BANKING AFFAIRS

Detailed explanation-1: -Scheme: PMSBY is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident. Eligibility: Individuals in the age group of 18-70 years having a savings bank or a post office account are entitled to enroll under the scheme.

Detailed explanation-2: -The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.

Detailed explanation-3: -In case of death of the account holder/subscriber who enrolled in the scheme, claim can be filed by the nominee/appointee as per the enrolment form or by the legal heir/s in case there is no nomination made by the subscriber bank account holder.

Detailed explanation-4: -All individual (single or joint) bank account holders in the age 18 to 70 years in participating banks will be entitled to join. In case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one bank account only.

Detailed explanation-5: -The annual premium rate for PMJJBY has been increased to Rs 1.25 per day. This premium, which was earlier Rs 330 annually, will now increase to Rs 436. Apart from this, the annual premium for PMSBY has been increased from Rs 12 to Rs 20. These new premium rates will be effective from June 1, 2022.