Maintaining a low bank account balance? You Can Miss Benefits Worth Rs 4 Lakhs: Here’s How | Personal finance news

New Delhi: Do you often maintain a low account balance? If yes, then you could probably lose benefits worth thousands of rupees. Yes, you read that right. Failure to maintain a sufficient amount in the bank account could actually cause you to lose benefits offered by the central government for a simple premium deducted from funds in your account. The insurance offered under the two central government schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) – will soon be renewed. That is why it is necessary to maintain sufficient funds in the bank account so that you can continue enjoying the benefits.

PMJJBY, PMSBY Insurance Renewal Deadline

The deadline for renewing the insurance policies offered under the PMJJBY and PMSBY schemes is 31 May 2022. Beneficiaries receive insurance benefits worth Rs 4 lakh under both schemes.

Prime Minister Jeevan Jyoti Insurance (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme for Indians between the ages of 18 and 50. If a subscriber dies, family members or designates receive financial assistance. Eligible citizens can get life insurance cover worth Rs 2 lakh by paying Rs 330 per year. One can purchase a PMJJBY policy by visiting their nearby bank branch or post office. The premium is automatically debited from the account of the insured.

Prime Minister’s Suraksha Bima Yojana (PMSBY)

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme under which the financial sum is only paid to the candidate(s) if the insured dies in an accident. Indian citizens between the ages of 18 and 70 can purchase the policy. The program offers an insured sum of Rs 2 lakh in case of accidental death and Rs 1 lakh in case of partial disability for an annual premium of only Rs 12. again

Indian citizens should keep at least Rs 342 (Rs 330 for PMJJBY and Rs 12 for PMSBY) to ensure they remain covered under both insurance policies. Also read: Paytm Q4 results: Quarterly loss widens, revenue jumps 89% to 1,540.9 crore