Government Insurance Scheme: Life is unpredictable, and disasters can strike at any time. Events like the tragic plane crash in Ahmedabad on June 12 teach us how important it is to take some safety measures in advance for future uncertainties. After such accidents, families are often left destitute and struggling with financial difficulties. This is why people nowadays buy insurance in advance so that their family remains safe in case of any untoward incident.
But, not everyone is able to buy expensive insurance, because many times people do not have that much money. For such needy and financially weak people, the Government of India has started a special scheme called ‘Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)’. In this scheme, you can get a life insurance cover of ₹ 2 lakh by paying a mere ₹ 436 annual premium. This scheme was started in the year 2015 and so far about 17 crore people have joined it and are continuously joining. Let’s know about this scheme in detail.
What is Pradhan Mantri Jeevan Jyoti Bima Yojana
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a term life insurance scheme run by the Government of India, which aims to provide life insurance protection to the poor and needy people of the country at a low premium. This scheme provides financial support of ₹ 2 lakh to the family of the insured person in case of his death due to any reason. This ensures that even if the head of the family is not there, the family does not have to face a financial crisis.
Who is eligible for PMJJBY
There are some easy eligibility criteria to avail of this important scheme. Any Indian citizen can join this scheme. The age of the applicant should be between 18 years to 55 years. The applicant must have a savings account in a bank, as the premium amount is auto-debited from this account.
Unmatched cover of ₹ 2 lakh for ₹ 436
The most attractive thing about PMJJBY is its very low premium and high coverage. You only have to pay a premium of ₹436 every year. This amount gets auto-debited directly from your bank account, so you don’t have to worry about paying it manually every year. In return for this nominal premium, you get a term life cover of ₹2 lakh. This cover is valid for 1 year from 1 June to 31 May. It is mandatory to renew it every year so that the coverage remains continuous.
Assistance in case of accident or serious injury
If the policyholder dies in an accident, his nominee is provided an insurance cover of ₹2 lakh under the Pradhan Mantri Jeevan Jyoti Bima Yojana. However, this scheme is mainly for death benefits. Under certain circumstances, assistance can also be provided if the person is seriously injured (which causes permanent disability), although it depends on the specific rules of the policy. The primary goal of this scheme is to provide a financial safety net in case of the demise of the main breadwinner of the family.
Required Documents
Aadhaar Card
Identity Card (like PAN Card, Voter ID)
Copy of Bank Passbook
Mobile Number
Passport Size Photo
How to avail PMJJBY
It is very easy to avail of this important scheme. You can apply for it by visiting your nearest bank branch. Go to the bank branch where you have a savings account. Ask the bank employee for the Pradhan Mantri Jeevan Jyoti Bima Yojana application form. You can also download the form from the bank’s website.
Fill in all the information asked in the form correctly, like your name, address, date of birth, bank account details, and nominee details. Submit the filled form and all the documents to the bank. The bank employee will verify your information. The bank will obtain consent to auto-debit the annual premium of ₹436 from your account.