Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme in India. It was launched in 2015 as part of the government’s social security initiatives. The scheme provides affordable insurance coverage to individuals aged 18 to 50, with a one-year renewable term insurance policy. Some of the Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits include affordable premiums, life insurance coverage, easy enrollment, wide coverage, and government backing.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-sponsored life insurance scheme launched in 2015 by the Government of India. The main objectives of the PMJJBY are to:
Provide affordable life insurance coverage to individuals in the unorganized sector.
Encourage individuals to save for their future by enrolling in a life insurance policy.
Provide financial security to the family of the insured in the event of their untimely demise.
Feature
Description
Initiative
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Launched
2015
Objective
Provide affordable life insurance coverage to individuals in the unorganized sector
Coverage
Rs. 2 lakh for individuals between the ages of 18 and 50
Premium
Rs. 330 per year
Coverage period
Annual, renewable
Benefits
Coverage for accidental death and permanent disability due to an accident
Eligibility
Individuals between the ages of 18 and 50 with a savings bank account at a participating bank
Application process
Online application through participating bank’s website
Eligibility
Below are given eligibility criteria for PMJJBY:
Be between the ages of 18 and 50.
Have a savings bank account with a bank participating in the PMJJBY.
Give consent to auto-debit the premium from their savings bank account.
Application process
Below is given application process for PMJJBY:
Visit the website of the bank where you have a savings bank account. Most public sector banks and a few private sector banks offer the PMJJBY.
Look for the link to enroll in the PMJJBY. The link may be available under the “Life Insurance” or “Insurance” section of the bank’s website.
Click on the link and fill out the online application form. You will need to provide your personal details, bank account details, and nominee details.
Submit the application form and pay the premium online using a credit card, debit card, or net banking.
You will receive a confirmation of your enrollment in the PMJJBY by email or SMS.
Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme in India. It was launched in 2015 as part of the government’s social security initiatives. The scheme provides affordable insurance coverage to individuals aged 18 to 50, with a one-year renewable term insurance policy. Here are some of the benefits of PMJJBY:
Affordable premiums: PMJJBY premiums are highly affordable, with annual premiums as low as Rs. 330 for coverage of Rs. 2 lakh. This makes the scheme accessible to individuals from all income groups.
Life insurance coverage: PMJJBY provides life insurance coverage in the event of the insured individual’s death. In the event of death, the nominee will receive the full sum insured, up to a maximum of Rs. 2 lakh.
Easy enrollment: Enrolling in PMJJBY is simple and convenient. Individuals can enroll through their bank by filling out a one-page application form and providing their savings bank account details.
Wide coverage: PMJJBY is available to all citizens of India who have a savings bank account and are between the ages of 18 and 50. This makes it one of the most widely available life insurance schemes in the country.
Government backing: PMJJBY is a government-backed scheme, which provides an additional level of security and assurance to individuals enrolled in the scheme. The scheme is administered by the Ministry of Finance, with the support of public sector banks and other participating banks.