Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-sponsored life insurance scheme that was launched on 28 May 2015. The scheme is open to all Indian citizens in the age group of 18 to 50 years who have a savings bank account with a bank or post office that is linked to their Aadhaar number.
The main objective of the PMJJBY is to provide financial security to the families of the insured persons in case of their untimely death. The scheme offers a cover of ₹2 lakhs, which is payable to the nominee of the insured person in the event of their death.
The premium for the PMJJBY is ₹436 per year, which is payable in one installment. The premium is auto-debited from the savings bank account of the insured person on or before 31 May of each policy year.
The claim process under the PMJJBY is simple and hassle-free. In case of death of the insured person, the nominee can file a claim with the insurance company along with the following documents:
- Death certificate of the insured person
- Identity proof of the nominee
- Aadhaar card of the insured person and nominee
- Bank account details of the nominee
The insurance company will process the claim within 30 days of receiving all the required documents.
The PMJJBY is a very beneficial scheme for the people of India. It provides financial security to the families of the insured persons in case of their untimely death. The scheme is also very affordable and easy to enroll in.
Here are some of the key features of the PMJJBY:
- The scheme is open to all Indian citizens in the age group of 18 to 50 years.
- The premium is ₹436 per year.
- The cover is ₹2 lakhs.
- The claim process is simple and hassle-free.
If you are an Indian citizen in the age group of 18 to 50 years, I would highly recommend that you enroll in the PMJJBY. It is a very beneficial scheme that can provide financial security to your family in case of your untimely death.