Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an Indian government-backed life insurance scheme launched in the 2015 budget speech by Finance Minister Arun Jaitely. In India, the smallest population has any kind of insurance and the PMJJBY scheme aims to increase the number, targeted especially for the poor and underprivileged people.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life-insurance scheme, renewable from year to year, provides Rs. 2lakh death cover due to any reason at Rs. 330 premium per annum in the age group 18 to 55. PMJJBY scheme is reliable from other insurance policy and not require a good health certificate.
Procedure for open PMJJBY: You just go to your bank account Branch office and submit all the required documents and declaration form with appropriate detail to the Branch Manager.
Benefits and required documents:
- 2 lakh rupees of death cover to beneficiary family.
- Its premium value is affordable at just 330 rupees per annum.
- It fully secured insurance policy.
- Auto debit insurance scheme.
- Bank account opened under the Pradhan Mantri Jeevan Jyoti Yojana.
- Required age limit 18 to 50 for entry.
- Identity proof (Aadhar, Pan etc.)
- Declaration form.
A beneficiary shall terminate from the PMJJBY scheme under the following conditions:
- On attaining age 55 years subject to annual renewal up to the date of birth.
- Closure of account with the Bank or insufficiency of balance.
- A person can join PMJJBY with one bank account only.
In case of a claim, the nominee of the insured person has to contact the respective bank branch where the insured person was having a bank account. A death certificate and simple claim form is
required to submit and the claim amount will be transferred to the nominee account.