The Central Government has announced the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) to provide life insurance to every person. Under the PMJJBY scheme, a person can avail of insurance of up to Rs 2 lakh at a premium of only Rs 330 in a year.
Under the Pradhan Mantri Jeevan Jyoti Bima Yojana, insurance coverage is provided to people from underprivileged and financially weak backgrounds.
The PMJJBY scheme is being offered by the Life Insurance Corporation of India and other private insurance companies through government and private banks.
If a beneficiary of the Jeevan Jyoti Bima Yojana dies due to any reason, then under PMJJBY, the government provides an amount of Rs 2 lakh to his family.
Under the PMJJBY, the minimum age for adopting a policy plan has been fixed at 18 years and the maximum age is 50 years. The policy takes 55 years to mature.
Features of PMJJBY:
Beneficiaries do not need to undergo any medical check-ups.
The minimum age for taking insurance is 18 years and the maximum age is 50 years.
The annual premium amount for the PMJJBY is Rs 330.
The maturity age of this policy is 55 years.
The premium amount is deducted from your bank account through ECS.
Coverage for the first year will be till 31st May of next year only.
You can review the policy every year on June 1 by paying the premium amount from your bank account.
If you have an account with the risk cover applicable after 45 days, you can apply under PMJJBY after contacting your bank. If you are already enrolled under this scheme, you need not apply every year. Every year the premium amount will be deducted from your bank account and your policy will be renewed.
However, you cannot claim money under this scheme until the first 45 days of enrollment. But if the applicant dies due to an accident then the payment will be made to the applicant.
Under the PMJJBY scheme, insurance cover is available only from 1st June to 31st May. If your bank account gets closed or there is not enough balance in the account at the time of premium deduction, your insurance can also get cancelled.