Pay Rs 330 per annum and get insurance up to Rs 2 lakh, learn about this scheme of Modi government 

Pay Rs 330 per annum and get insurance up to Rs 2 lakh, learn about this scheme of Modi government

In 2015, Prime Minister Narendra Modi launched an insurance scheme that offers insurance up to Rs 2 lakh a year at a premium of just Rs 330. The name of this scheme is Pradhan Jeevan Jyoti Bima Yojana (PMJJBY). Let us know what is the specialty of this scheme and how to avail its benefits?

Who can get this benefit?

The annual premium for Pradhan Mantri Vima Yojana(Jeevan Jyoti ) is only Rs.૩૩૦ The benefit of this scheme can be availed by any Indian citizen between the ages of 1 to 0 years. The maturity age of Jeevan Jyoti Vima Pa Policy LIC (PMJJBY) is 55 years. This term plan will have to be renewed every year. Sum Assured Rs. Is 2,00,000.

What an oddity

The Modi Government at the Center launched the Pradhan Mantri Jeevan Jyoti Vima Yojana (PMJJBY) on May 9, 2015 to provide life insurance benefits to everyone in the COUNTRY. No medical examination is required to purchase insurance under Pradhan Mantri Jeevan Jyoti Vima Yojana.

The best part is that this policy is very easy to follow. You can avail the policy under this scheme by visiting any bank branch or sitting at home through your bank's net banking. You can also apply by going to the scheme portal. The annual premium is only Rs 330, which will be auto-debited from the customer's savings account in May every year.

If the insured dies within 45 days of enrolling in this insurance plan, his family members will not receive the insurance benefit, they will receive it. But if the death is due to an accident, the benefit of insurance cover will be received immediately. Thus, in case of accidental death, insurance cover is available from one day.

Pradhan Mantri Jeevan Jyoti Vima Yojana is a term insurance scheme of the Modi government. Term plan means that the insurance company pays the insurance token on the death of the policyholder during the policy. Even after the completion of Jeevan Jyoti Vima Yojana, if the policyholder is OK, he does not get any benefit.

Policy without medical examination

Under this scheme cheap premium rates are available for almost all the citizens belonging to almost all income groups including EWS and BPL. Insurance cover under this scheme will start from June 1 of the same year and will continue till May 31 of the following year. 

The term plan under Pradhan Mantri Jeevan Jyoti Vima Yojana (PMJJBY) has to be renewed every year. That is, once the premium is paid, you will get the benefit of insurance over a period of one year. If the premium is not paid in any year, the insurance benefit will not be taken and your plan will be considered closed.

The premium amount is auto toe to be debited

Under the Pradhan Mantri Jeevan Jyoti Vima Yojana (PMJJBY) the term plan has to be renewed every year, but it is automatically debited from the bank account i.e. you should have money in your account when the premium is deducted. If you do not have money in your account, you will not receive insurance benefits next year and your plan will be considered closed.

Insurance to cover of Rupice. 2 lakhs

If the policyholder dies during the period of insurance cover, Rs. 2 lakh will be received by his family members (nominees).

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