Government Insurance Scheme: The central government is running several welfare schemes to provide a secure future for economically weaker and middle-class families in the country. Among these schemes, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an important option, specifically designed for those who wish to avail life insurance benefits at a low premium. This scheme significantly reduces the worries of families by providing financial security in case of unexpected difficult circumstances.
The objective of this scheme was to provide insurance benefits to families where low incomes prevented them from affording expensive insurance plans. The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has met this need and provided a strong protection option to millions of people.
Read Here: How many trains does the Indian government have? The number will surprise you
What is the objective of the scheme?
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is its simplicity and low cost. An annual premium of only 436 rupees can be paid to obtain an annual life insurance cover of 2 lakh rupees. This amount is disbursed to the nominee upon the death of the insured, providing immediate financial support to the family. This makes this plan highly beneficial for families seeking a secure option with limited income.
Furthermore, the plan has been made easy by integrating it with digital and banking systems. The auto-debit feature of the premium eliminates the worry of annual payments.
Who Can Benefit?
To join this plan, applicants must be between 18 and 50 years of age. They must also have an active bank account. The plan is renewed annually. If a person leaves the plan midway, they can rejoin, provided their age falls within the eligibility limit.
Premium and Cover Information
The plan’s biggest strengths are its low premiums and extensive coverage. A mere ₹436 per year provides a life insurance cover of ₹2 lakh, which is very affordable compared to other plans available in the market. This plan is especially beneficial for families with limited income but who still feel the need for life insurance.
Read Here: Government Gives a Big Reward! Now People Will Get 150 Units Electricity Free Every Month
How to Apply
Registering for this scheme is very simple. Interested individuals can visit their nearest bank and fill out the application form. Documents such as an Aadhaar card, identity card, bank passbook, mobile number, and passport-size photo are required when applying. The scheme becomes active upon submission of the form, and the premium is automatically deducted from the bank account.