Home Articles PradhanMantri Suraksha Bima Yojna And PradhanMantri Jeevan Jyoti Bima Yojna

PradhanMantri Suraksha Bima Yojna And PradhanMantri Jeevan Jyoti Bima Yojna

by Madhavi Mihir Bhuta (National Executive Member, BJP Mahila Morcha)
May 12, 2020

Bharat, became independent from British rule in 1947, dividing Akhand Bharat into two nations, namely Bharat and Pakistan. The partition was done on religious grounds but Bharat was declared as Sovereign, Socialist, Secular Democracy. The Governance policy of newly formed  Government was constructed on the values of Socialism. Social justice is the basis of Socialism. 

For almost 65+ years, none of the previous Govts could foresee the insecurities that poor and middle class lived with. The talks of Socialism remained on paper. Securing the lives through Life Insurance policies has been prerogative of privileged class and poor could not afford to get access to it.

About 30 years ago, in Dahod, of interior Gujarat, a family of five, husband-wife-two children and an old father, lived within their limited means. Moolji, the Husband, was a carpenter and being the only breadwinner of the family, strived hard to provide valuable education to both his children. Rewa, a housewife did odd jobs of stitching from home.  Both the children, son Mohit and daughter Asha, had envisaged bright future for themselves as result of father’s hard work. Mohit, obtained suitable job in bank after passing out from College. Everything was going smooth. Daughter Asha, was working in Kindergarten and her marriage was fixed.

Than the calamity stuck...

Both, father and son travelling on Scooter, met with an horrific accident and son Mohit expired on the spot. Father Moolji, survived but became paralytic on the left side.

The family belonged to Lower middle class and was striving to make ends meet. With great efforts, their dream of obtaining decent life was about to be fulfilled but the accident changed it all.

There was no saving and their bread winner was bed-ridden. The shock of losing the beloved son was difficult to absorb and they were left penniless with no money.

The Insurance or Mediclaim that existed, were out of reach of such deprived family, who were struggling to make ends meet. The premium was too steep for them to afford, hence never had an opportunity to secure their lives.

This is one saga that reflects in many many lives. 

With advent of NDA Government in 2014, more and more schemes touching the lives and soul of common man were being initiated. Unfortunately, the leaders in previous Government, lived in glass house and hardly could feel the nerve of commonest of common man.

On May 9th 2015, Hon.Prime Minister Shri.Narendra Modi ji launched PradhanMantri Suraksha Bima Yojna (PMSBY) and PradhanMantri Jeevan Jyoti Bima Yojna (PMJJBY) under the Ministry of Finance at Kolkatta.

PMSBY is an insurance scheme for Accidental death and it was first mentioned by the then Finance Minister, Late Arun Jaitley in his Budget address in February 2015.

Until 2015, only 20% of Bharat’s population was covered by any kind Life Insurance. This scheme aims at increasing the number and getting more and more people from every starta, under its cover, making it inclusive.

PradhanMantri Suraksha Bima Yojna (PMSBY) provides an Insurance policy to the people belonging to the underprivileged section of society. It covers Life cover of Rs. 2 Lakhs for one year to all its account holders. This Life cover is provided in case of accidental death or permanent disability.

A life cover of Rs. One Lakh is provided to the beneficiary in case of partial disability.

The scheme can be availed by individual ages between 18 and 70 years.

In case of death of account holder, the benefits of the scheme can be availed by his/her nominee.

The most outstanding feature of this scheme is its premium amount.

For all the 65+ years, since independence, larger section of Bharatiya population remained without any insurance cover for simple reason of unaffordable premium amount.

NDA Government introduced and implemented PMSBY charging mere Rs.12 as annual premium, per member. That makes it Rs.1 per month! Amount which is easily payable by even the deprived class, who can shell out One rupee instead of indulging, for securing their lives.

The premium amount is auto-debited in one instalment on or before 1st June every year.

The Yojna is administered by Insurance companies from both private and public sectors.

The applicant must have a bank account along with their phone number linked to the account.

The individual should submit their Aadhar details and Aadhar details will be linked to the bank account.

If any individual has multiple bank accounts, he/she will be eligible to join the Yojna through one bank account only. In the case of NRI beneficiary, the claim benefit will only be provided to the nominee in Bharatiya currency.

As per PMSBY, any accidental death, murder or disability due to natural calamities is covered under this scheme but suicidal death is not covered under it. Family members will not be provided with any benefits in case of suicidal death.

