Life Insurance: When it comes to life insurance, most people think of LIC or large private insurance companies. But as soon as the premium amount is mentioned, many people back away. Paying thousands of rupees every year is not easy, especially for middle-class and rural families.
Considering this problem, the central government launched the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) so that even ordinary people can provide financial security to their families at a very low cost.
What is the PM Jeevan Jyoti Bima Yojana?
The Pradhan Mantri Jeevan Jyoti Bima Yojana is a government life insurance scheme. Under this scheme, if the insured person dies for any reason, their nominee receives a sum of ₹2 lakhs. The most special feature of this scheme is its extremely low premium. Only ₹436 needs to be paid for the entire year’s insurance cover, which means the monthly cost is less than ₹40.
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Who can avail of this scheme?
The government has kept the rules very simple to make this scheme accessible to as many people as possible. Any Indian citizen between the ages of 18 and 50 can benefit from it. A bank account is necessary, and the premium is deducted annually through auto-debit. Once enrolled in the scheme, it can be renewed every year until the age of 55.
Insurance cover is provided only in case of death
It is important to understand that the Pradhan Mantri Jeevan Jyoti Bima Yojana is a term life insurance policy. This means that the insurance amount is paid only upon the death of the insured person. Whether the death is due to illness, accident, or any other reason, the nominee receives ₹2 lakhs in every case.
No medical examination required
Many people do not get insurance because they are afraid of medical tests or find the process complicated. There is nothing like that in this scheme. No medical examination is required. A simple form, Aadhaar or bank details, and your consent are all that is needed to start the insurance. This is why this scheme has become rapidly popular from villages to cities. Facility available through post offices as well as banks
Even if someone doesn’t have a bank account, there’s no need to worry. The government has also made this scheme available through post offices. This allows people living in rural areas, small towns, the elderly, and less educated citizens to easily access this scheme.
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Why is the PM Jeevan Jyoti Bima Yojana special?
The biggest strength of this scheme is its government guarantee. There is no fear of rules changing or claims getting stuck, unlike with private insurance companies. Also, the process is so simple that even a common person can easily understand and avail of this complex subject, like insurance.
Reliable security for the family
The Pradhan Mantri Jeevan Jyoti Bima Yojana is not just a policy, but a strong safety net for the family. After the policyholder’s death, it helps their family cope with unexpected expenses, debts, and responsibilities. If you thought that insurance wasn’t for you, perhaps it’s time to change your mind. Because this security, available for just Rs. 436 annually, can become the biggest support for your family in the future.