Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Life Insurance

The Pradhan Mantri Jeevan Jyoti Bima Yojana is a one-year life insurance scheme, renewable from year to year launched by PM Narendra Modi on 9th May 2015 in Kolkata. It provides life coverage to the poor and low-income section of the society. This scheme offers a maximum assured amount of Rs.2 lakhs.

Details of Pradhan Mantri Jeevan Jyoti Bima Yojana

1. In case of death due to any cause of the insured person, the nominee will get the sum assured of Rs.2 lakhs.
2. The premium under jeevan jyoti bima yojana is of Rs. 330/annum which is to be auto-debited in single instalment by the bank from the subscribers account before 31st May of each annual coverage period under the scheme.
3. The life cover of Rs. 2 lakhs will be provided for one year period stretching from 1st June to 31st May and will be renew every year.
4. Being a pure term insurance, this scheme does not offer any maturity.
5. The scheme also provides tax deduction under section 80C through its monthly premium payment.

Eligibility Criteria

The Pradhan Mantri Jeevan Jyoti Bima Yojana can be availed by the people of the age group between 18 to 50 and having a bank account to be eligible for Pradhan Mantri Jeevan Jyoti Bima Yojana.

People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium. It is also mandatory for the beneficiary to link their adhaar card to their bank accounts while availing this scheme.

Scheme Implementing Agency

Pradhan Mantri Jeevan Jyoti Bima Yojana will be offered mainly by Life Insurance Corporation of India and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.

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