PMJJBY full form is Pradhan Mantri Jeevan Jyoti Beema Yojana, a government-backed insurance scheme offering life insurance cover of ₹2 lakh for death due to any reason. Savings account holders in participating banks between 18 to 50 years can purchase this life insurance policy, renewable from year to year, at affordable premiums.
Here are the main details pertaining to the Pradhan Mantri Jeevan Jyoti Beema Yojana:
Minimum entry age
Maximum entry age
Maximum maturity age
Up to 1 year
Actual date of enrolment not earlier than June 1 to May 31 of next year
Premium as per enrolment month
June, July & Aug: ₹436 p.a.Sep, Oct & Nov: ₹342 p.a.Dec, Jan & Feb: ₹228 p.a.Mar, April & May: ₹114 p.a.
Premium for annual renewal
Initial waiting period of 30 days from the date of auto debit of premium (first year only)
Features of PMJJBY
If the insured member unfortunately passes away, the nominee receives a lump sum payment of ₹2 lakh. The member must allocate a nominee at the time of policy purchase
The maximum coverage duration of a PMJJBY policy is one year and could be renewed once a year
For the first policy year, the premium will be charged based on the month of enrollment on a prorata basis. Full annual premium of ₹436 will apply upon policy renewal
The premium is auto debited from the member’s linked bank account once a year between May 25 and 31
A valid bank account and Aadhaar are mandatory to purchase a PMJJBY life insurance policy
The policy could be renewed annually until the member turns 55
No claims will be paid during the first 30 days of the policy purchase unless the member dies due to an accident
Any person between the ages of 18 and 50 can purchase the PMJJBY policy through a participating bank
Policyholders must enrol with only one savings account that is mandatorily linked to their Aadhaar
Auto debit of premiums must be set up in the bank account
Benefits of PMJJBY
Pradhan Mantri Jeevan Jyoti Beema Yojana or PMJJBY offers life cover of ₹2 lakh at a low premium of just ₹436 p.a.
The sum insured could be extremely helpful to the dependents of the member upon his/her untimely demise
The insurance scheme comes with a low initial waiting period of 30 days
A valid Aadhaar and a savings bank account are the only requirements to start a PMJJBY policy
The policy comes with a 100% paperless onboarding process
The premiums paid qualify for tax deduction benefits under Section 80C of the Income Tax Act
The Pradhan Mantri Jeevan Jyoti Beema Yojana is a government-backed life insurance scheme that offers financial security to the masses at a nominal premium. It is a noble initiative aimed at providing life insurance cover to all sections of society, especially the underprivileged. The scheme has been successful in spreading awareness about the importance of life insurance and has empowered individuals to secure the future of their loved ones.
That said, if you’re looking for a higher health insurance cover up to ₹1 crore, you may consider Navi Health Insurance at premiums starting at ₹235 per month. Just download the Navi app and start your policy in a few minutes in a 100% paperless onboarding process.
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