If you're one of the many beneficiaries of government-backed insurance schemes, here’s an urgent reminder that could save you — and your family — from missing out on life-changing financial protection. May 31, 2025, is not just the last day of the month — it’s also the deadline to renew two powerful government insurance plans that together offer coverage of up to ₹4 lakh at a cost of less than ₹500 per year.

Still thinking it can wait? Here's why it can't.

⏳ What’s the Rush About?

Two flagship schemes introduced by the Modi government in 2015 — the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY) — offer life and accident insurance coverage to millions of citizens at extremely affordable premiums.

The catch? You must have at least ₹500 in your bank account before May 31, because that’s when the annual premium is auto-debited. Missing this could mean losing ₹4 lakh in combined coverage for the year ahead.

🛡️ A Quick Look at the Schemes

✅ Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

• Type: Life insurance

• Eligibility: Individuals aged 18 to 50 years

• Coverage: ₹2 lakh on death due to any reason

• Premium: ₹436 per year

• Coverage Duration: Renewable yearly until age 55, if enrolled before turning 50

• Purpose: Provides financial support to families in case of untimely death of the insured

This scheme is ideal for individuals with limited access to private insurance or those looking for a basic yet effective life cover.

✅ Pradhan Mantri Suraksha Bima Yojana (PMSBY)

• Type: Accidental insurance

• Eligibility: Individuals aged 18 to 70 years

• Coverage: ₹2 lakh in case of death or full disability; ₹1 lakh for partial disability

• Premium: ₹20 per year

• Purpose: Covers accidental injuries that can lead to financial hardship

At just ₹20 a year, this plan acts as a financial cushion against sudden mishaps, especially for daily wage workers, self-employed individuals, and rural households.

🏦 Why Maintaining ₹500 in Your Bank Account Is Crucial

Both premiums (₹436 for PMJJBY + ₹20 for PMSBY = ₹456) are automatically deducted from your linked bank account. If your account doesn’t have sufficient funds by May 31, the insurance coverage will lapse.

Many subscribers miss out simply because they’re unaware of the auto-debit feature, or forget to maintain the minimum balance. Don’t let a small oversight cost your family their financial safety net.

📝 How to Ensure You’re Covered

• ✅ Maintain at least ₹500 in your bank account by May 31

• ✅ Ensure your bank account is active and auto-debit is enabled

• ✅ Update nomination details either at the bank branch, online, or at the post office (for post office accounts)

• ✅ Check SMS or email alerts from your bank regarding upcoming premium deductions

🧾 Where and How to Enroll (If You Haven’t Already)

Enrollment is open through:

• Public and private sector banks

• Post offices

• Official banking apps and websites

• Business Correspondent (BC) agents

It takes just a few minutes to enroll or renew, and you can complete the process digitally or offline.

🔍 Final Words: A Small Step for You, a Giant Shield for Your Family

For less than ₹500 per year — an amount often spent unknowingly on a single meal — you get ₹4 lakh in combined insurance protection. These schemes have already benefited lakhs of families, offering relief in times of crisis.

So, before the month slips away, make sure to check your bank balance, ensure auto-debit is active, and give your family the security they deserve.

Don’t wait till it’s too late — May 31 is your deadline.