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Life insurance is an essential financial tool and it is getting costlier. But what if you get insurance coverage absolutely free? Your bank account might give you this opportunity. At least there are three insurance coverages that you can avail of at a very nominal cost or absolutely free. There may be chances that you may be a beneficiary of these schemes or maybe paying for premium towards these schemes already. These schemes include life cover under Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana. Under these schemes you can get life insurance coverage up to Rs 2 lakh at a monthly premium of starting at Re 1. It goes up to Rs 27.5.
Cover under PMJDY
PM Narendra Modi announced life cover to those who opened zero balance accounts till January 26, 2015 from the launch of the scheme in August 15, 2014 in PM Jan Dhan Yojana (PMJDY). Life insurance cover of Rs 30,000 was announced for eligible PMJDY account holders absolutely free who opened their account for the first time between these periods.
This cover is available on the death of the life assured, due to any reason, to the deceased’s family. The scheme aims to provide security to families from economically weaker sections who cannot afford a direct purchase of such insurance. The premium subscription for the life cover under PMJDY is borne by the government of India.
Besides if you have missed this opportunity then you also have another chance to get an insurance coverage. If you have a PMJDY account then you will get a RuPay debit card free and that card will give you a life cover up to Rs 1 lakh, without paying any premium.
PM Suraksha Bima Yojana
This accident insurance coverage is available to people in the age group between 18 and 70 years.
To avail this offer one should have a valid bank account and provide consent to their bank to join and enable auto-debit of premium towards the scheme. An annual premium of just Rs 12 will be deducted by the bank from the person’s account automatically as premium towards the scheme by May 31 of each year.
That means you have to pay only Re 1 per month as the premium of the life coverage.
The cover will last for one-year that is June 1 to May 31. Aadhaar would be the primary KYC document. The risk coverage under the scheme is Rs 2 lakh for accidental death and full disability (as defined under the scheme) and Rs 1 lakh for partial disability. This insurance cover will be in addition to any other insurance plan the subscriber has.
If you haven’t already enrolled, you can join the scheme by contacting your bank. You can download and submit the form available here.
PM Jeevan Jyoti Bima Yojana
This insurance coverage is not for senior citizen but for those between 18 and 50. It provides a life cover of Rs 2 lakh for an annual premium of Rs 330, i.e. Rs 27.5 for a month.
It is only available to those who have a bank account and have provided consent to their bank to join and enable auto-debit of premium towards the scheme. The premium will be deducted every year before June 1. The cover will last for one-year till May 31 every year.
Waiting period for the risk cover under PMJJBY is 45 days after enrollment. However, in the case of death by accident, the account holder will be exempt from the lien clause.
After 45 days of enrollment, the sum assured can be claimed for death due to any reason. If you haven’t enrolled, you can join the scheme by contacting your home branch.