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Explanation provided by any individual regarding why life insurance should be taken via the Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY):
Benefits of Jeevan Jyoti Bima Yojana: The Jeevan Jyoti Bima Yojana is a scheme to easily obtain insurance coverage for death. It provides financial assistance of up to Rs. 2 lakhs to the nominee in case of death during the policy term.
Premium and Renewal of the Insurance: This insurance needs to be renewed annually. It should be updated every year.
Family Assistance in case of Death: In the event of death, the scheme prioritizes assistance and provides financial support of up to Rs. 2 lakhs to the individual’s family.
Cancellation of Insurance due to No Need: If there is no need, the insurance can be cancelled. The insurance may be cancelled if premiums are not paid on time or if there is insufficient balance in the account.
Scheme Cancellation due to No Need: If there is no need, the scheme can be cancelled.
Automatic Renewal: The benefits of the insurance are available only after 45 days of taking the policy. Automatic renewal is done from May 25th to May 31st.
Rectification of Errors: The premium should be paid at once. The bank account should have a sufficient balance at the time of premium payment.
This explanation helps in understanding the benefits, needs, premium of life insurance, renewal process, and policy decision-making of the Prime Minister Jeevan Jyoti Bima Yojana. However, following the insurance is not necessary. You can provide the scheme on your website or follow it at the counters in banks. Following the insurance policy is a wonderful and easy step for you.
