Friday, August 16, 2019
Prime Minister Jeevan Jyoti Insurance Scheme
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme in India that was launched by the Government of India on 9th May 2015. It is one of the several social security insurance schemes launched under the financial inclusion agenda of the Modi government.
Key Features of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
1. Eligibility: Indian citizens aged between 18 and 50 years are eligible to join PMJJBY.
2. Affordable Premium: The premium for PMJJBY is very low, making it accessible to a wide range of people. As of my last update in September 2021, the annual premium was ₹330.
3. Insurance Coverage: The scheme provides a life insurance cover of ₹2,00,000 (two lakh rupees) in case of the insured person's death due to any reason.
4. Renewable Annual Cover: PMJJBY offers renewable one-year life insurance coverage. Participants need to renew their policy annually by authorizing their bank to debit the premium from their account.
5. Auto-Renewal: The scheme has an auto-debit facility. The premium is directly debited from the subscriber's bank account, simplifying the renewal process.
6. Ease of Enrollment: The enrollment process is simple and can be done through participating banks. Individuals need to provide their Aadhaar number and the consent to auto-debit the premium from their bank account.
7. Risk Coverage: In case of the insured person's death, the nominee receives the sum assured of ₹2,00,000.
PMJJBY is aimed at providing life insurance coverage to a large section of the population, especially those in the rural and economically weaker sections of society, at an affordable cost. It offers financial security to the family in the event of the insured person's demise, ensuring that they are not burdened by financial difficulties during a challenging time.