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Two micro-insurance schemes that together provide ₹4L of cover for under ₹500 per year:
Government benefits · Health
PMJJBY and PMSBY: ₹4L cover for ₹456 per year
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Provisions
PM Jeevan Jyoti Bima Yojana | PM Suraksha Bima Yojana | Auto-renewal from bank account
Analysis
PMJJBY (Life): ₹2L life insurance. Premium: ₹436/year. Age: 18-50 years. Renewable annually. Auto-debit from linked savings account every June 1. Any death (natural or accidental). PMSBY (Accident): ₹2L accidental cover (₹1L for partial disability). Premium: ₹20/year. Age: 18-70 years. Covers accidental death and permanent total disability (₹2L) or partial permanent disability (₹1L). Combined: ₹456/year total. ₹4L cover. Both deductible under Sec 123, Income-tax Act 2025 (old Sec 80C; premiums count toward ₹1.5L limit). How to enrol: Visit your bank branch or net banking. Select "Social Security Schemes" tab. Enable PMJJBY and/or PMSBY. Both auto-renew, ensure ₹456 in account every June 1.
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