The PMJJBY is a Pradhan Mantri life insurance scheme through which financial security is offered to families in case of a policyholder’s premature death. This started in 2015, it is relatively cheaper with a very good cover which makes it easily reachable to many people in society.
Key Features of PMJJBY
– Affordable Premium: The policyholder contributes an annual premium of ₹ 436 which is deducted automatically from their link bank/postal account.
– Substantial Coverage: For the treatment of critical illness, a lump sum of ₹2 lakhs is paid to the policyholder in the event of his/her demise, which is useful depending on the nominee’s needs at the time.
-Eligibility Criteria:
– Age Requirement: Any person within the age of 18-50 years having an active savings Bank or postal account can apply for this scheme.
– Policy Continuation: After signing up for the policy before the age of 50, the policyholders can thereafter annually reinstate the coverage until the age of 55, so long as they meet the premium costs.
Enrollment Process
The members of the public can join PMJJBY through their bank or post office of choice. The enrollment process is straightforward:
- Application Submission: You can get the PMJJBY application form from your branch or post office where you need to submit this form.
- Auto-Debit Authorization: Signature, stamp, and initial each page of the agreement to allow the annual premium to be deducted from your account.
- Nominee Details: Specify an individual to benefit from earnings if something happens.
Benefits of PMJJBY
– Financial Security: Provides financial support for the policyholder’s family in the unfortunate event that they are gone.
– Simplicity: The terms and conditions of the scheme are easy and the premium to be paid is comparatively low thus people of all classes can accommodate themselves.
– Government Backing: Because it is government-promoted scheme, it is considered credible and trustworthy.