Pradhan Mantri Jeevan Jyoti Bima Yojana is launched by Prime Minister Narendra Modi on 9 May 2015. Currently, 20 percent of the population of our country is covered by any type of insurance. Under the scheme, the government aims to cover all Indian by Life Insurance. This is the one-year life insurance scheme which coverage of death. The scheme covers only death and the benefits will be given to the nominee.
Objective of Pradhan Mantri Jeevan Jyoti Bima Yojana
The scheme main aims to cover all those Indian who have not any insurance cover yet, according to a survey 80 percent of our country populations is out of any type of life insurance. The government provides insurance cover of Rs 2 Lakh at the lowest premium only Rs 330/ per annum per member. This premium is affordable for every category people like Poor, Farmer, daily wages labor any other all people.
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Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana
Under the scheme, Rs 2 lakh will be given to the death of a payable member to any reason. The premium amount will be given to the nominee of the payable member. Under the scheme, none of the provision of maturity benefits and surrender benefit is applicable.
- Applicant must be citizen of India
- Applicant age between 18 years to 50 years is eligible for the scheme
- Applicant has a bank account.
- Applicant should not suffer any critical illnesses on the date of enrollment or earlier.
- If NRIs wants to subscribe then he should have an eligible bank account in India.
The scheme has an affordable premium that any category people can afford the premium. Only Rs 330/ per annum per member have to given by the subscribers. The premium amount will be auto deducted from the subscribers saving account.
How to Enroll in the Scheme
The applicant can submit the application form any nationalized or government recognized private sector banks where applicant account has. In case of multiple accounts, the applicant can link only one account to subscribe the policy. Only Aadhar card is required for the KYC of the Scheme.