Pradhan Mantri Jeevan Jyoti Bima Yojana: Eligibility, benefits and annual premium revealed

Under this scheme, if the insured dies, his family will get Rs 2 lakh. It is available to individuals aged 18 to 55 years. The implementation period of this plan is from June 1st to May 31st each year. Having a bank account is a requirement to receive benefits. If your account is closed or lacks sufficient funds during the premium deduction period, your coverage may be canceled.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life insurance for one year, which needs to be renewed annually. In case of death of the insured, the policy provides a benefit of Rs 2 lakh to the nominee irrespective of the cause of death. No medical exam is required to obtain this coverage. However, it is important to mention in the consent form that you do not have certain medical conditions.

The premium of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has to be paid in one lump sum. The policy is valid from June 1 to May 31 every year and the annual premium is Rs. 436. If you apply for PMJJBY insurance at the beginning of the year, the premium will be calculated based on the application date and will not be deducted from the time of enrollment. their account.

The program is open to citizens aged 18 to 50 years. If you have multiple accounts at different banks or post offices, you can only take out this insurance with one account. To register for PMJJBY, your bank account must be linked to your Aadhaar number.

Pradhan Mantri Jeevan Jyoti Bima Yojana recently launched a new auto-renewal feature to help policyholders pay their premiums. Under this plan, the next year’s premium will be automatically debited from your account after your current policy ends.

If you opt for automatic renewal, Rs 436 will be deducted from May 25 to May 31 every year. Insurance coverage begins after a waiting period of 45 days after the policy issuance, unless death occurs as a result of an accident, in which case the waiting period will be waived.