The Government of India launched the Pradhan Mantri Jeevan Jyoti Bima Yojana in 2015, targeting the economically weaker sections of the country. The primary objective of this scheme is to help families who suddenly lose their support due to an unfortunate event. Often, the death of the head of the family leaves the entire family in financial distress. This scheme provides significant support during such times.
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₹2 lakh insurance cover for just ₹436
Under the Pradhan Mantri Jeevan Jyoti Bima Yojana, individuals receive life insurance cover of up to ₹2 lakh for an annual premium of just ₹436. This is a one-year term policy, valid from June 1st to May 31st of every year. The amount is auto-debited directly from the individual’s bank account, eliminating the worry of missed payments.
Who can apply?
To apply for this scheme, a person must be between 18 and 55 years of age. Any citizen in this age group who has a bank account can benefit from this scheme. There is no lengthy application process. You can easily join the scheme by visiting your nearest bank branch and filling out a form.
Nominee receives a benefit of ₹2 lakh
The most significant feature of the Pradhan Mantri Jeevan Jyoti Bima Yojana is that if a person unfortunately dies, their nominee receives an insurance amount of ₹2 lakh. This amount proves to be a significant relief for the family during difficult times.
Application Process and Required Documents
Several basic documents are required to apply for the Pradhan Mantri Jeevan Jyoti Bima Yojana. These include an Aadhaar card, identity card, bank passbook, mobile number, and passport-size photo. With these documents, you can easily apply by visiting your nearest bank. The application process is completely simple and transparent.
Scheme Term and Renewal
The scheme is valid annually. The insurance cover begins on June 1st and continues until May 31st of the following year. Beneficiaries can renew the scheme annually by continuing to pay premiums.
Social Security Message of the Scheme
The Pradhan Mantri Jeevan Jyoti Bima Yojana is not just an insurance scheme, but a symbol of social security. Its objective is to provide financial security to the poor so that their families do not face financial hardship in the event of an accident or death.