Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance scheme offering life insurance cover for death due to any reason. There is a government insurance scheme, which can be availed by all the people of the country. The scheme is offered by banks/post offices and administered through life insurance companies.
PMJJBY is a pure-term insurance policy, which covers only mortality without any investment component. It is a one-year cover, renewable from year to year.
Pradhan Mantri Jeevan Jyoti Bima Yojana
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government life insurance scheme launched by the Government of India. It aims to provide financial security to the family of an individual in case of his/her sudden death. All individuals who are account holders of participating banks/ post office in the age group of 18 to 50 years are entitled to join. Under this, life insurance up to ₹2 lakh can be obtained by paying only ₹330 annual premium.
This plan is essential for every bank account holder. Whether you are employed or self-employed, this plan ensures the safety of your family. If you want financial security for your family, you can apply for the Pradhan Mantri Jeevan Jyoti Bima Yojana.
Eligibility for PMJJBY
- To avail this plan, individuals must be between 18 and 50 years of age.
- Also, you must have an active savings bank account.
- You must consent to auto-debit premiums from your bank account.
- There are no medical tests for this plan.
- This means that anyone can easily join and ensure the safety of their family.
Documents Required for PMJJBY
- Applicant’s Aadhaar Card
- Bank Account Passbook
- Identity Card
- Mobile Number
- Passport-size photo
- PAN card
- Nominee’s bank passbook
- Claim form (provided by the bank)
How to apply for Pradhan Mantri Jeevan Jyoti Bima Yojana
Step 1: First, visit your nearest bank branch where you have a savings account.
Step 2: Get an application form from the bank and fill in your personal information and bank account details correctly.
Step 3: Submit the required documents along with the application, such as: savings bank account details, Aadhaar card or other identification card, mobile number.
Step 4: After submitting all the details and documents, the bank official will provide you with a confirmation of your form submission.
Step 5: After submitting the form and giving consent for auto-debit, your insurance cover is immediately applicable.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is affordable, simple, and reliable. The biggest advantage of this plan is that it offers significant protection at a low premium. By paying a small premium of just ₹330 annually, you can benefit from a life insurance cover of up to ₹2 lakh.