Pradhan Mantri Jeevan Jyoti Bima Yojana is run by the government with the aim of providing financial help to the family in difficult times. In this, on the death of the insured, financial assistance of up to Rs 2 lakh is given to the family.
The Government of India prepares many schemes with the aim of benefiting every section of the country. One of these is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). In this scheme, on the death of the insured, the nominee or family gets an amount of Rs 2 lakh. This scheme is run with the aim of providing financial help to the family in difficult times. For this an annual premium has to be paid. But the premium is so cheap that even if you save Rs 36-37 every month, the annual cost of the premium will be easily covered. Let us tell you about this special insurance scheme of the government.
Who can buy the plan
Any person between 18 to 50 years can buy this insurance plan. To buy PMJJBY, a premium of Rs 436 has to be paid every year. If you divide Rs 436 into 12 parts, the monthly expenditure will be around Rs 36.33. This is such an amount which even a poor person can easily add. The cover period of this insurance plan is from 1st June to 31st May, that is, you can buy it in any month of the year, but you will get the coverage only till 31st May, on 1st June you will have to renew it again. If the insured dies during the policy term, then Rs 2 lakh is given to the family as financial assistance.
Where to buy policy
You do not need any kind of medical test to take this policy. Some specific diseases are mentioned in the consent letter of the insurance policy, you have to declare in the declaration that you are not suffering from those diseases. If your declaration proves to be wrong, then your family does not get the benefit of this scheme. If you also want to take this policy, then you can take its form from the bank where you have your account. After filling the form, the rest of the work is done by the bank itself.
These are the conditions
- If you want to take advantage of this scheme of the Government of India, then you must have Aadhar card, identity card, bank account passbook, mobile number and passport size photo.
- You have to link your bank account number with Aadhaar number because your identity is verified through Aadhaar.
- The year of this policy is from 1st June to 31st May. One time investment is for one year.
- If you have chosen Automatic Renewal, then every year between May 25 and May 31, Rs 436 of the policy is automatically deducted from your account.
- You can avail the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana through only one bank account. This policy cannot be linked to any other account.
- The benefit of this insurance cover is available only after 45 days of taking the policy. However, the condition of 45 days is not valid in case of death in an accident.