Many Indians have a goal of securing the future their families with the help of insurance. Low income with minimal knowledge of different plans and policies stresses the need for an ideal scheme that can be used by the common masses. Pradhan Mantri Jeevan Jyoti Bima Yojana is one such consumer-friendly and cost-effective scheme launched by the Government of India. It has enabled people to have a positive insurance buying attitude in India, where buying insurance was considered unnecessary for many years. Thanks to the easy to understand and implement PMJJBY scheme details, multiple Indians are securing the future of their families confidently without any hesitation.
Pradhan Mantri Jeevan Jyoti Bima Yojana Features
The main features of Pradhan Mantri Jeevan Jyoti Bima Yojana include :
- It is an ideal insurance scheme for underprivileged families in India.
- It is available to all Indian citizens between the age of 18 to 50 years.
- Any person with an active savings account can apply for this scheme.
- It offers a life coverage of INR 2 lakh.
- It comes with a nominal premium cost of 330 INR per annum.
- It is valid for one year and offers renewal the next year.
- The premiums of the Pradhan Mantri Jeevan Jyoti Bima Yojana are auto-debited from the savings bank account of the customer.
- It is a pure term insurance plan, and hence there are no maturity benefits. It only covers life risks.
- It is easy to exit from the scheme and then re-join at any time.
Some of best benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana include :
All investments made towards the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme come under tax deduction under Section 80C of the Income Tax Act, 1961. However, these laws are subject to change.
It covers all possible life risks. If the policyholder dies due to any reason, the death benefits are released to the beneficiaries of the policy. The coverage begins 45 days after the enrolment date. However, the sum assured amount will be paid in case of death due to an accident within those 45 days.
Pradhan Mantri Jeevan Jyoti Bima Yojana offers up to 2 lakh INR as death benefit in the event of death of the policyholder.
Pradhan Mantri Jeevan Jyoti Bima Yojana- Important Policy Terms
The main policy terms to review before applying to the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme are :
- Its coverage period starts from 1st June every year and is valid till 31st May of the next year.
- It will get terminated when the customer reaches 55 years of age.
- It will get terminated if there are insufficient funds in the bank account or the concerned savings account is closed.
- If a person applies to multiple covers under PMJJBY benefits, the cover remains restricted to 2 lakh INR only and all other insurance covers are terminated. The premiums of the other insurance covers are further forfeited
- It is limited to one policy per user only.
- The premium amount is auto-debited from the savings account of the user between 25th May to 31st May every year.
- Any person can reinstate the terminated policy by providing proof of good health and full premium amount.
How to Apply Online for Yojana?
Pradhan Mantri Suraksha Bima Yojana or Pradhan Mantri Jeevan Jyoti Bima Yojana is very easy to apply online. You can select any of the reliable insurers or can apply online like :
- You can download the Pradhan Mantri Jeevan Jyoti Bima Yojana form from https://www.jansuraksha.gov.in/Forms-PMJJBY.aspx
- You can select the different languages of the form according to your convenience.
- All you need to do is fill the form and submit it to the bank in which you have a savings account.
- To move forward, submit all necessary documents.
- The successful verification of different documents confirms that you’re registered under the scheme.
*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time
The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.