PMJJBY Scheme 2024 Benefits, Features, Eligibility, Premium Amount and Renewal Process – A government initiative known as the Pradhan Mantri Jeevan Jyoti Bima Yojana was introduced in 2015. The Indian Finance Minister, Arun Jaitley, initially introduced this life insurance plan in his 2015 Budget Sheet. The Life Insurance Corporation of India oversees the execution of the Pradhan Mantri Jeevan Jyoti Bima Yojana. In this article you get every necessary information regarding this yojana including its objective, eligibility, documents, benefits and how to apply.
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Pradhanmatri Jeevan Jyoti Bima Yojana (PMJJBY Scheme)
The Indian government promotes the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a life insurance program. It was declared in the budget for 2015. The life insurance plan provides coverage in the event of an unexpected death and has a one year expiration date that is renewed annually.
For a low annual premium of Rs.330, it offers coverage of Rs. 2 lakh in the event of an unexpected death of the insured. There is nothing to invest in this scheme, it is only an insurance plan. The scheme is provided by Life Insurance Corporation of India (LIC) and any other insurance providers willing to work with banks to offer the product on comparable conditions.
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Overview Of PMJJBY Scheme
| Name of the yojana | Pradhanmatri Jeevan Jyoti Bima Yojana (PMJJBY) |
| Insurance Company | M/s SUD Life Insurance Co. Ltd |
| Launched by | Government of India |
| Launched date | 2015 |
| Beneficiaries | Citizens |
| Objective | Provide affordable life insurance coverage to individuals for financial security |
| Sum Assured | Rs.2 lakh |
Objective Of PMJJBY Scheme
The primary goal of this scheme is to give low income and impoverished members of society access to life insurance security. Participants in this program can be anyone from 18 to 50 years old.
Benefits Of PMJJBY Scheme
- All customers in the 18-50 age range are eligible for a Rs.2 Lakh one year term life insurance policy from PMJJBY.
- It includes death from any cause.
- Each subscriber must pay an annual premium of Rs.436 which will be taken directly from their bank or post office account.
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Eligibility Criteria
- The applicant must live in india.
- The applicant must be between the ages of 18 and 50.
- The applicant has to have a personal bank or post office account.
Required Documents
- Aadhaar card
- Photocopy of the cancelled cheque
- Death certificate
- Discharge receipt
- Duly filled claim form
Offline Procedure Of Pradhanmatri Jeevan Jyoti Bima Yojana (PMJJBY)
- Download the “CONSENT-CUM-DECLARATION FORM” and print it out.
- Fill all the necessary details in the form.
- You have to attach all the necessary documents
- submit the matter to the bank’s or post office’s authorized representative.
- The Acknowledgement slip cum certificate of insurance will be returned to you by the official.
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FAQ’s
When was the PMJJBY scheme launched?
The Pradhan Mantri Suraksha Bima Yojana is a one-year insurance policy that covers accidental death and disability and may be renewed yearly. It was first offered in 2015.
How much is covered by this scheme?
In the event that the policyholder passes away, the policyholder’s beneficiary would get Rs. 2 lakh as life insurance under the plan.
How can I pay PMJJBY’s premium?
The auto debit option will be used to take the premium out of the account holder’s bank or post office account.