The COVID-19 pandemic has underscored the importance of being prepared for unforeseen circumstances. Amidst uncertain times, having a safety net becomes imperative. While building an emergency fund is crucial, securing oneself with health and term insurance is equally vital.
However, the perceived expense of term insurance often deters low-income individuals from availing it. Thankfully, schemes like the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offer a ray of hope with its affordable premiums.
Accessible
Contrary to popular belief, even individuals earning Rs 5000-7000 per month can afford term insurance under PMJJBY. This government-backed scheme provides a cover of up to Rs 2 lakh to the nominee in the event of the insured’s demise. What makes it appealing is the remarkably low premium, making it accessible to those on tight budgets.
Financial Commitment
For as little as Rs 36 per month, individuals can secure their family’s financial future with PMJJBY. With an annual premium of Rs 436, translating to a mere Rs 36.3 per month, anyone can afford the peace of mind that comes with term insurance coverage.
Eligibility
Individuals aged 18 to 50 years are eligible to enroll in PMJJBY, with coverage extending from 1st June to 31st May. While enrollment is open year-round, renewing the policy annually is essential to maintain coverage. Additionally, having a bank account is a prerequisite for availing this scheme.
Application Process
One of the key advantages of PMJJBY is its hassle-free application process. No medical examination is required, simplifying the enrollment procedure. Applicants need only declare their health status and adhere to the scheme’s terms and conditions.
Registration
To enroll in PMJJBY, individuals must possess essential documents such as Aadhar card, identity proof, bank account passbook, mobile number, and passport-sized photograph. Linking the Aadhar card with the bank account is mandatory for verification purposes.
Process
In the unfortunate event of the insured’s demise, the nominee can claim the benefit by submitting the death certificate and other required documents to the bank where the policy was issued. Claims must be filed within 30 days of the incident to expedite the process.
Decision
PMJJBY stands as a testament to the government’s commitment to financial inclusion. By offering affordable term insurance to even the lowest income brackets, it empowers individuals to safeguard their loved ones’ future. With its simple enrollment process and minimal financial commitment, PMJJBY emerges as a beacon of hope for those seeking financial security amidst uncertainty.
