The Narendra Modi administration created the Pradhan Mantri Jeevan Jyoti Bima Yojana, a low-cost term insurance policy covering the policyholder’s death.
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Pradhan Mantri Jeevan Jyoti Bima Yojana: Over the last several years, the Narendra Modi administration has implemented several initiatives to provide social security for individuals, particularly those from economically disadvantaged families. Many insurance programs are included, including the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). The program provides yearly coverage of Rs 2 lakh. A person needs to pay Rs 436 every year to receive the scheme’s advantages. Thus, the Pradhan Mantri Jeevan Jyoti Bima Yojana is a low-cost term insurance policy covering the policyholder’s death.
Pradhan Mantri Pradhan Mantri Pradhan Mantri Prad. What is the Jeevan Jyoti Bima Yojana (PMJJBY)?
As previously stated, PMJJBY is a life insurance program that provides coverage for death due to any cause. It’s a one-year cover that may be renewed year after year. The plan is offered/administered by the Life Insurance Corporation of India (LIC) and other life insurance firms willing to sell the product on comparable conditions with the requisite permissions and tie-ups with banks or the post office. According to the guidelines, participating banks and post offices are free to hire any such life insurance firm to administer the plan for their members.
As of March 31, 2022, the implementing insurers had collected Rs 9,737 crore in premiums, and claims totaling Rs 14,144 crore had been paid under PMJJBY.
Eligibility for the PMJJBY Scheme
Individual account holders of partnering banks or the post office aged 18 to 50 years are eligible to participate in this initiative. If
An individual may have bank or post office accounts in one or more locations.
People can only join the plan if they have one bank or post office account. The primary KYC for a bank or post office account is Aadhaar. For premium deduction, the account holder must also enable the auto-debit function on the account.
The Features and Benefits of PMJJBY
Under this program, the policyholder pays Rs 436 a year for a term insurance cover of Rs 2 lakh, which is paid to the policyholder’s family in the event of death due to any cause.
According to the rules, the premium is auto-debited in one payment from the subscriber’s bank account on or before May 31 of each coverage term under the program, based on the option he supplied.
The premium is debited automatically from the policyholder’s account.
at the time of enrolling, debit’ facility in one installment, as per the choice supplied
PMJJBY is a plan created by PMJJBY.
Of the Rs 436, Rs 395 goes to the insurer, while Rs 30 is reimbursed to the agent or bank for charges. The remaining Rs 11 repays the participating bank for administrative costs.
-After 45 days of signing up for the PMJJBY Scheme, the risk cover becomes effective.
