PMJJBY: Having life insurance is essential for everyone these days. The central government is running a low-premium life insurance scheme. This scheme provides life cover for up to 55 years. The PM Jeevan Jyoti Bima Yojana is unique for every Indian. This scheme is for adults between 18 and 50 years of age. This insurance cover is available like any other life insurance. Customers can avail this insurance only if they have a savings account with a bank. Under this government scheme, people receive insurance cover of up to 2 lakh rupees.
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Learn how much the premium is
The PM Jeevan Jyoti Bima Yojana offers an annual insurance of ₹330. This provides insurance cover of ₹2 lakh. It is renewed every year. The insurance period is between June 1st and May 31st. If a policyholder is unable to pay the premium under this government insurance scheme, they can reinstate it by paying the annual premium. However, to do so, they must declare their good health.
How Much Is the Claim?
In the event of any untoward incident involving the insured under the PM Jeevan Jyoti Bima Yojana, the nominee can file a claim form along with the death certificate and claim from the bank where the insured has a bank account. ₹2 lakh is transferred to the nominee. This scheme provides life cover up to the age of 55. Insurance is available in case of any untoward incident. Customers can avail of this scheme with only one bank account and one insurance company.
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Under the PM Jeevan Jyoti Bima Yojana, claims will be processed in just seven days. Previously, it took 30 days. The process between banks and insurance companies is completely digital.