Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits | Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility | Pradhan Mantri Jeevan Jyoti Bima Yojana Documents Required | How To Apply For Pradhan Mantri Jeevan Jyoti Bima Yojana Online | Pradhan Mantri Jeevan Jyoti Bima Yojana Online Registration: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme launched by the Indian government in 2015. The scheme is open to all citizens of India between the ages of 18 and 50, who have a bank account. The scheme aims to provide life insurance coverage at a very low premium. The scheme is being implemented by the Ministry of Finance and is available through various banks and other financial institutions in India.
Under the scheme, subscribers are required to pay a premium of Rs. 330 per year and in return, they receive life insurance coverage of Rs. 2 lakh. The scheme is intended to provide financial protection to individuals in the event of death and to promote the habit of saving for life risks among people in India.
It is important to note that the scheme is voluntary and subscribers can enroll themselves at any time, but the coverage is only for one year and need to be renewed every year.
Pradhan Mantri Jeevan Jyoti Bima Yojana Objective:
The main objectives of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are:
- To provide life insurance coverage at a very low premium to citizens in India.
- To promote the habit of saving for life risks among people in India.
- To provide financial protection to individuals in the event of death
- To increase the coverage of life insurance in India, and to provide a social security net for individuals who are not covered by any other insurance scheme.
- To ensure financial protection to citizens in the event of death.
- To encourage people to save for life risks and make them aware of the importance of life insurance
- To provide easy and affordable access to life insurance, by being available through various banks and other financial institutions in India.
- To increase the life insurance penetration in India
- To provide coverage for a large section of population who are not covered by any other insurance scheme.
Pradhan Mantri Jeevan Jyoti Bima Yojana Main key Features:
The main key features of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) include:
- Low-cost premium: The scheme requires a premium of only Rs. 330 per year, which makes life insurance affordable to a large number of people.
- Voluntary and open to all: The scheme is open to all citizens of India between the ages of 18 and 50, who have a bank account and is voluntary in nature.
- Life insurance coverage: The scheme provides life insurance coverage of Rs. 2 lakh, which can help to provide financial protection to individuals in the event of death.
- Implementation: The scheme is being implemented by the Ministry of Finance and is available through various banks and other financial institutions in India
- Renewable annually: The scheme has to be renewed every year to continue getting the coverage
- Easy Accessibility: The scheme is easily accessible through various banks and financial institutions in India
- Voluntary: The scheme is voluntary in nature, which makes it accessible to those who wants to plan their finances for life risks.
- Government support: The scheme is supported by the government which increases the trust and reliability of the scheme.
- Life insurance coverage for a low premium, which is affordable for a large section of population.
Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana:
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme in India. The scheme offers a life insurance cover of Rs. 2 lakh to individuals between the ages of 18 and 50 years. Some benefits of the scheme include:
- Affordable premium: The annual premium for PMJJBY is just Rs. 330, which makes it accessible to a wide range of individuals.
- Automatic enrollment and renewal: Enrollment and renewal of the policy is done automatically through the savings bank account linked with the scheme.
- Risk coverage: The scheme provides a risk coverage of Rs. 2 lakh, which can provide financial support to the family of the insured in case of unfortunate death.
- Wide coverage: The scheme is open to all savings bank account holders, regardless of their income level.
- Easy claim settlement process: The process of claim settlement is simple and straightforward.
Overall, PMJJBY aims to provide a basic level of insurance coverage to individuals who might not otherwise have access to life insurance.
Pradhan Mantri Jeevan Jyoti Bima Yojana Criteria and Eligibility:
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme in India. The scheme is open to individuals between the ages of 18 and 50 years who have a savings bank account. The following are the criteria and eligibility for the PMJJBY:
- Age: The individual must be between the ages of 18 and 50 years.
- Savings bank account: The individual must have a savings bank account, which needs to be linked with the scheme for automatic enrollment and renewal of the policy.
- Premium payment: The annual premium of Rs. 330 must be paid through auto-debit from the linked savings bank account.
- Nomination: The individual must nominate a beneficiary who will receive the death benefit in case of the insured’s unfortunate death.
- Coverage: The scheme provides a life insurance cover of Rs. 2 lakh, which is payable to the nominee in case of the insured’s unfortunate death.
- Enrollment period: Enrollment for the scheme is open throughout the year, but the coverage is for one year.
Overall, PMJJBY is a scheme which focuses on providing an affordable life insurance coverage to individuals who might not otherwise have access to life insurance.
How to apply for Pradhan Mantri Jeevan Jyoti Bima Yojana Online Registration:
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) can be applied for online by following these steps:
- Visit the official website of PMJJBY: https://www.jansuraksha.gov.in/
- Click on the ‘Apply Online’ button on the homepage
- Select the ‘PMJJBY’ scheme from the list of schemes available
- Fill in the required details including personal information and bank account details
- Upload the required documents, including proof of identity, age and address.
- Verify the details and submit the application form
- The premium will be auto-debited from the linked savings bank account on a yearly basis.
It is important to note that the individual must have a savings bank account which should be linked with the scheme for automatic enrollment and renewal of the policy. Also, the individual should ensure that the savings bank account has sufficient balance to pay the annual premium of Rs. 330.
Alternatively, the scheme can be enrolled by visiting the nearest bank branch where the individual holds the savings bank account, and the bank will assist with the enrollment process.