Pradhan Mantri Jeevan Jyoti Bima Yojana 2020 (PMJJBY) was introduced in the 2015 budget speech by Finance Minister Arun Jaitley in February 2015. Later launched by Prime Minister Narendra Modi on 9 May 2016 in Kolkata.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance scheme, which can be renewed from year to year, offering coverage for death.
Pradhan Mantri Jeevan Jyoti Bima Yojana 2020
Reason Behind introducing PMJJBY:
On May 2015 survey based on a scheme it was found that only 20% of India’s population has any kind of insurance, So to increase the awareness and also make benefits of such a scheme introduced. Link
- The period is 1st June of each year to 31st May of the subsequent year.
- For the cover period 1st June 2018 to 31st May 2019, the user is required to enroll and give their auto-debit consent by 31st May 2018.
- Those joining would be able to do so with payment of full annual premium for perspective.
- Study as per May 14, 2018, almost 5.35 crore people enrolled for Pradhan Mantri Jeevan Jyoti Bima Yojana, and the total number of claims received till date were nearly 1,02,849.
Who are applicable for the PMJJBY?
PMJJBY is available to people in the age group of 18 to 50 years cover up to age 55.
They must have a savings bank account through which the amount is auto-debited from their bank account.
How much you have to pay?
Under PMJJBY scheme, life cover of Rs. 2 lakhs is available at just of Rs.330 per annum per member and which is renewable every year.
In the case of anyone has a joint account, they can also meet its eligibility criteria but they have to pay the premium at the rate of Rs.330 per person per annum.
Pradhan Mantri Jeevan Jyoti Bima Yojana is managed through LIC and other Indian private life insurance companies.
Some may also approach their bankers for the process of enrolment banks who have tied up with insurance companies.
In case if anyone has of multiple bank accounts in same or different banks, That person would be eligible to join the scheme through only one bank account.
Important terms and conditions:
If the insurance is paused due to any technical reasons like the insufficient balance on the due date or due to any administrative issues, the money will be restored as it gets into the account but you will not get your policy money at this period.
The assurances admitted under the scheme are subject to an initial knot of 45 days. No claim is admissible for deaths during the first 45 days from the date of commencement of risk.
The same is not applicable if the reason of death is an accident. No subsequent renewals will take place.
Read More – Aadhaar Card Status
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is mainly made for the needy people who can’t afford the other costly scheme like this scheme.
Increasing the number of policy users is also focused by the government by launching this scheme. (Pradhan Mantri Jeevan Jyoti Bima Yojana 2019)