Jeevan Jyoti Bima Yojana: Even today, millions of families in our country have very low incomes. In such circumstances, if the breadwinner suddenly dies, the entire family faces a financial crisis. To provide significant relief to these families, the Central Government launched a groundbreaking scheme in 2015 called the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
This scheme provides life insurance coverage of ₹2 lakh to even the poor and middle-class for a mere ₹436 annual premium. This insurance amount is passed on to the individual’s family or nominee after their death. This scheme provides your family with the strength to fight future uncertainties.
₹2 lakh security cover for ₹436
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is extremely beneficial for all poor and needy individuals who are unable to purchase larger insurance due to their limited income. This scheme is available to anyone between the ages of 18 and 50. To join the scheme, you need to pay a nominal premium of just ₹436 each year. This premium amount is automatically debited from your bank account, eliminating the need for renewal.
Key Benefits of the Scheme
Under this scheme, you receive a one-year term life cover, valid from June 1st to May 31st. If the individual dies during the insurance period, their nominee receives a sum assured of ₹2 lakh. This amount can prove to be a significant relief for the family. This money can be used for children’s education, household expenses, or other important needs. The premium is automatically deducted from your account every year, ensuring the policy remains in force.
How to Apply for PMJJBY
Applying for the Pradhan Mantri Jeevan Jyoti Bima Yojana is very easy. You don’t need any agents or middlemen. You can apply for this scheme by visiting your nearest bank branch. You’ll need to fill out the scheme form and submit a few required documents. These documents include your Aadhaar card, identity card, bank account passbook, mobile number, and passport-size photo. After submitting your application, the bank activates your insurance. The prescribed premium is then automatically deducted from your account each year, ensuring uninterrupted coverage.