Pradhan Mantri Jeevan Jyoti Bima Yojana aims to provide insurance cover to every Indian. It is a term insurance, for which a premium of Rs 330 is charged every year.
If you are also looking for a safe insurance policy at low premium in the market, then this government scheme is of great help to you. In the Central Government’s PM Jeevan Jyoti Bima Yojana, you get insurance of up to two lakh rupees at a premium of Rs 330. This cover is valid for one year. Apart from the low premium, there are many benefits of this insurance plan.
This insurance will be renewed every year
It is a term insurance. Its validity is one year. That is, it will have to be renewed every year. The one-year premium for this plan, launched in 2015, is Rs 330. It can be bought by individuals between the age of 18 years to 50 years. The maturity age under this insurance plan has been kept at 55 years.
Target to provide insurance cover to the entire population
Insurance penetration is still very low in countries like India. The low-income population does not take insurance because of the high premiums. Due to this they have to suffer many times. Keeping this in mind, the Central Government started this insurance scheme on 9 May 2015. Under this scheme, the security cover of insurance is to be provided to every person of the country.
No need to get medical, many other benefits too
In private term insurance, you need to undergo a medical examination. There is no such condition with this scheme. That is, you can take advantage of this insurance without getting medical. There is no need to go anywhere to buy it. If you use net banking then you can buy it sitting at home. If you do not have net banking, you will have to visit your bank branch to take advantage of this scheme. Its premium will be automatically deducted from your bank account in May every year.
Benefit will be available only in these situations
There are a few things you need to know before buying term insurance. Term plan gives protection cover to your family members against accident or premature death. If you die before the maturity of the policy, your family will get the sum assured. However, this benefit is available after 45 days of buying the insurance. The benefit during this period can be availed only in case the cause of death is an accident.
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