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Thursday, 25 July 2019

Insurance Scheme | Prime Minister Jeevan Jyoti Insurance Scheme (PMJJBY)

In the term plan of PMJJBY, the insurance company pays the insurance amount only after the death of the policyholder. Prime Minister Jeevan Jyoti Insurance Scheme (PMJJBY) is a term insurance plan. After investing in Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY), if a person dies then his family gets Rs 2 lakh.
  • PMJJBY was launched by the Modi government on May 9, 2015 to benefit life insurance for every person of the country. 
  • What does a term plan mean? An insurance company's term plan means protection against risk. The insurance company pays the insurance amount only on the death of the policyholder in the term plan. If the policyholder stays well after the completion of time, then he will not get any benefit. In fact term plans are a great way to provide risk protection at very modest premiums. 
  • There is no need for any medical examination to buy insurance in the Prime Minister Jeevan Jyoti Insurance Scheme (PMJJBY). 
  • Under the Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY), the minimum age for taking a term plan is 18 years and the maximum age is 50 years. The maturity of this policy is 55 years. 
  • Under the Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY), the term plan has to be renewed every year. It has an assured amount of Rs. 2,00,000. 
  • The annual premium for the Prime Minister Jeevan Jyoti Insurance Scheme (PMJJBY) is Rs 330. The amount is taken from your bank account through ECS. Banks charge administrative fees in the scheme amount. In addition GST is also applicable to this amount. 
  • If the member dies during the term of the insurance cover, the amount of Rs 2 lakh will be received by his family (nominee). 
  • Any person can choose Prime Minister Jyoti Jyoti Bima Yojna (PMJJBY) for a year or more. If a person has opted for insurance for a long period, then his bank will deduct the amount of premiums every year from the bank's savings account. 
  • From the day you deduct the premium from your bank account, you will get the facility of Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY). 
  • The PMJJBY policy has been bought on any date, its coverage for the first year will be till 31 May next year. 
  • In the following years, the cover of Prime Minister Jyoti Jyoti Bima Yojna (PMJJBY) can be renewed on June 1 every year by paying the premium amount from the bank account.
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