The government is implementing various schemes to assist its citizens, one of which includes a crucial insurance plan. In today’s era, having life insurance is of utmost importance.
Unfortunately, many people from low-income backgrounds are unable to benefit from such insurance.
To address this issue, the Central Government has introduced the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme. Let’s explore the details of this program.
Understanding the PMJJBY Scheme
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme aims to provide insurance benefits to individuals with low incomes.
In the event of the beneficiary’s demise, regardless of the cause, a sum of Rs 2 lakh is provided to their nominated family member(s). Notably, this scheme requires only a nominal premium payment.
Affordable Premium Amount
To avail the insurance coverage under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), individuals need to pay an annual premium of just Rs 436.
However, possessing a bank account is a prerequisite for benefiting from this scheme. Any Indian citizen aged between 18 and 50 years can take advantage of PMJJBY.
The premium amount is automatically deducted through auto debit between May 25 and May 31 each year.
It is important to note that the scheme is valid for one year and needs to be renewed annually.
The coverage period extends from June 1 to May 31 of the following year. The risk cover becomes effective 45 days after enrollment.
Where to Obtain this Insurance
The Life Insurance Corporation of India, along with other private life insurance companies, provides insurance coverage under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
Additionally, individuals can also access this scheme through the bank where they hold an account.
In the unfortunate event of a claim, the nominee or the family must file a claim with the respective insurance company or bank where the policy is held.
To receive the insurance amount, certain documents, including the death certificate, must be submitted alongside the claim.