PMJJBY- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is with life insurance coverage for a period of one year. It has to be renewed every year..
Due to the expensive insurance premiums in India, not every person can buy insurance. Keeping this in mind, the government is running some cheap insurance policies. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is also one of these. The annual premium of PMJJBY scheme is just Rs 436. If seen on a monthly basis, it costs only Rs 36 and a few paise. The objective of this scheme is to provide life insurance coverage to the people at a very low cost.
This scheme provides financial assistance up to Rs 2 lakh to the family of the insured in case of death. To buy this policy, your minimum age has been fixed at 18 years, while the maximum age has been fixed at 55 years. These schemes run on 1 June-31 May basis. To avail the benefits of these schemes, it is necessary to have a bank account. The insurance may be canceled due to closure of the bank account or insufficient balance in the account at the time of premium deduction.
Renewal has to be done every year
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance coverage with a period of one year. It has to be renewed every year. In this, life insurance cover is available for death due to any reason. In case of death of the insured due to any reason, his nominee gets an amount of Rs 2 lakh. You do not need any kind of medical test to take this policy. Some specific diseases are mentioned in the consent letter of the insurance policy, you have to declare in the declaration that you are not suffering from those diseases.
Premium has to be paid together
The year of this policy is from 1st June to 31st May. The annual premium of PMJJBY is Rs 436. If someone joins PMJJBY in the middle of the year, the premium amount will be decided on the basis of the date of application and not on the date of deduction of money from the account.
Who can take this insurance
Citizens between 18 to 50 years of age can take advantage of this scheme. In case a person has multiple accounts in one or different banks/post offices, the person can avail this insurance through only one account. To avail PMJJBY, it is necessary for the bank account number to be linked to the Aadhaar number because your identity is verified through Aadhaar.
