Insurance Plan: The Government of India has launched the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) to provide financial security to low-income families in the country. The primary objective of this scheme is to offer life insurance coverage at a very low premium, ensuring the family receives financial support in the event of any unforeseen circumstance. This scheme is especially useful for those who cannot afford expensive insurance plans.
PMJJBY is a simple and digitally-based scheme, making it very easy to join. Because of this, millions of people have already joined this scheme and secured their families’ future.
What are the features of this government scheme?
The Pradhan Mantri Jeevan Jyoti Bima Yojana has been designed to be accessible to people from all walks of life. It requires a very low annual premium and provides adequate insurance coverage in return. This is a one-year term life insurance policy that is renewed annually. The premium amount is automatically debited directly from the bank account, eliminating any payment hassles.
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In the event of the policyholder’s death, the nominee under the scheme receives an insurance amount of two lakh rupees, providing immediate financial assistance to the family.
How much insurance cover will you get?
Under this scheme, the beneficiary has to pay an annual premium of only ₹436. In return, they get a life insurance cover of ₹2 lakh. Due to its low cost and high coverage, this scheme is considered one of the most affordable insurance schemes in the country. The significant benefit for a small investment makes this scheme extremely useful for poor and middle-class families.
Who can avail of the scheme?
To avail of the benefits of the Pradhan Mantri Jeevan Jyoti Bima Yojana, the applicant must be between 18 and 50 years of age. Additionally, the applicant must have an active savings bank account, as the premium amount is automatically deducted from this account. The insurance cover can be continued as long as the policyholder remains within the specified age limit.
Documents required for the application
Some essential documents are required when applying for the scheme. These include Aadhaar card, identity proof such as Voter ID or PAN card, bank passbook, passport-size photograph, and an active mobile number. Having the correct documents ensures a quick application process.
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How to Apply for the Insurance Scheme
The application process for PMJJBY has been kept very simple. The applicant needs to visit the bank branch where they have their savings account. They need to obtain the application form from the bank, fill in the required information, and give their consent for the premium to be auto-debited. After submitting all the necessary documents, the bank completes the process, and the insurance cover becomes active as soon as the premium is deducted.