Pradhan Mantri Jeevan Jyoti Bima Yojana: Narendra Modi The government has launched several schemes over the years to ensure social security of citizens, especially those from economically low backgrounds. It includes many insurance schemes including Pradhan Mantri Jeevan Jyoti Bima Yojana.PMJJBY) This plan provides coverage of Rs 2 lakh annually. For this a person has to pay just Rs 436 per year and get the benefit of the scheme. Pradhan Mantri Jeevan Jyoti Bima Yojana Thus is a term insurance policy that covers the death of the policyholder at a low premium.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): What is it?
As mentioned above, PMJJBY is an insurance plan that provides life insurance cover for death due to any reason. This is a one year cover, which can be renewed year after year. The scheme is offered/administered through LIC and other life insurance companies willing to offer the product on similar terms with necessary approvals and tie up with banks or post office for this purpose. Participating banks and post offices are free to incorporate any such life insurance company to implement the scheme for their customers, as per rules.
An amount of Rs 9,737 crore has been collected for premium by the implementing insurers and Rs 14,144 crore claims have been paid under PMJJBY till March 31, 2022.
PMJJBY Scheme Eligibility
Under this scheme, all individual account holders in the age group of 18 to 50 years of participating banks or post offices are entitled to join. In the case of
Multiple bank or post office accounts held by a person in one or different
Bank or post office, the individual is eligible to join the scheme through a bank or post office account only. Aadhaar is the primary KYC for a bank or post office
account. The account holder will also have to enable the auto-debit facility in the account for deduction of premium.
Features and Benefits of PMJJBY
Under this plan, the policyholder gets a term insurance cover of Rs 2 lakh by paying Rs 436 annually, which is payable to the family of the individual in case of death due to any reason.
Under this plan the premium is automatically debited from the customer’s bank account in one installment, as per the guidelines, on or before 31st May of each annual coverage period, as per the option exercised by him.
-Premium is deducted from the policyholder’s account through ‘auto’
‘Debit in one installment’ facility as per option given at the time of enrollment
Under PMJJBY Scheme
Out of Rs 436, Rs 395 goes to the insurance company, while Rs 30 goes to the agent or bank as reimbursement of expenses. The remaining Rs 11 goes to the participating bank for reimbursement of administrative expenses.
Under the PMJJBY scheme, the risk cover is applicable after 45 days of signing up for it.
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