Last updated on February 16th, 2023 at 12:54 am
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme in India. It provides a life insurance coverage of INR 2 lakh (approx. USD 2,700) to members of the scheme, at a premium of just INR 330 (approx. USD 4.5) per year. The scheme is open to all savings bank account holders in India who are between the ages of 18 and 50, and who agree to give the bank a one-time, auto-debitable mandate for the premium payment. The scheme offers simple and affordable life insurance coverage and is aimed at providing financial security to individuals and their families in the event of the policyholder’s death. Discover the Pradhan Mantri Jeevan Jyoti Bima Yojana benefits in the article below.
Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme launched by the Government of India to provide affordable life insurance coverage to all savings bank account holders in the country. The scheme offers a life insurance coverage of INR 2 lakh (approx. USD 2,700) at a premium of just INR 330 (approx. USD 4.5) per year.
One of the main benefits of the PMJJBY is that it provides a simple and affordable way for individuals to obtain life insurance coverage. The low premium makes the scheme accessible to a wide range of people, including those who may not have been able to afford more expensive life insurance policies. The scheme is also open to all savings bank account holders in India, regardless of their age, income, or other factors, which means that it is available to a large portion of the population.
Another benefit of the PMJJBY is that it offers a convenient way for individuals to obtain life insurance coverage. The scheme allows individuals to enroll by simply providing a one-time, auto-debitable mandate to the bank, which means that the premium payment will be automatically deducted from the policyholder’s savings bank account each year. This eliminates the need for policyholders to worry about remembering to pay their premiums, and makes it easy for them to maintain their life insurance coverage over the long term.
The PMJJBY also provides important financial protection to individuals and their families in the event of the policyholder’s death. In the event of the policyholder’s death, the life insurance coverage provided by the scheme can be used to help the policyholder’s family cover the costs of funeral expenses, outstanding debts, and other financial obligations. This can provide much-needed financial stability and security to the policyholder’s family during a difficult time.
In addition, the PMJJBY offers policyholders the option to extend their life insurance coverage beyond the initial coverage period of one year. Policyholders can choose to renew their coverage each year, which allows them to continue to benefit from the financial protection provided by the scheme over the long term.
Overall, the PMJJBY is a valuable and important life insurance scheme that provides a simple, affordable, and convenient way for individuals to obtain life insurance coverage. The scheme offers important financial protection to individuals and their families and can provide much-needed peace of mind in the event of the policyholder’s death.
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FAQs on Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits
The PMJJBY is a life insurance scheme launched by the Government of India to provide affordable life insurance coverage to all savings bank account holders in the country. The scheme offers a life insurance coverage of INR 2 lakh (approx. USD 2,700) at a premium of just INR 330 (approx. USD 4.5) per year.
The PMJJBY is open to all savings bank account holders in India who are between the ages of 18 and 50.
Yes, you can extend your coverage under the PMJJBY by choosing to renew your coverage each year. This allows you to continue to benefit from the financial protection provided by the scheme over the long term.
Yes, you can cancel your coverage under the PMJJBY at any time by contacting your bank and requesting to cancel your enrollment in the scheme. However, please note that if you cancel your coverage, you will not be able to reinstate it or receive any benefits under the scheme.
