PMJJBY: Insurance At Low Monthly Expense! Here’s How To Avail Benefits

Pradhan Mantri Jeevan Jyoti Bima Yojana: Most of the people in the country are not able to get insurance cover due to lack of information. Those who have information about it are unable to make up their mind to take the coverage due to the expensive policies offered by insurance companies. In such a situation, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a better option for them. In this, insurance coverage for one year is available at a price less than the cost of monthly tea. This scheme is a good step towards promoting financial security as well as financial inclusion. The objective of this scheme is to provide life insurance coverage to the people at a very low cost. It was started on May 9, 2015 by the government led by Prime Minister Narendra Modi.

PMJJBY is a life insurance scheme. The government has launched a cheap premium scheme – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – to provide benefits like insurance to the poor and weaker sections. This scheme can be availed at a monthly expense of less than Rs 40. As far as insurance premium is concerned, PMJJBY premium is deducted annually in May. These schemes run on 1 June-31 May basis. To avail the benefits of these schemes, it is necessary to have a bank account. The insurance may be canceled due to closure of the bank account or insufficient balance in the account at the time of premium deduction.

What are the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana? Where will customers be able to subscribe to it? What is the annual premium of this insurance? Let us know about all such important things related to Pradhan Mantri Jeevan Jyoti Insurance Scheme.

What is Pradhan Mantri Jeevan Jyoti Bima Yojana?

This plan is with life insurance coverage for one year duration. Which is renewed on annual basis. In this, life insurance cover is available for death due to any reason. This scheme provides life cover till the age of 55 years. In case of death of the insured due to any reason, his nominee gets an amount of Rs 2 lakh.

This is how premium has to be paid

The annual premium of PMJJBY is only Rs 436. If someone joins PMJJBY in the middle of the year, the premium amount will be decided on the basis of the date of application and not on the date of deduction of money from the account. According to joining this scheme, the premium structure is as follows-

1. Full annual premium of Rs 436 is payable for enrollment in June, July and August.

2. For enrollment in September, October and November – Prorated premium of Rs 342 is payable

3. For enrollment in December, January and February – Prorated premium of Rs 228 is payable.

4. For enrollment in March, April and May – Prorated premium of Rs 114 is payable.

However, under the scheme, at the time of renewal, a premium of Rs 436 has to be deposited for the entire year.

For first time enrolling customers the risk starts from the date of auto-debit of premium. However, insurance cover will not be available in case of death (other than accident) occurring during the first 30 days from the date of enrollment in the scheme (lien period) and death (other than accident) during the lien period. No claim will be accepted. There is also an option of auto debit. The premium will be deducted in one installment through 'Auto Debit' facility from the account holder's bank/post office account as agreed by the customer at the time of enrolment.

Who can buy PMJJBY scheme?

Citizens between 18 to 50 years of age can take advantage of this scheme. To avail the benefits of this insurance, customers have to pay a premium of only Rs 436 annually. In case an individual has multiple accounts in one or different banks/post offices, the individual is eligible to join the scheme through one bank/post office account only.

How to join this scheme?

For registration in PMJJBY, application can be made by visiting any nearest bank. If you want, you can also take help from a bank friend or insurance agent. Life insurance companies can also be contacted for PMJJBY. Government insurance companies and many private insurance companies are offering these schemes in collaboration with banks.