By Life insurance is essential for everyone, providing crucial support to families in times of unexpected adversity. While numerous life insurance policies exist, the high premiums associated with many dissuade common people from opting for coverage. However, amidst this backdrop, a readily accessible insurance plan with minimal premiums has emerged.
The Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme (PMJJBY) ensures that everyone gains life insurance coverage. This scheme, accessible to the common man, allows annual renewals through banks and post offices. Eligibility criteria include individuals aged between 18 to 50 years who maintain bank and post office accounts.
Launched by Prime Minister Narendra Modi in May 2015, PMJJBY is sustained with government support and is available through Life Insurance Company (LIC) and other participating life insurance companies.
Benefits of the PMJBY scheme include a payout of Rs. 2,00,000 to the insured’s family in the event of the insured’s death for any reason. The scheme caters to individuals between 18 to 50 years, requiring an annual premium of Rs. 436. This premium is deducted automatically from the member’s bank or post office account through the auto-debit facility.
To be eligible for the scheme, individuals must be between 18 to 50 years old and maintain a personal account in a bank or post office. If an individual has accounts in multiple banks, they can only enroll in the scheme through one bank account. Online applications are also accepted through the provided link: https://www.janasuraksha.gov.in/files/pmjjby/english/applicationform.pdf#zoom=250.
To apply, download the application form from the link, complete all required details, enclose necessary documents, and submit them to your bank or post office. Upon verification, you will receive an acknowledgment or insurance slip.
