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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed, one-year renewable term life insurance scheme that provides ₹2 lakh of life coverage for death due to any reason . Available to bank and post office account holders aged 18 to 50, it features a highly affordable annual premium of ₹436, which is auto-debited.  Key Policy Details Coverage Amount: ₹2 Lakh (payable to the nominee upon the member's death from any cause) . Annual Premium: ₹436 per member, automatically deducted in one installment from your savings account. Entry Age: 18 to 50 years. Coverage can be renewed up to the age of 55, as long as the policy was joined before turning 50. Policy Period: The insurance runs annually from June 1st to May 31st and auto-renews unless canceled. Lien Period: For fresh enrollments, death coverage (other than accidental) is not applicable during the first 30 days from the date of enrollment.   How to Apply Eligibility: You must have an individual savings ban...

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a highly affordable, government-backed accidental insurance scheme available in India. It provides coverage of up to Rs. 2 Lakh in the event of accidental death or permanent disability, all for an extremely low annual premium of Rs. 20.  Coverage and Benefits The scheme offers the following financial safeguards in case of an unforeseen accident:  Accidental Death: Rs. 2 Lakh for the nominee. Permanent Total Disability: Rs. 2 Lakh for the subscriber (e.g., loss of both eyes, both hands, or both feet). Permanent Partial Disability: Rs. 1 Lakh for the subscriber (e.g., loss of one eye, one hand, or one foot). Eligibility Criteria To join the PMSBY scheme, individuals must meet the following conditions: Age Limit: Must be between 18 and 70 years old. Bank Account: Must hold an active savings bank or post office account. Auto-Debit: Must give active consent for the annual premium to be auto-debited from their linked account. ...