English
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a Government-backed Life insurance scheme in India. It was originally mentioned in 2015 Budget speech by the then Finance Minister, late Arun Jaitley in February 2015. It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is available to people between 18 and 50 years of age with bank accounts. It has an annual premium of Rs 436. The GST is exempted on Pradhan Mantri Jeevan Jyoti Bima Yojana. The amount will be automatically debited from the account on or before 31 May every year.
The period for which insurance is covered is 12 months, i.e., from 1 June to 31 May. Those who register for the auto-debit facility will have auto-renewal for up to 55 years. However, a person over age 50 cannot register for this scheme.
All bank account holders can avail of this facility through their net-banking service facility or by filling out a form at the bank branch at any time of the year.
The premium is deducted automatically from the insured’s bank account. The insured person’s family members will receive a sum insured of Rs 2 lakh after the insured’s death.
Under this scheme, after the death of the policyholder, the family of the policyholder can be renewed PMJJBY under this scheme year after year. The member of this plan has to pay an annual premium of Rs 330. Life insurance of Rs 2 lakh will be provided.
PMJJBY is available to individuals in the age group of 18 to 50 years who have a bank account and who consent to join the scheme / auto-debit their account. The Jeevan Suraksha of Rs 2 lakh is for a period of one year from 1st June to 31st May and is renewable.
To claim PMJJBY, the nominee/heir of the insured has to approach the bank branch where the insured has an account. The benefit of insurance will not be available in case of the death of the insured person due to any reason other than an accident within 45 days of taking the policy.
Pradhan Mantri Suraksha Bima is a social security scheme, this scheme has been started by the central government at only Rs 12 annual premium. Under the Pradhan Mantri Suraksha Bima Yojana, a claim of Rs 2 lakh is given to the nominee in the event of the death of the insured.
PMJJBY is available to those in the age group of 18 to 50 years, who have a bank account, and give their consent to join/ enable auto-debit.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides coverage for the death of the insured, irrespective of the reason. In the event of the death of the Life Assured, the amount will be paid to the nominee. Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides coverage for accidental death or disability.
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