Government Plans @ Cooperative Bank Sangrur

PMSBY (Pradhan Mantri Suraksha Bima Yojana)

Eligibility : Available to people in age group 18 to 70 years with bank account.
Premium : Rs 12 per annum.
Payment Mode : The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available
Risk Coverage : For accidental death and full disability Rs 2 Lakh and for partial disability Rs 1 Lakh.
Eligibility : Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominee to be given in the form.
Terms of Risk Coverage : A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
Who will implement this Scheme : The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.

PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana)

Eligibility : Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
Premium : Rs 330 per annum.
Payment Mode : The payment of premium will be directly auto-debited by the bank from the subscribers account.
Risk Coverage : Rs. 2 Lakh in case of death for any reason.
Eligibility : Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominee to be given in the form.
Terms of Risk Coverage : A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.
Who will implement this Scheme : The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.