I invested in 2 govt social security insurance products, namely: PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY) and PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY). I have them for self and my mother. Since the premium is so low I went with them. Today, I am not able to decide whether it is worth to be with them or not? The schemes are directed with political motives for poor people – I don’t know how many settlement govt will do!
These two schemes are meant to support those who are totally NIL or can’t afford higher premium to buy on their own. To be frank the ideal life insurance coverage must be around 15-20 times of your yearly income. If you feel Rs.2 lakh is meeting this criteria then continue.
In my view, you can easily get a cover at competitive price in market. Hence, these two are of no use.