Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-sponsored life insurance scheme in India. The scheme was launched by the Government of India on 9 May 2015. The main objective of the scheme is to provide a life insurance cover to the people of India, especially to those who are economically weaker and cannot afford a life insurance policy. The scheme is available to all savings bank account holders in the age group of 18-50 years and the premium is automatically deducted from their savings bank account every year. The scheme provides a life insurance cover of Rs. 2 lakh at a premium of Rs. 330 per annum, which is automatically debited from the account holder's savings bank account.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life insurance coverage to its subscribers. Some of the benefits of PMJJBY include:
1. Death Benefit: In case of the unfortunate death of the policyholder, the nominee will receive a sum of 2 lakh Rupees.
2. Affordable Premium: The premium for PMJJBY is very affordable, making it accessible to a large section of the population.
3. Wide Coverage: The scheme covers all citizens in the age group of 18 to 50 years who have a savings bank account.
4. Renewability: The policy is renewable every year on the same terms and conditions.
5. No Medical Examination Required: Unlike traditional life insurance policies, PMJJBY does not require any medical examination, making it easier to subscribe to the scheme.
6. Easy Enrollment: Subscribing to PMJJBY is easy and convenient. It can be done through various modes such as through the bank branch, ATM, mobile banking, etc.
7. Government-backed: PMJJBY is a government-backed scheme, providing peace of mind to its subscribers.
The eligibility criteria for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are as follows:
1. Age: The applicant must be between the age of 18 years to 50 years.
2. Nationality: The applicant must be an Indian citizen.
3.. Bank Account: The applicant must have a savings bank account that is active and is in good standing.
4. Life Insurance: The applicant must not have any life insurance policy, either individual or group.
5. Subscription: The applicant must agree to the automatic annual renewal of the policy.
Note: The eligibility criteria may vary based on the bank in which you are enrolling for PMJJBY. Kindly check with the bank for the latest details on the eligibility criteria.
The objectives of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are:
1. To provide life insurance coverage to all eligible citizens of India, especially those from low-income families.
2. To make life insurance accessible, affordable, and convenient for everyone, regardless of their socio-economic status.
3. To ensure that the beneficiaries' families have a financial safety net in case of their untimely death.
4. To encourage savings and promote financial security and stability among the citizens.
5. To provide a comprehensive and low-cost life insurance solution that can be availed by people of all ages and financial backgrounds.
6. To provide a platform for individuals to secure their family's future and support their dependents in case of an unexpected loss.
7. To promote the insurance culture in India and raise awareness about the importance of life insurance.
The PMJJBY is a government-backed life insurance scheme in India that offers a life insurance cover to eligible citizens at a low premium rate. The scheme was launched as part of the government's financial inclusion initiative to provide life insurance coverage to individuals from all sections of society.
The PMJJBY is open to all citizens in the age group of 18-50 years who have a savings bank account with a bank participating in the scheme. The account holder must also give his/her consent to join the scheme and enable auto-debit of the premium from the savings account.
The life insurance coverage under PMJJBY is Rs. 2 lakhs. In the event of the insured person's death, the nominee will receive the sum insured, which can help the family cope with unexpected financial loss.
The premium for PMJJBY is Rs. 330 per annum, which is payable through auto-debit from the savings bank account of the enrolled member.
No, an individual can only enroll in PMJJBY once and can only have one active policy at a time. The policy can be renewed annually by giving a fresh mandate for auto-debit of the premium.
The policyholder can renew their PMJJBY policy by giving a fresh mandate for auto-debit of the premium from their savings bank account. The policy can be renewe7. d annually by paying the premium before the due date.
In case of a claim under PMJJBY, the nominee of the policyholder should contact the bank where the savings account is held. The bank will then process the claim and disburse the sum insured to the nominee.
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