Bank account features: These insurance covers come almost free

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Probably you have a regular bank account but do not have any life insurance by your own. You might stop worrying since the very ownership of a bank account entitles one to a life insurance cover of up to Rs 2 lakh by paying a very nominal premium.

Pradhan Mantri Jeevan Jyoti Bima Yojana

This insurance scheme is available to people in the age group between 18 years and 50 years. It provides life cover of Rs 2 lakh against an annual premium of Rs 330 only.

It is available to those customers who have a bank account in a scheduled commercial bank. They should give consent to the bank to join the scheme and enable auto-debit of premium towards the scheme.

The premium will be deducted before June 1 every year. The cover will last for one-year effective from June 1 to May 31 of the next year.

Only Aadhaar is required to start the insurance plan. Waiting period for the risk cover under PM Jeevan Jyoti Bima Yojana is 45 days.

After 45 days of enrolment, the sum assured can be claimed if death occurs. You can join the scheme by contacting your branch at any time. Some banks also provide the scheme via SMS registration or net banking.

Pradhan Mantri Suraksha Bima Yojana

This is an accident insurance scheme which is available to people in the age group of 18 to 70 years.

An individual can join this scheme by paying Rs 12 per year and the risk coverage under the scheme is Rs 2 lakh.

It is only available to those who have a bank account.

Following instruction of enabling auto-debit of premium, the bank will debit the premium for the scheme by May 31 each year. The cover will last for one-year starting June 1 to May 31 of the next year.

Aadhaar would be the primary KYC for the bank account. The risk coverage under the scheme is Rs 2 lakh for accidental death and full disability.

An account holder will get up to Rs 1 lakh for partial disability.

This insurance cover will be in addition to any other insurance plan the subscriber has.

The point to note is that it would not cover hospitalisation expenses. The amount would be given when death or physical disability takes place.

If you haven’t already enrolled for the scheme, you can join it by contacting the bank branch, or downloading and submiting the application from, which is available on https://www.jansuraksha.gov.in/Forms-PMSBY.aspx

Insurance under Jan Dhan Yojana

Prime Minister Narendra Modi had announced a life cover to those who joined Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme. A life insurance cover of Rs 30,000 was announced to eligible PMJDY account holders who opened their account between August 15, 2014 and January 26, 2015 free of cost.

This life insurance 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 backward sections who cannot afford to buy a life insurance. The premium of the insurance is fully borne by the government of India.

For all customers of PMJDY, a Rupay debit card issued by the bank itself.

Customers can get free insurance cover up to Rs 2 lakh on the Rupay card. For non-premium Rupay card holders the life insurance amount is up to Rs 1 lakh and for premium Rupay card the amount is Rs 2 lakh. The customer does not have to pay for the premium.