2022 Pradhan Mantri Jeevan Jyoti Bima Yojana

PMJJBY was launched on 9 May 2015 by the Modi government of the Middle to supply the benefit of life insurance to each person of the country.

Time period plan of an insurance coverage firm means safety from threat. In the time period plan, the insurance firm pays the insurance coverage amount only after the dying of the policyholder. If the person taking the coverage stays effectively even after the completion of time, then he doesn’t get any profit. In truth, time period plans are a great way to supply threat safety at a very nominal premium.

Pradhan Mantri Jeevan Jyoti Bima Yojana Overview
Name of the scheme
Pradhan Mantri Jeevan Jyoti Bima Yojana
Started by
Honorable Prime Minister Shri Narendra Modi
Government
central government
Beneficiary
Each person of the country
An objective
To supply the benefit of life insurance to each person
Start plan
09 May 2015
Maximum Benefit
2 Lakh

 

What is the specialty of PMJJBY:

  • Even when the person taking insurance under PMJJBY has paid premiums to a number of banks, even then the whole dying benefit can’t exceed Rs. 2,00,000.
  • Any person can select Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) for one year or extra. If a person has opted for long-term insurance coverage, then his bank will deduct the premium quantity yearly from the financial institution’s savings account.
  • In later years, the cover of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) might be renewed on June 1 yearly by paying the premium quantity from the bank account.
  • There is no want of any medical examination to purchase insurance in Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
  • If the member dies during the interval of insurance cowl, then his household (nominee) will get an amount of Rs 2 lakh.
  • From the day the premium quantity is deducted out of your bank account, you’ll get the power of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). PMJJBY coverage is bought on any date, its protection for the first 12 months might be until 31st Could next 12 months.
  • PMJJBY coverage is purchased on any date, its protection for the first 12 months will be until 31 May next year.
  • Below Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY), the minimal age for taking a time period plan is 18 years and most age is 50 years. The maturity age of this coverage is 55 years.
  • Term plan needs to be renewed yearly under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Assured amount on this amount is 2,00,000.
  • The annual premium for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is Rs 330. This quantity is taken out of your bank account through ECS. Banks cost administrative charges for the amount of the scheme. Aside from this, GST can also be applicable on this amount.

Policy can be taken till the age of 50 years

On the same time, the minimum age for taking a time period plan on this scheme is 18 years. Keep in mind that if a person has multiple bank accounts, they will subscribe to the scheme with just one savings account. Additionally you must link your Aadhaar to a bank account to take advantage of this scheme.

Crores of people have taken coverage

As of 31 March 2019, greater than 5.91 crore folks have taken time period plans underneath the Prime Minister Jeevan Jyoti Bima Yojana. Out of 145763 registered claims, 135212 have been paid.

One thing to remember is that even when someone has given premium to many banks under this scheme, even within the event of dying, the maximum benefit will be Rs 2,00,000.

Premium is very low

Premium is extremely low. The main feature of this central government life insurance coverage plan is that its annual premium is extremely low. The annual premium under the Prime Minister Jeevan Jyoti Bima Yojana is simply Rs 330.
However, the bank imposes its administrative payment on this quantity. Out of the premium of Rs 330, 289 might be given to the insurer, whereas Rs 30 will get to the agent or bank as compensation for bills. This quantity is taken out of your account through ECS.
Usually, in a life insurance plan, the company conducts medical examination. But the Prime Minister Jeevan Jyoti Bima Yojana doesn’t require any medical examination.

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