Another noteworthy scheme that was initiated along with PMSBY, was PradhanMantri Jeevan Jyoti Bima Yojna (PMJJBY).

Any Bharatiya citizen, between the age of 18 to 50, is entitled for this scheme. The cover shall be for period of one year, starting from June 1st to May 31st, the next year.

The annual premium amount decided initially for PMJJBY is Rs.330/- for period of one year, constant.

But, Ministry of Finance has brought some amendments, with effect from September 1st, 2018. The Ministry of Finance has revised the premium payment structure on quarterly basis depending on the request date of the Account holder into the scheme.

The revised structure is as follows :
1. June,July, August- Annual Premium of Rs. 330/- is payable.
2. September, October and November-Premium of Rs. 258/- is payable.
3. December, January, February-Premium of Rs.172/- is payable.
4. March, April, May-Premium of Rs.86/- is payable.

The premium is auto-debited by the bank from the Account holder’s saving Account held with the bank. For renewal of policy, it will get auto debited between May 25th and May 31st, unless the customer has given the cancellation request to the bank for the policy.

Under the PMJJBY, the sum assured is Rs.Two Lakh on the death of Insured member, for any reason is payable to the nominee.

The scheme gets terminated once the account holder attains the age of 55 years. It will cease to imply if there is closure of account with the bank or insufficiency of balance for debuting premium.

Both these simple yet mammoth schemes have nurtured confidence as well as feeling of security amongst the beneficiaries.

For more than Six decades, people of Bharat, have witnessed and experienced inequality in social justice, probably due to lack of vision or lack of commitment from the Government.

Dedicated gesture of Narendra Modi led Government has changed lives of common man. In times if grief, it has been support to pull themselves through and re-build their self esteem.

Nothing can replace the blow of losing the near and dear ones, but this financial aid acts as support system to face the loss.

Looking at the data, one can understand the colossal ness of its impact.

Since the launchof PradhanMantri Jeevan Jyoti Bima Yojna (PMJJBY), it has been availed by 21.2 Crore people.

Four Lakh Ninety Three thousand three forty nine persons have presented their claims for Insurance and And Four Lakhs Sixty One Thousands Three hundred Fourteen claims have already been disbursed.

Observing the data of PradhanMantri Suraksha Bima Yojna (PMSBY), 57.21 Crore persons have enrolled in the scheme. Twelve Lakhs, four thousand and four twenty three persons have registered the claim for Insurance money. And Ninety Seven Thousand Six hundred thirty four claims have been disbursed.

Everyone wishes to provide better than best for their near and dear ones but life journey is most unpredictable. Hence, at the back of the mind, the insecurity crawls.

Shyamadevi, residing in Shirmor in Himachal Pradesh shares her experience.

She is a housewife and lost her husband, leaving behind two young kids. When her brother visited the bank, the bank manager informed him about PMSBY enrolled by Shyamadevi’s deceased husband. Doing the necessary procedure for claiming Insurance cover, Within one month the amount of Rs. Two Lakhs got disbursed and deposited in their bank account.

Shyamadevi was trying to figure out how to pay off home loan. This amount of Rs. Two Lakhs served as boon for her. Merely paying Rs.12/-per year, resulted in security for her family.

This is not a sole incidence. There are numerous real incidences Pan-Bharat, that reflect the similar experiences.

Gobindra Sathpathy from remote village in Odisha, worked as a Priest (Purohit). His elder daughter, aged 24, was serving in school. While commuting to school, she met with a fatal bus accident and lost her life.
Losing daughter was heart wrenching for the old couple and as his profession had lot of uncertainty, elder daughter’s earning was biggest support system for him.

The manager of Indian Overseas Bank used to visit interior villages for enrolling more and more citizens under this schemes. Gobindra Sathpathy’s late daughter had enrolled in both these schemes. After submitting necessary documents, the amount of Four Lakhs was received by Father.
The emotional bonding with daughter can never be replaced by any amount but the received fund can help to have financial security for the family.
Awareness on part of daughter, turned out to be pillar for father, in her absence, too.

Now, shall We say, Bharat is surely on the path of being Sovereign, Socialist Republic, with welfare schemes within the reach of underprivileged, too.
The idea is to eradicate the word ‘underprivileged’ from Bharat’s dictionary and strengthen the social equality by providing opportunities in plenty.