Pradhan Mantri Jeevan Jyoti Bima Yojana

In India, social security plays a crucial role in providing financial support to the underprivileged and vulnerable sections of society. To address the need for affordable life insurance coverage, the Indian government launched the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in 2015.

This ambitious initiative aims to provide financial assistance for individuals and their families by offering a low-cost life insurance scheme. The scheme’s features, benefits, and enrolment process are discussed in the sections below.

Features of PMJJBY

PMJJBY scheme has been successfully implemented across the country. As of 26.04.2023, 16.19 crore enrolments have been made under it. 6,64,520 claims have been settled of an amount equal to around ₹13,290.40 crore. The following features have contributed to this scheme’s success:

• It is valid for one year from 1st June to 31st May.
• This scheme provides life insurance cover of ₹2 lakh to the nominees in case of the policyholder’s death.
• Individuals in the age group of 18-50 years can apply for enrolment.
• Pradhan Mantri Jeevan Jyoti Bima Yojana's premium of ₹436 is to be paid annually to obtain the benefits.

Benefits of PMJJBY

Now that you have understood what Pradhan Mantri Jeevan Jyoti Bima Yojana is, let’s look at its benefits. The following Pradhan Mantri Jeevan Jyoti Bima Yojana benefits make this scheme an attractive option for those seeking financial protection:

• Affordability: PMJJBY offers life insurance coverage at an extremely affordable premium of ₹436 per annum, making it accessible to individuals from all walks of life.
• Easy Enrollment:The enrollment process for PMJJBY is simple and hassle-free, with minimal documentation requirements. The auto-debit facility ensures convenience for the policyholders.
• Comprehensive Coverage: The scheme covers death due to any reason, providing comprehensive protection to the insured individual's family in the event of an unfortunate event.
• Renewable Policy: PMJJBY offers a renewable one-year policy term, allowing individuals to continue their coverage by renewing their policy annually.
• Nominee Benefits: The sum assured is payable to the nominee or beneficiary designated by the insured, ensuring that the policy proceeds reach the intended recipient.

Enrolment Process for PMJJBY

PMJJBY is administered through LIC and other approved life insurance companies in partnership with participating banks/post offices. The below-mentioned steps are required to be followed by an applicant for enrolment:

• Visit the bank branch in which the applicant has a savings account. Another option is to apply through the bank’s website. If the applicant has a post office savings account, they can also enrol through the post office branch.
• Fill out the Pradhan Mantri Jeevan Jyoti Bima Yojana form with details such as name, saving bank account number, email Id, address, etc.
• Once subscribed, the premium can be auto-debited yearly from the policyholder’s bank account if mandated.

Final Thoughts

PMJJBY has emerged as a significant step in ensuring financial security and social protection for the masses. By offering cost-effective coverage, PMJJBY has brought health insurance plans within reach of millions of Indians. The scheme's simplicity, wide eligibility criteria, and comprehensive coverage make it an essential safety net for individuals and their families.

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