The central government has launched a special scheme. Currently, this life insurance scheme is being run by the government. It is renewable year after year. Life insurance is provided in case of death due to any reason. Individuals between the ages of 18 and 50 with single and joint accounts in participating banks and post offices are eligible for this scheme. If a person has multiple accounts in one or different banks and post offices, then they are eligible for this scheme only in that bank or post office.
Premium of just Rs 436
In the ‘Pradhan Mantri Jeevan Jyoti Bima’ scheme, a subscriber gets an insurance cover of Rs 2 lakh in case of death due to any reason. The annual premium of this scheme is Rs 436, which has to be paid annually. If a subscriber is enrolled under the ‘Pradhan Mantri Jeevan Jyoti Bima’ scheme for the first time during the policy term, they must pay a proportionate premium.
Insurance will be available in these situations
Under the ‘Pradhan Mantri Jeevan Jyoti Bima’ scheme, the member’s coverage is Rs 2 lakh. This coverage is limited to certain circumstances. For example, the insurance coverage will automatically stop after reaching the age of 55 years. Age will be calculated from the year nearest to the date of birth. Therefore, please note that new members will not be able to join this scheme after the age of 50 years.
If there is insufficient balance in the bank account at the time of deduction of premium, the member’s bank account will be closed. This will automatically stop the insurance coverage and the coverage will be terminated.
If a member mistakenly enrolls in this scheme using multiple bank accounts and the insurance company accepts the premium, the total insurance coverage will be limited to Rs 2 lakh. In this case, any additional premium paid for the duplicate policy will be forfeited.