Curated By: Business Desk
Last Updated: February 12, 2024, 14:58 IST
It is on the market for people aged 18 to 55 years.
Under this scheme, the household receives Rs 2 lakh if the insured individual passes away.
High insurance coverage prices in India make it difficult for individuals to purchase insurance coverage. Hence, the federal government launched funds-pleasant plans, such because the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). With an annual premium of Rs 436, which equals Rs 36 month-to-month, this scheme goals to supply inexpensive life insurance coverage to people.
Under this scheme, the household receives Rs 2 lakh if the insured individual passes away. It is on the market for people aged 18 to 55 years. The scheme operates from June 1 to May 31 yearly. Having a checking account is important to obtain the advantages. If your account is closed or lacks enough funds throughout premium deduction, your insurance coverage would possibly get cancelled.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) gives life insurance coverage protection for one 12 months and requires annual renewal. This coverage supplies a Rs 2 lakh payout to the nominee in case of the insured’s loss of life, whatever the trigger. No medical check is important to achieve this insurance coverage. However, you will need to point out within the consent letter that you’re not affected by sure specified illnesses.
The premium for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) have to be paid unexpectedly. The coverage runs from June 1st to May 31 yearly, and the annual premium is Rs 436. If you enrol in PMJJBY in the beginning of the 12 months, the premium can be primarily based on the date they utilized, not when the cash is deducted from their account.
The scheme is open to residents aged 18 to 50 years. If you will have a number of accounts in numerous banks or publish places of work, you possibly can solely enrol on this insurance coverage utilizing one account. To enrol in PMJJBY, your checking account have to be linked to your Aadhaar quantity.
The Pradhan Mantri Jeevan Jyoti Bima Yojana has lately launched a brand new auto-renewal characteristic to assist policyholders with their premium funds. Under this scheme, subsequent 12 months’s premium can be mechanically deducted out of your account after your present coverage ends.
If you select Automatic Renewal, Rs 436 can be deducted yearly between May 25 and May 31. Insurance protection begins after a forty five-day ready interval from coverage issuance, except there’s a loss of life because of an accident, by which case the ready interval is waived.
