PMJJBY: A special scheme has been introduced by the central government. 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 aged 18 to 50 years with single and joint accounts in participating banks and post offices are eligible for this scheme. If an individual has multiple accounts in one or different banks and post offices, they are eligible for the scheme only in that bank or post office.
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Premium of only 436 rupees
Under the PM Jeevan Jyoti Bima Scheme, a customer gets 2 lakh rupees of insurance cover in case of death due to any reason. The annual premium for this scheme is 436 rupees, which must be paid annually. If a customer enrols for the first time under the PM Jeevan Jyoti Bima Scheme during the policy term, they must pay a proportionate premium.
Insurance will be available under these circumstances
Under the PM Jeevan Jyoti Bima Scheme, the member’s coverage is ₹2 lakh. This coverage is restricted in certain circumstances. For example, the insurance cover will automatically terminate upon reaching the age of 55. Age calculations will be made from the year closest to the date of birth. Therefore, keep in mind that new members cannot join the scheme after the age of 50.
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If there is insufficient balance in the bank account at the time of premium deduction, the member’s bank account will be closed. This will automatically terminate the insurance coverage, and the coverage will cease.
If a member mistakenly enrols in the scheme using more than one bank account and the premium is accepted by the insurance company, the total insurance cover will remain up to ₹2 lakh. In such cases, any extra premium paid for the duplicate policy will be forfeited.