Chhath Puja 2026: What PMJJBY And PMSBY Offer, Who Can Join And What They Cost

Chhath Puja is dedicated to the Sun God (Surya) and Chhathi Maiya, and is celebrated to express gratitude for life, health and prosperity. It is also a good time to think about the family’s financial security and how loved ones would manage if the main earning member were to pass away.

Two government-backed schemes, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY), provide basic life and accident cover for annual premiums of Rs 436 and Rs 20, respectively. Both are sold through participating banks and post offices.

PMJJBY: Rs 2 Lakh Life Cover For Rs 436

PMJJBY is a one-year renewable term policy that pays Rs 2 lakh to the nominee in the event of the subscriber’s demise, whatever the cause. Natural and accidental deaths are both covered.

Anyone aged 18-50 with an eligible savings account at a bank or post office can enrol. Those who join before turning 50 can continue to renew until they reach 55, subject to the scheme’s conditions. The premium of Rs 436 is debited automatically from the linked account once the subscriber gives consent. The policy year runs from June 1-May 31, and cover must be renewed annually.

New subscribers, and those who rejoin after a gap, face a 30-day lien period. If the insured dies of a cause other than an accident in the first 30 days, the nominee cannot claim the sum assured. Accidental deaths are covered from the date the premium is debited.

The scheme is a pure term insurance, with no maturity benefit or surrender value. The money is paid only if the subscriber dies while the policy is in force.

PMSBY: Rs 2 Lakh Accident Cover For Rs 20

PMSBY covers accidental death and specified permanent disabilities. People aged 18-70 who hold an eligible savings account at a bank or post office can join. The premium, a nominal amount of Rs 20, is deducted automatically with the subscriber’s consent, and the policy follows the same June 1-May 31 cycle, with annual renewal.

The payout depends on the nature of the accident and the resulting disability. A sum of Rs 2 lakh is payable on accidental death or permanent total disability, which includes the irrecoverable loss of both eyes, both hands, or both feet, or a specified combination of loss of sight and loss of use of limbs. A sum of Rs 1 lakh is payable for permanent, irrecoverable loss of sight in one eye or loss of use of one hand or foot.

The scheme does not cover every injury or temporary disability. The loss must fall within the conditions it specifies.

Can One Person Hold Both Policies

Yes. That’s because the schemes insure against different risks, and an eligible individual can enrol in both. PMJJBY pays on death from any cause, while PMSBY covers accidental death and specified permanent disabilities. A subscriber holding both can receive a combined sum of Rs 4 lakh on accidental death, subject to the terms of each policy.

Holding several savings accounts does not, however, multiply the cover. Only one policy is permitted under each scheme, even if the person enrols through different banks or post offices.

How To Enrol

Applicants can enrol by submitting the prescribed form at a participating bank or post office and consenting to automatic debit of the annual premium. Some banks also offer enrolment through net banking and mobile apps.

Before applying, subscribers should confirm that their account is eligible and that they meet the age criteria. Those with more than one account should designate only one for each scheme. They should also keep enough balance to cover the premium on the due date, since a failed deduction can disrupt the continuity of cover, and make sure nominee details are up to date.

PMJJBY And PMSBY At A Glance

PMJJBY is a life insurance with an entry age of 18-50 years and an annual premium of Rs 436. It pays Rs 2 lakh on death and offers no disability benefit. PMSBY is an accident insurance with an entry age of 18-70 years and an annual premium of Rs 20. It pays Rs 2 lakh on accidental death and Rs 2 lakh or Rs 1 lakh for disability, depending on severity. Both run from June 1-May 31 and need annual renewal. The details are drawn from the Department of Financial Services, Ministry of Finance.

What Subscribers Should Keep In Mind

The low premiums make both schemes accessible, but the cover they provide is limited, and neither should be treated as a substitute for a comprehensive life or personal accident policy. A family that depends on a single earner may need considerably more than Rs 2 lakh to meet household expenses, repay loans and fund long-term goals if that person dies.

PMSBY, for its part, does not pay for hospitalisation and does not cover all forms of disability. Its benefits are confined to specified accidental deaths and permanent disabilities.

Subscribers would do well to check that their policies have been renewed and that premiums were debited on time. They should also review their existing insurance to judge whether it is adequate. For many households, the schemes offer an inexpensive basic safety net, but how much protection a family needs will depend on its income, its financial obligations and the policies it already holds.