016.

All About Pradhan Mantri Jeevan Suraksha Bima Yojna (PMJSBM):

Basically, a Life insurance provides security to your family in the event of your death due to any reason which might be health issues, accidental death and so on and so forth. An accidental death insurance pays compensation to your family only in case of an accident of any sort. Meanwhile, the disability policy promises you compensation in case of a full or partially disability due to some accident.

Read More: Are You a Stay-At-Home Mom? 5 Steps to Financial Security

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