Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life insurance coverage for one year. It should be renewed every year. It provides life insurance in case of death due to any reason. In case of death of the insured due to any reason his nominee will get Rs. 2 lakh will be received. You don’t need any medical test to avail this policy.

Many people hesitate to buy insurance in India due to expensive insurance premiums. Insurance premiums have also increased after Corona. Keeping this in mind, the government is making some cheap insurance policies available. One of these is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) introduced by the central government. 

The annual premium of Pradhan Mantri Jeevan Jyoti Scheme is only Rs. 436. If seen monthly it will be only Rs.36. The objective of this scheme is to provide life insurance coverage to the people at the lowest cost. But when this scheme was launched, the policy was offered with a premium of only Rs.330. Now that premium has been increased to Rs.436.

This scheme gives the family Rs. Central government provides financial assistance up to 2 lakhs. To buy this policy, your minimum age is 18 years. But the maximum age is fixed at 55 years. These schemes will be implemented on June 1 to May 31 basis. But having a bank account is mandatory to avail the benefits of these schemes. Note that insurance may be canceled due to bank account closure or insufficient balance in the account at the time of premium payment.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life insurance coverage for one year. It should be renewed every year. It provides life insurance in case of death due to any reason. In case of death of the insured due to any reason his nominee will get Rs. 2 lakh will be received. You don’t need any medical test to avail this policy. Certain diseases are mentioned in the insurance policy consent letter. You should declare in the declaration that you are not suffering from those diseases.

Premium should be paid at once

The policy year is from 1st June to 31st May. Annual premium of Pradhan Mantri Jeevan Jyoti Scheme is Rs.436. If someone joins the scheme mid-year, the premium amount is determined based on the date of application.

Who can take this insurance?

Citizens between the age of 18 to 50 years can avail the benefit of this scheme. If an individual has one or multiple accounts in different banks/post offices, the individual has to pay the premium for this insurance through only one account. Aadhaar should be linked to the bank account to get this insurance.

Auto renewal facility is also available under Pradhan Mantri Jeevan Jyoti Bima Yojana. This means that the next year’s premium will automatically be deducted from your bank account as soon as the insurance period ends. 

If you have opted for automatic renewal, every year between May 25 and May 31, the policy will cover Rs. 436 will be automatically deducted from your account. This insurance benefit is available only after 45 days of taking the policy. But the condition of 45 days shall not be valid in case of accidental death due to any reason.