Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme that provides financial protection to the family in case of death due to any reason. It is a pure term insurance valid for one year and renewable, for which only 436 rupees is paid as an annual premium, which is automatically deducted from the bank account before May 31st every year. If insured through this scheme, the nominated person gets insurance coverage up to 2 lakh rupees in case of death.
The eligibility criteria and other important aspects covered under this scheme are discussed below.
Q. What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed life insurance scheme launched in 2015 to promote financial security and social inclusion through affordable insurance coverage. The primary objective of this project is to provide a simple, low-cost life insurance policy to individuals across India, especially those who do not have access to conventional insurance plans.
Pradhan Mantri Jeevan Jyoti Bima Yojana
Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme that provides financial protection to the family in case of death due to any reason. It is a pure term insurance valid for one year and renewable, for which only 436 rupees is paid as an annual premium, which is automatically deducted from the bank account before May 31st every year. If insured through this scheme, the nominated person gets insurance coverage up to 2 lakh rupees in case of death.
The eligibility criteria and other important aspects covered under this scheme are discussed below.
Q. What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed life insurance scheme launched in 2015 to promote financial security and social inclusion through affordable insurance coverage. The primary objective of this project is to provide a simple, low-cost life insurance policy to individuals across India, especially those who do not have access to conventional insurance plans.
Q. What are the features of the scheme?
Under this scheme, if the policyholder dies for any reason, his family is given Rs. 2 lakh.
• Tenure: This is a one-year term plan that is renewable every year, where a premium is deposited every year through an auto debit process.
• Premium: The annual premium amount is Rs. 436.
Q. Who is eligible to enrol in this scheme?
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is available to all individuals in the age group of 18 to 50 years. An interested person should have a bank account. Those who start this insurance before the age of 50 will get life coverage till the age of 55. However, to avail themselves of this benefit, they will have to pay a premium on a consistent basis.
Q. What are the benefits available under this scheme, and what will be the premium payable?
In case of the death of the subscriber due to any reason, 2 lakh rupees will be payable. The annual premium for each subscriber is 436 rupees.
Those who are enrolling under PMJJBY for the first time in the middle of the policy are allowed to pay pro-rata premium as follows –
- A full annual premium of Rs. 436 will have to be paid for enrolment in the months of June, July, and August.
- A proportional premium of Rs. 342 is payable for enrolment in the months of September, October, and November.
- A proportional premium of Rs. 228 is payable for enrolment in the months of December, January, and February.
- A prorated premium of Rs. 114 is payable for enrolment in the months of March, April, and May.
However, at the time of renewal under this scheme, the full-year premium of Rs 436 will have to be paid.
Q. What are the documents required for PMJJBY registration?
To enrol in Pradhan Mantri Jeevan Jyoti Bima Yojana, applicants will have to submit a filled application form along with a valid Aadhaar card and bank account details. Required documents, such as a signed consent form, must be submitted for automatic debit of the annual premium from the linked account.
Q. Who will offer this programme?
Life Insurance Corporation of India (LIC) will offer this plan. However, other life insurers who are interested in participating in this programme can join this programme through tie-ups with specific banks.
Q. When will this policy be cancelled?
The policy will be terminated when the holder reaches the age of 55 years, but to make this policy effective, the policyholder has to renew this policy till the stipulated time.
If an account holder wishes to close the account during the term of this insurance due toa lack of sufficient funds in the bank, i.e., the minimum balance required to ensure the activation of the insurance, then his insurance policy will be closed.
If this particular person has multiple accounts and the insurer is receiving money in an unintended manner, then the said premium will be forfeited.
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Conclusion:
This Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) serves as a valuable financial safety net for eligible individuals, providing affordable life insurance coverage and peace of mind for policyholders and their families in unexpected circumstances. Its simplicity, accessibility, and tax benefits make it an important initiative in promoting financial inclusion and security in India.