Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 

 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 

Introduction:

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme launched by the Government of India on May 9, 2015. The scheme aims to provide affordable life insurance coverage to poor and vulnerable sections of society. The scheme is available to all citizens of India aged between 18 and 50 years and provides coverage of Rs. 2 lakhs in case of the death of the insured.

Key Features:

The PMJJBY scheme has several key features that make it unique and significant. Some of the main features are:

1. Eligibility: The scheme is available to all citizens of India aged between 18 and 50 years. The policy is renewable every year, and the coverage remains the same.
2. Coverage: The scheme provides coverage of Rs. 2 lakhs in case of the death of the insured. The coverage is provided for one year, from June 1 to May 31 of the following year.
3. Premium: The premium for the PMJJBY scheme is affordable, with an annual premium of only Rs. 330 per annum. The premium is deducted from the bank account of the insured through an auto-debit facility.
4. Enrollment: The enrollment process for the PMJJBY scheme is simple and hassle-free. The scheme is available through participating banks, and interested individuals can fill out a simple form and submit it to the bank.
5. Nomination: The insured can nominate a person to receive the sum assured in case of his/her death.

Benefits:

The PMJJBY scheme has several benefits for the poor and vulnerable sections of society. Some of the main benefits are:

1. Affordable Coverage: The scheme provides affordable life insurance coverage to poor and vulnerable sections of society. The annual premium of Rs. 330 is a small amount compared to the coverage of Rs. 2 lakhs provided by the scheme.
2. Financial Security: The scheme provides financial security to the family of the insured in case of his/her death. The sum assured of Rs. 2 lakhs can be used to cover the expenses related to the death of the insured and provide financial support to the family.
3. Easy Enrollment: The enrollment process for the PMJJBY scheme is simple and hassle-free. The scheme is available through participating banks, and interested individuals can fill out a simple form and submit it to the bank.
4. Auto-Debit Facility: The premium for the PMJJBY scheme is deducted from the bank account of the insured through an auto-debit facility, ensuring that the premium is paid on time, and the policy remains in force.
5. Nomination: The insured can nominate a person to receive the sum assured in case of his/her death, ensuring that the money is received by the right person.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a significant life insurance scheme launched by the Government of India. The scheme provides affordable life insurance coverage to poor and vulnerable sections of society and provides financial security to the family of the insured in case of his/her death. The enrollment process for the scheme is simple and hassle-free, and the premium is deducted from the bank account of the insured through an auto-debit facility. The scheme is a step towards achieving financial inclusion and providing financial security to all sections of society.