PMJJBY: The Government of India runs many schemes with the aim of benefiting every section of the country. One of such scheme is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Under this scheme, on the death of the insured, the nominee or family gets an amount of Rs 2 lakh. This scheme is run with the aim of providing financial help to the family in difficult times. For this, an annual premium has to be paid. But even if you save Rs 36-37 every month to pay the premium of the scheme, your overall premium cost will be easily covered.
ZeeBiz will tell you more about the scheme.
Who can buy PMJJBY plan?
Any person between 18 to 50 years can buy this insurance plan.
To buy PMJJBY, a premium of Rs 436 has to be paid every year.
If you divide Rs 436 into 12 parts, the monthly expenditure will be around Rs 36.33.
This is a low amount which even a poor person can pay.
The cover period of this insurance plan is from June 1 to May 31.
It means you can buy it in any month of the year, but you will get the coverage only till May 31, and on June 1, you will have to renew it again.
If the insured dies during the policy term, Rs 2 lakh is given to the family as financial assistance.
Where to buy policy
You do not need to undergo any kind of medical test to purchase this policy.
Some specific diseases are mentioned in the consent letter of the insurance policy.
You have to declare in the declaration that you are not suffering from any of those diseases.
If your declaration proves to be wrong, your family will not get the benefit of the PMJJBY scheme.
You can purchase this policy from the bank where you have your account.
After filling the form, the rest of the work is done by the bank itself.
How to apply for PMJJBY
- You must have Aaadhaar card, identity card, bank account passbook, mobile number and a passport size photo to apply for this scheme.
- You have to link your bank account number with the Aadhaar number because your identity is verified through UID.
- The coverage time in this policy is from June 1 to May 31. One-time investment is for one year.
- If you have chosen Automatic Renewal, every year between May 25 and May 31, Rs 436 will be automatically deducted from your account.
- You can avail the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana through only one bank account. This policy cannot be linked to any other account.
- The benefit of this insurance cover is available only after 45 days of taking the policy. However, the condition of 45 days is not valid in case of death in an accident.