Pradhan Mantri Jeevan Jyoti Bima Yojana is a great scheme of the Government of India to provide life cover to the common people. You can take this scheme by paying only Rs 436 annually.
The Corona period has made most of the people understand that trouble never comes after telling anyone. That’s why it is prudent that we keep full preparations to fight the upcoming difficulties in time. By the way, now most of the people already secure the family by taking health policy and term policy etc. But people with low income often shy away from taking such plans because of the expensive policy. To provide security to the families of such people, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is run by the government.
Government of India has a wonderful scheme to provide life cover to the common people. You can take this scheme by paying only Rs 436 annually. This scheme provides financial assistance of up to 2 lakhs to his family in case of death of the insured. If you also want to register yourself in this scheme in the new year, then know about it here.
Here Are The Terms
- The policy year is from 1st June to 31st May. One time investment is for one year i.e. you have to renew the policy every year by paying premium. But if you have chosen Automatic Renewal, then every year between May 25 and May 31, Rs 436 of the policy is automatically deducted from your account.
- The minimum age to buy the policy has been fixed at 18 years and the maximum age at 55 years. If you have made up your mind to buy this policy, then you must have a bank account. Your bank account should be linked with Aadhaar.
- You can take advantage of this scheme only through one account. Also cannot add any other policy to that account.
- To open an account, you must have documents like Aadhaar card, identity card, bank account passbook, mobile number and passport size photo.
- The benefit of insurance cover is available only after 45 days of taking the policy. However, the condition of 45 days is not valid in case of death in an accident.
These are the advantages
- You do not need to undergo any kind of medical test to buy this policy. Some special diseases are mentioned in the consent letter of the policy, you just have to tell that you are not suffering from any of those diseases. Keep in mind, if the information given by you proves to be wrong, then your family will not be able to claim it.
- This policy needs to be renewed every year. In this way, you have the facility to join it anytime and get out of it anytime. In case of re-joining, you will not have to pay the premium for the missed time.
- Since this is an insurance policy, the benefit of tax exemption is also available under section 80C on the amount deposited as life insurance premium.
How to Take Advantage
If you want to take this policy in the new year 2023, then you can take its form from the bank where you have your account. Consent is taken from the account holder through the form whether he is ready to deduct money from his account for the policy or not. After this, the rest of the work is done by the bank itself. Apart from this, some banks have started providing the facility of this policy through netbanking and some through SMS as well.
