The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an initiative by the Central Government that was introduced in 2015. This scheme offers a life insurance coverage of Rs 2 lakh for an annual premium of Rs 436. It provides financial protection in case of death for any reason. Individuals can purchase this policy through banks and post offices. Eligibility is open to anyone aged between 18 and 50 years who holds an account with a bank or post office.
Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana
1. PMJJBY offers a one-year term life insurance coverage of Rs 2 lakh for individuals aged 18 to 50, covering death from any cause.
2. The annual premium of Rs 436 is automatically deducted from the policyholder’s bank or post office account.
Eligibility
Anyone aged between 18 and 50 years with a bank or post office account can apply for this policy. If purchased before turning 50, the insured can maintain the policy until the age of 55 by continuing to pay the premiums.
Application Process
To apply for the PMJJBY scheme, individuals can visit their bank branch or BC point, or they can go online to the bank’s website. Those with a Post Office Savings Bank account will need to apply in person at the post office. The premium for the PMJJBY is automatically deducted from the customer’s account each year based on a one-time authorization.
