PMJJBY

 

 Pradhan Mantri Jeevan Jyoti Bima

 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a social security scheme launched by the Government of India. It is part of the larger financial inclusion agenda and aims to provide life insurance coverage to people at an affordable premium. The scheme was introduced to ensure that more individuals, particularly those in the economically weaker sections of society, have access to basic insurance coverage.

Here are the key features of the PMJJBY:

1. Eligibility: All Indian citizens aged between 18 and 50 years are eligible to enroll in PMJJBY. The scheme offers a renewable one-year term policy, which means individuals have to renew their coverage annually.

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3. Coverage and Benefits: PMJJBY provides a life insurance cover of Rs. 2 lakh (Indian Rupees) in case of the insured person's death due to any reason. The coverage amount is paid to the nominee or legal heir of the insured.

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5. Premium: The premium for PMJJBY is very affordable, making it accessible to a wide range of individuals. The premium is usually auto-debited from the subscriber's bank account on an annual basis.

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7. Enrollment Process: Interested individuals can enroll in PMJJBY through their bank accounts. The scheme is typically offered through various participating banks. To enroll, individuals need to provide consent and maintain sufficient balance in their bank account for premium deduction.

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9. Enrollment Period: Individuals can join PMJJBY during specified enrollment periods. In most cases, the scheme allows people to join throughout the year, but the insurance coverage commences from June 1st of each year.

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11. Renewal: The policy is renewable on an annual basis. If individuals wish to continue availing the benefits of PMJJBY, they need to ensure that the premium is debited from their bank account before the specified due date.

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13. Nominee Designation: Policyholders need to nominate a nominee who will receive the insurance payout in case of the policyholder's demise. This is an important step to ensure that the benefits reach the intended beneficiary.

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15. Ease of Administration: PMJJBY is designed to be simple and easy to administer, making it accessible to a wide range of people, including those with limited financial literacy.

Pradhan Mantri Jeevan Jyoti Bima Yojana is part of the government's broader efforts to promote financial inclusion and social security. It offers a basic life insurance cover to individuals at an affordable cost, providing them and their families with financial protection in case of unfortunate events. Keep in mind that scheme details and eligibility criteria might evolve, so it's always a good idea to refer to official government sources or your bank for the most up-to-date information.