Today i will tell you about Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) its complete details with step by step instructions to apply in this.
Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed Life insurance scheme in India which was launched when other schemes like Jan Dhan yojana, Atal Pension yojana and Pradhan Mantri Suraksha Bima Yojana (PMSBY) were launched.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) both are different in terms of cover and how you are insured. Means the first jeevan jyoti yojana is covering your life in case of death by any means on the other hand suraksha bima yojana is covering your life in case of accident. This this is very important to understand as most people don’t know about it.
This is a helpful insurance scheme that will provide benefit of Rs. 2 Lakh which will be payable to the family of the member in case of his death due to any reason.
Main highlights of this scheme
- Protection at an affordable cost
- Instant processing: No medical examination required or any health certificate to join scheme.
- Easy enrollment: Enrollment based on a simplified proposal form
Eligibility
- Person should be 18-50 Years of age.
- Should have functional bank account
- Require written consent for Auto Debit of premium.
Risk coverage
Two lakh rupees in case of death by any means(Except accident)
Policy Term
One year renewable
Insurance premium
Will cut through auto-debit from savings account.
Lien Period
45 Days from the date of enrollment
Maturity/Surrender Benefit
Nothing
Tax Benefit
Exemption as per IT laws of india
Insurance Claim
Require a claim form to be submitted along with death certificate of the person.
Note: If the person drops the scheme after opting it and he or she need to enroll it again he will have to pay the premium along with health certificate need to be submitted to the bank.