Pradhan Mantri Jeevan Jyoti Bhima Yojana (PMJJBY) - Eligibility, Premium & How to Apply

Pradhan Mantri Jeevan Jyoti Bhima Yojana (PMJJBY)  - Eligibility, Premium & How to Apply: PMJJBY is a scheme launched by the central government with the intention of providing insurance to all the people in the country. People in the age group of 18 to 50 years are eligible to join in this scheme. The annual premium is Rs. 330. This has to be renewed every year and it offers coverage for death. This scheme is available for the people having a bank account and agrees and enables the auto-debit options.

Read : Pradhan Mantri Vaya Vandana Yojana


Pradhan Mantri Jeevan Jyoti Bhima Yojana

Pradhan Mantri Jeevan Jyoti Bhima Yojana

Eligibility For PMJJBY

  1. Any person in the age group of 18 – 50 years can join the Pradhan Mantri Jeevan Jyothi Bhima Yojana scheme.
  2. Even though the person has too many banks, he/she can join the scheme through one saving bank account.
  3. Aadhar card must be linked to the participatory bank account.

Premium

Pradhan Mantri Jeevan Jyothi Bhima Yojana is a 1-year term policy. The yearly policy is Rs. 330. Insurance buyers have to renew the term after one year. Life cover of Rs. 3 lakhs is available. In the case of joint accounts, Rs. 330 per person per annum has to be paid.

Benefits

Pradhan Mantra Jeevan Jyoti Bhima Yojana provides death coverage of Rs. 2,00,000. The risk coverage is for 1 year and it has to be renewed every year. This is given to the nominee of the policy. This is a term policy and thus there are no maturity benefits. Premium paid to this policy is eligible for tax deduction under section 80C of the IT act.

Enrolment mode


For PMJJBY enrolment, insurance companies have tied up with some banks. One has to approach your bankers to join the scheme. The enrolment process is very easy. Download the form from the website and submit it to the banker after filling the details. Few banks also offer SMS-based and net banking based enrolment. Auto-debit has to be enabled for the payment of premium from the designated individual bank account by the 31st May of every year. If unfortunately, the policyholder passed away, death claim will be settled by the concerned insurance office. The nominee must approach the bank and submit the death certificate of the insurance holder.


Pradhan Mantri Jeevan Jyoti Bhima Yojana (PMJJBY) in Telugu







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