In the year 2015, Prime Minister Narendra Modi had started such an insurance scheme in which insurance of up to Rs 2 lakh is available at a premium of only Rs 330 in a year. The name of this scheme is- Pradhan Mantri Jeevan Jyoti Bima Yojana. Let us know what is the specialty of this scheme and how it can be taken advantage of? (File photo: PIB)
Who can take benefits: The annual premium for Pradhan Mantri Jeevan Jyoti Bima Yojana is only Rs 330. This scheme can be taken by any Indian citizen in the age group of 18-50 years. The maturity age of Jeevan Jyoti Insurance Policy is 55 years. This term plan has to be renewed every year. In this, the sum assured i.e. the sum insured is Rs 2,00,000. (File photo: Reuters)
What is the specialty: Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY) was started by the Modi government at the Center on 9 May 2015 to provide the benefit of life insurance to every person of the country. No medical examination is required to buy insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana. (File photo: PIB)
The best part is that taking this policy is very easy. You can take a policy under this scheme by visiting any bank branch or through your bank’s net banking sitting at home. You can also apply by visiting the portal of this scheme. The annual premium is only Rs 330 which will be auto-debited from the savings account of the customer every year in the month of May.
If there is a normal death of the insured within 45 days of enrolling in this insurance plan, then his family members will not get the benefit of insurance, after that. But if the death occurs due to accident then the benefit of insurance cover will be available immediately. In this way, in case of accidental death, insurance cover is available from day one. (File photo: PIB)
Pradhan Mantri Jeevan Jyoti Bima Yojana is a term insurance plan of the Modi government. A term plan means that the insurance company pays the sum insured only on the death of the policyholder during the course of the policy. If the policyholder remains well even after the completion of the term of Jeevan Jyoti Bima Yojana, then he does not get any benefit
Affordable rate of premium is available under this scheme for all citizens belonging to almost all income groups including EWS and BPL. The insurance cover under the scheme will start from 1st June of the same year and will be till 31st May of the following year. No medical examination is required to buy insurance in PMJJBY. (file photo)
Under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the term plan has to be renewed every year. That is, once the premium is paid, you will get the benefit of insurance within a period of one year. If the premium is not deposited in any year, then the benefit of insurance will not be available and your scheme will be considered closed. But there is a facility that you can enter this scheme whenever you want till the age of 55 years. The only disadvantage in this is that again you will be kept under the condition of not getting any death cover for 45 days (if the death is not due to accident). Hence it is necessary to pay premium every year.
Under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the term plan has to be renewed every year, but it is auto-debited from the bank account i.e. when the premium is to be deducted, there should be money in your account. Once the premium is paid, you will get the benefit of insurance within a period of one year. In any year, if the premium is not deposited due to lack of money in your account, then the benefit of insurance will not be available and your scheme will be considered closed. But there is a facility that you can enter this scheme whenever you want till the age of 55 years.
If the member dies during the term of the insurance cover, an amount of Rs 2 lakh will be received by his/her next of kin (nominee). In many banks, there is no benefit of enrolling in this scheme or depositing premium in many places, because no matter how much premium you deposit in this scheme, the maximum benefit of insurance cover will be Rs 2 lakh only.
