PMJJBY and PMSBY: the government's low-cost life and accident cover for Kerala families

What are PMJJBY and PMSBY?

Both are central government insurance schemes sold through banks. PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) is a life cover: if the insured person dies from any cause during the year, the nominee receives ₹2 lakh. PMSBY (Pradhan Mantri Suraksha Bima Yojana) is an accident cover: it pays ₹2 lakh for accidental death or total permanent disability, and ₹1 lakh for partial permanent disability. The premiums are tiny because the government backs the schemes and they are sold at scale through banks, including every major bank and cooperative bank across Kerala.

Who can join, and how do you enrol in Kerala?

PMJJBY is open to account holders aged 18 to 50, and once you join you can continue the cover up to age 55. PMSBY is open to those aged 18 to 70. You need a savings bank account and Aadhaar-linked KYC. Enrolment is simple: ask your bank, or use net banking or the bank's app to opt in and consent to auto-debit. The premium is deducted once a year from your account, usually before the 1st of June, and the cover runs for the year. Most Kerala families already have eligible accounts, so joining is often just a form or a few taps.

• PMJJBY: ₹2 lakh life cover, about ₹436 a year, ages 18 to 50 (continue to 55).
• PMSBY: ₹2 lakh accident cover, about ₹20 a year, ages 18 to 70.
• Both need a savings account with auto-debit consent and Aadhaar KYC.
• Keep the account funded before the yearly debit, or the cover lapses.

Why are these schemes not enough on their own?

Because ₹2 lakh is small next to what a family actually loses when the earning member dies. If a household depends on one salary, ₹2 lakh replaces only a few months of income, while the family may need to run for years and cover education, loans and daily costs. That is the gap a term plan fills: a healthy 30-year-old in Kerala can buy ₹1 crore of term cover for roughly ₹800 to ₹1,200 a month. Think of PMJJBY and PMSBY as a cheap, guaranteed floor everyone should have, with a term plan sized to your income sitting on top.

Enrol in both today, because at these premiums there is no reason not to. Then work out your real protection need, usually 15 to 20 times your annual income, and buy a term plan for the difference. Maaxus helps families do exactly this, in Malayalam or English, free. We will not pretend a ₹2 lakh scheme is a full solution when your family depends on you.