In today’s time, people are slowly starting to understand the need for health insurance, and after the COVID-19 pandemic, its importance has increased manifold. If you want to avoid the expensive premium insurance of private companies or do not trust them completely, then there is a great government option for you.
The government is also providing insurance coverage for citizens under various schemes. One such great scheme is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), under which you can get insurance coverage of up to ₹ 2 lakh at an annual premium of just ₹ 436. This scheme is proving to be a boon, especially for those who are looking for financial security at a low cost.
Are you eligible for it
If you want to take advantage of this scheme, then you have to fulfill the eligibility conditions mentioned below. To ensure that the scheme reaches the right hands, some simple rules have been made:
To apply for this scheme, the age of the applicant should be between 18 years to 50 years. This age group ensures that young and middle-aged people, who are usually the earning members of the family, can get security.
It is mandatory to link your Aadhaar card to your bank account. This facilitates the process of delivering benefits directly to the beneficiary’s account (DBT) and ensures transparency.
While applying for the scheme, you will need some important documents. These include your Aadhaar Card, PAN Card, and Bank Account Passbook. Your identity and financial information are verified with these documents.
How to apply
Nowadays, many private and government banks provide the facility to apply for Pradhan Mantri Jeevan Jyoti Bima Yojana. You can also apply for it by directly visiting the bank’s website or app. This process is very simple and digital so that no one has to face any problem. You can easily apply by following the steps given below:
First of all, you have to log in to the official website or mobile app of your bank. This is your first step in the digital application process.
After logging in, you have to find the option of “Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)”. It is usually found in sections like ‘Insurance’, ‘Government Schemes’, or ‘Social Security’.
Now, fill in all the required information asked here, including your details and nominee information. It is very important to fill in the nominee information so that the benefits reach the right person in the absence of the policyholder.
After filling in all the information and documents, you have to pay the premium amount. It is a small premium of ₹436 annually, which provides great protection.
To pay the premium on time, you can link this premium to Auto-Pay. This feature ensures that your insurance cover never lapses and the premium is automatically deducted every year.
Finally, a confirmation message will be sent to your registered number, which will contain all the important information related to the policy. Keep this message safe for future reference.