Secure ₹4 Lakh for Your Family by Spending Just ₹456: Know About These Two Life-Changing Government Insurance Schemes

Life is unpredictable. Emergencies often strike without warning, and in such situations, even a small support system can prove to be a big help. The Government of India has introduced two affordable yet impactful insurance schemes that can provide your family with financial protection of up to ₹4 lakh, for an annual cost of just ₹456.

Let’s understand how these two schemes—Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana—can be a financial lifeline for your loved ones in times of crisis.

1. PM Jeevan Jyoti Bima Yojana (PMJJBY): ₹436 for ₹2 Lakh Life Cover

Launched on May 9, 2015, this scheme aims to provide affordable life insurance to every Indian citizen. By paying just ₹436 annually, any Indian aged between 18 to 50 years can avail a life insurance cover of ₹2 lakh.

In the unfortunate event of the policyholder’s death (from any cause), their nominee receives ₹2 lakh as the death benefit.

Key Features:

• Annual Premium: ₹436

• Insurance Cover: ₹2 Lakh

• Eligibility Age: 18 to 50 years

• Simple auto-debit from your bank account

• Over 17 crore Indians have already enrolled

This policy is especially beneficial for low-income families who often skip insurance due to high premiums.

2. PM Suraksha Bima Yojana (PMSBY): ₹20 for ₹2 Lakh Accident Insurance

Also launched on May 9, 2015, this scheme focuses on accidental insurance. For a nominal premium of just ₹20 per year, a policyholder gets coverage of up to ₹2 lakh in case of death or permanent disability due to an accident.

Key Features:

• Annual Premium: ₹20

• Coverage Amount: ₹2 Lakh (death or full disability), ₹1 Lakh for partial disability

• Eligibility Age: 18 to 70 years

• Daily cost: Just 5 paise!

• Easy registration through your bank account

Together with PMJJBY, this scheme ensures a total coverage of ₹4 lakh with minimal investment.

How to Enroll in These Government Schemes

1. Visit your bank branch where you hold a savings account.

2. Request enrollment for both PMJJBY and PMSBY.

3. Alternatively, apply through net banking or mobile banking if your bank offers that feature.

4. Make sure your account has sufficient balance and that auto-debit is enabled for renewal every year.

Small Investment, Big Protection

With just ₹456 per year, you get insurance worth ₹4 lakh. It's a smart and secure way to protect your family’s financial future in case of unfortunate events. In a country like India, where a majority still lack formal insurance coverage, these two schemes can be life-changing.

Final Thoughts

We can’t predict the uncertainties of life, but we can definitely take small yet powerful steps to prepare for them. If you haven’t already signed up for these schemes, do it today. A minimal investment from your end could mean financial stability for your loved ones during difficult times.