PM Jeevan Jyoti Bima Yojana: Even today, there are many families in the country whose income is very low. In such a situation, if the earning member of the family suddenly dies, the entire family is plunged into financial crisis. In such a situation, the government has launched a scheme to provide relief to the people. It is called Pradhan Mantri Jeevan Jyoti Bima Yojana. This scheme was launched by the central government in the year 2015.
This allows even the poor and middle-class to benefit from insurance. Under the scheme, anyone can receive insurance cover of up to Rs 2 lakh by paying a premium of just Rs 436 annually. This amount is disbursed to the individual’s family or nominee after their death. Let us explain who can apply for this scheme and how.
What are the benefits of this scheme?
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a great option for the poor and needy. Individuals between the ages of 18 and 55 can apply. To join this scheme, you need to pay a nominal premium of Rs 436 per year. This amount is automatically debited from your bank account.
This scheme provides a one-year term life cover, valid from June 1st to May 31st. If the individual dies during the insurance period, a sum of Rs 2 lakh is paid to their nominee. This amount can prove to be a significant relief for the family. The insurance proceeds can be used to cover children’s education, household expenses, or other essential needs.
How can you apply for the scheme?
Applying for the Pradhan Mantri Jeevan Jyoti Bima Yojana is very easy. You don’t need an agent or middleman. You can apply directly at your nearest bank branch. You’ll need to fill out the scheme form and submit a few required documents, including your Aadhaar card, identity card, bank account passbook, mobile number, and passport-size photo. After applying, the bank activates your insurance, and the annual premium is automatically deducted from your account.