PMJJYBY: If you haven’t signed up for a life insurance policy yet, you can secure coverage of Rs 2 lakh by paying just Rs 436 a year through the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). This program is designed for individuals aged 18 to 50.

 

Launched by Prime Minister Narendra Modi on May 9, 2015, in Kolkata, West Bengal, PMJJBY is a term insurance plan. This means that the payout is only made after the policyholder’s death. If the policyholder stays healthy after the term ends, they won’t receive any benefits.

 

Given the rising costs of living, including healthcare, many salaried individuals receive some form of health insurance from their employers. While many also opt for additional health policies, not everyone has that option. To support those in need, the Government of India has introduced the Pradhan Mantri Jeevan Jyoti Bima Yojana, a valuable health scheme aimed at helping the less fortunate.

 

Who is eligible for this insurance?

To benefit from PMJJBY, you need to be an Indian citizen aged between 18 and 50 years. There’s no requirement for a medical examination to get this insurance. If the policyholder passes away for any reason, the nominee will receive Rs 2 lakh.

 

What is the duration of the insurance coverage?

The insurance coverage lasts from June 1st to May 31st. This means that regardless of when you purchase the PMJJBY policy, the coverage for the first year will only extend until May 31st of the following year. Additionally, the risk coverage begins 45 days after you enroll in the scheme.

 

How is the premium deducted and what amount is it?

To benefit from PMJJBY, you’ll need to pay an annual premium of Rs 436. This amount will be automatically taken from your account between May 25 and May 31. Just remember, you need to give your consent for this deduction. Also, having a bank account is a must to access PMJJBY benefits, and it can be with either a government or private bank.

 

How do you file an insurance claim?

The nominee of the PMJJBY policyholder must submit a claim to the insurance company or bank where the policy was taken out. A death certificate is required for this process, along with other essential documents like Aadhaar. This scheme is managed by LIC and various private life insurance companies. For more information, you can visit your bank, as many have partnerships with insurance providers. You can also apply for PMJJBY at the bank or post office where you hold an account, and some banks even offer online application options.

 

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