Currently if you are planning to buy insurance policy then you will have to shell out high premiums from your pocket. Because of high premium poor people cannot afford to purchase policy. This results in financial turmoil of their family in case of any unfortunate event to the breadwinner of the family. Looking at the painful condition of poor, government of India has launched cheapest insurance in India – Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana under the universal social security scheme. These two low cost policies are set to become a game changer in the Indian insurance market due to very low premium as even poor individuals will be able to afford the same giving a decent money to their families in their absence. And the government's objective of insurance penetration in the remotest places of India will become possible.

Here are the details of these two cheapest insurance policies in India:

Jeevan Jyoti Bima Yojana

It is a life insurance policy.

• Coverage: Rs. 2 Lakh would be given to the nominee in an unfortunate death of the policy holder.
• Annual premium: Rs. 330 only
• Eligibility: Any individual within an age group of 18-50 years can avail this low cost insurance policy.
• Payment mode: Auto debited from the bank account.

Suraksha Bima Yojana:

It is an accidental insurance policy.

• Annual premium: Rs. 12 only
• Coverage: Rs. 2 Lakh would be given to in case of accidental death and full disability. Whereas in case of partial disability, Rs. 1 Lakh cover would be provided.
• What is covered: PMSBY will cover accidental death/disability/accidental injury to the policy holder resulting because of an accident.
• Eligibility: Any individual within the age group 18 to 70 years and having Aadhaar number linked to the bank account can avail this cheapest insurance policy.
• Payment mode: Annual premium will be auto-debited from the policy holder's account.

After the super successful Pradhan Mantri Jan Dhan Yojana which was listed in Guinness book of world record as over 125 million bank accounts were opened, these two cheapest insurance policies are set to create another benchmark as they would be made available to every Indian citizen irrespective of the income.

Interested individuals can buy these policies starting from June 01, 2015.