Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme launched by the Government of India in May 2015. The objective of the scheme is to provide affordable life insurance cover to the underprivileged sections of society.

The scheme provides life insurance cover of Rs. 2 lakhs to individuals between the ages of 18 and 50 years for a premium of just Rs. 330 per annum. The policy period is from June 1 to May 31 of the subsequent year, and the premium is automatically deducted from the policyholder’s bank account on May 31 of each year.

The insurance cover provided by PMJJBY is applicable for death due to any reason, including natural death, accidents, etc. The scheme also covers partial disability, wherein the policyholder can claim a partial amount of the sum assured, depending on the extent of the disability.

Pradhan Mantri Jeevan Jyoti Bima Yojana

The scheme is available to all individuals who have a savings bank account and a valid Aadhaar number. Individuals can enrol for the scheme through their bank accounts or through insurance agents. The policy is automatically renewed every year, as long as the policyholder’s bank account has sufficient balance to pay the premium.

In case of multiple bank accounts held by an individual, the insurance cover is limited to only one account. However, individuals can choose to enrol for the scheme in multiple years, by paying the premium every year.

Pradhan Mantri Jeevan Jyoti Bima Yojana

The scheme has been very successful in providing affordable life insurance cover to the underprivileged sections of society, with over 10 crore policies issued under the scheme as of March 2021. The scheme has also played a significant role in promoting financial inclusion, as individuals have to enrol for the scheme through their bank accounts, which encourages them to open a bank account if they do not have one already.

PMJJBY is a very useful scheme for individuals who do not have access to expensive life insurance policies. The scheme provides an affordable way to ensure that their loved ones are financially secure in case of their untimely demise.

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