A person between the age of 18 to 50 years can avail the benefit of this scheme. In this, on the death of the policyholder, the family gets Rs 2 lakh. This scheme is renewed every year. The premium amount is automatically deducted from the policyholder’s bank account.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme. This means that in this scheme, on the death of the policyholder, his family gets a lump sum amount. This scheme can be purchased through bank or post office. It is managed by insurance companies. Anyone between 18 to 50 years can avail the benefit of this scheme. Being a government scheme, it is completely safe. Prime Minister Narendra Modi’s government started this scheme in May 2015.
Rs 2 lakh cover
Life cover of Rs 2 lakh is available in this scheme. For this one has to pay a premium of only Rs 436. This premium is deducted from the policyholder’s bank account every year at the time of policy renewal under auto-debit facility. This scheme can also be subscribed online through the net banking facility of the bank.
Subscribe online
State Bank of India (SBI) has recently launched the facility to subscribe to Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana online. Under this, SBI customers can avail the benefits of this scheme without visiting the branch or customer service point. For this, the customer will have to first select SBI Bank on the Jan Suraksha Portal. Then, you will have to provide your account number and date of birth.
Premium too low
After that premium payment will have to be made. Then the Certificate of Insurance will be generated immediately. The government wants to bring the entire population under the ambit of insurance. This exercise is part of that effort. The government believes that the premium of Pradhan Mantri Jeevan Jyoti Insurance Scheme has been kept very low. Even a person with lower income than this can subscribe to it. Insurance regulator IRDAI has set a target to bring the entire population under insurance coverage by 2047.
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