Both the insurance plans (accident/ death) offered by the SBI entail a paltry premium amount
State Bank of India (SBI) offers, inter alia, two insurance policy schemes that charge a paltry amount of insurance premium, and offer a reasonably good
insurance cover of Rs 2 lakh. Known as Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Bima Yojana, the policies available at SBI offer accident cover and term insurance plan, respectively. The former charges a premium of Rs 12 per annum, while the latter charges Rs 330 per annum. One can issue auto pay instructions to the bank.
Pradhan Mantri Suraksha Bima Yojana: The scheme (available also at SBI) offers accident cover, and requires you to spend just Rs 12 per annum for an insurance cover of Rs 2 lakh. Around 130 million people have got the insurance cover of Rs 2 lakh. The age criterion to apply for this insurance policy is a minimum of 18 years and the maximum of 70 years.
Pradhan Mantri Jeevan Jyoti Bima Yojana: The scheme (offered also at SBI) is a term insurance plan and the premium under this insurance scheme is less than Re one each day. For a mere Rs 330 per annum, one is entitled to receive Rs 2 lakh insurance cover. More than 52.2 million people have secured the future of their loved ones by availing this insurance scheme. To be able to apply for this policy, one must be at least 18 years of age and the maximum of 50 years. The maximum maturity age is 55 years. The premium amount of Rs 330 is exclusive of service tax and inclusive of Rs 41 towards administrative charges of participating banks.
Pradhan Mantri Bima Yojana. Five Things To know1. The premium for insurance is paid on June 1 every year. You can even issue auto instructions to the bank for the auto pay.
2. There is a lien period of 45 days which means that the new policy holders will not be covered for the first 45 days of the plan.
3. The insurance plans offer easy enrolment and swift processing and don't entail no medical examination.
4. Under Pradhan Mantri Suraksha Bima Yojana, an amount to the tune of Rs 2 lakh is given on the death of policy holder.
5. In case of total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot, the insurance cover of Rs 2 lakh is given Pradhan Mantri Suraksha Bima Yojana.