Pradhan Mantri Jeevan Jyoti Bima Yojana - Features, Benefits, Details etc.
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Pradhan Mantri Jeevan Jyoti Bima Yojana originated in the year 2015 by the Finance Minister Arun Jaitley during that year's budget session. It was then launched by PM Narendra Modi in the same year on 9th May. It was first launched in Kolkata. According to statistics, only 10% of the full population knew about any kind of insurance. This scheme mainly aims to increase that number.
Pradhan Mantri Jeevan Jyoti Bima Yojana is available for all the people falling between the age of 18 and 50 years. The annual premium cost rupees 330. The GST is exempted from Prandhan Mantri Jeevan Jyoti Bima Yojana.
Everything About Pradhan Mantri Jeevan Jyoti Bima Yojana
The key details about the Pradhan Mantri Jeevan Jyoti Bima Yojana re as follows -
1) Eligibility
Pradhan Mantri Jeevan Jyoti Bima Yojana is available to everyone between the age 18 and 50 years who has a bank account. The annual premium will be automatically debited from the bank account. The scheme will only be available to those who have a bank account opened under Pradhan Mantri Jan Dhan Yojana scheme.
2) Insurance Benefits
In case of any sudden death the nominee will be provided with 2lakh rupees. To avail this benefit the bank account must have a linked aadhar card. The government has launched this scheme so that there are fewer zero balance accounts.
3) Net Banking Facility
The Prandhan Mantri Jeevan Jyoti Bima Yojana scheme facilitates net banking too. All the bank holders can avail this scheme through their net banking facility. This also can be done just by going to the branch of the associated bank and filling a form.
4) Premium Amount
The premium that has to be paid for this insurance is as low as Rs 330 annually. The premium will be deducted automatically from the linked account.
5) Termination of Assurance
The assurance that has been provided with this scheme gets terminated under a few conditions. The account shall be closed with the bank if there is an insufficiency of balance to keep the insurance active. Also, in case of multiple coverage, the coverage of the insurance will be limited to Rs 2lakhs and the premium shall be liable to be forfeited.
Conclusion
The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhar would be the primary KYC for the bank account. The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
