Pradhan Mantri Jeevan Jyoti Bima Yojana: The government-backed Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance program designed to give people and their families financial security. Here is a summary of what it includes and the advantages it provides.
Life Insurance Cover
A ₹2 lakh one-year renewable term life insurance policy is provided by PMJJBY. This cover runs from June 1st to May 31st of the following year, every year.
Eligibility
People who are eighteen to fifty years old can sign up for PMJJBY. They must authorize the auto-debit of the premium amount and have a savings bank account.
Affordable Premium
Because PMJJBY has a low premium, a broad spectrum of people can afford it. Currently, the annual premium is ₹330 and is taken out of the insured person’s bank account directly.
Benefit
The nominee is eligible to receive the ₹2 lakh death benefit in the tragic event that the insured individual passes away. This sum helps the family financially during a difficult period.
No Medical Examination
People from all walks of life can simply participate in PMJJBY because there is no medical check required.
Convenient Enrollment Process
PMJJBY enrollment is simple and can be finished through banks or insurance companies that are involved. All applicants have to do is submit a form with their Aadhaar card details.
In conclusion, the government’s Pradhan Mantri Jeevan Jyoti Bima Yojana is a great effort to give people all around the nation access to reasonably priced life insurance. Policyholders and their families can enjoy financial stability and peace of mind with PMJJBY because to its affordable premium, simple enrollment procedure, and substantial death benefit.
