Pradhan Mantri Jeevan Jyoti Bima Yojana: Benefits, Details, Eligibility

Introduced in 2015, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme. Aimed at offering life insurance coverage to the people of India, especially those from the low-income group, this scheme has brought financial security to countless families.

This article delves into the Pradhan Mantri Jeevan Jyoti Bima Yojana details, discussing its features, eligibility criteria, benefits, and how to apply.

What is Pradhan Mantri Jeevan Jyoti Bima Yojana?

Pradhan Mantri Jeevan Jyoti Bima Yojana or PMJJBY is a one-year life insurance scheme, renewable annually, that offers coverage for death due to any reason. It is a part of the government's social security initiatives and offers life insurance of INR 2 Lakhs for an extremely affordable premium of INR 330 per annum.

Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits:

Pradhan Mantri Jeevan Jyoti Bima Yojana benefits individuals in the following ways:

1. Low Premium: One of the most significant benefits of PMJJBY is the low premium amount. At just INR 330 per year, this scheme is accessible to majority of the Indian population.

2. High-Risk Coverage: PMJJBY provides a high-risk cover of INR 2 Lakhs in case of the policyholder's death due to any cause.

3. Easy to Enroll: The enrollment process for this scheme is quite straightforward. You can get the PMJJBY form from the bank, or download it. A simple and hassle-free process has been established to ensure maximum participation.

4. Auto-Debit Facility: You can use the auto debit facility for premium payment of PMJJBY. The premium for PMJJBY is automatically debited from the policyholder's bank account. This eliminates the chances of missing out on the premium payment and ensures the policy remains active.

5. Tax Benefits*: Premiums paid towards PMJJBY qualify for tax benefits* under Section 80C of the Income Tax Act, 1961. Also, the payout received by the nominee upon the death of the insured is tax-free under Section 10(10D)1.

6. No Health Check-Up Required: There's no requirement for a pre-policy health check-up. However, individuals who join the scheme after the first 45 days of implementation or after their first renewal, need to submit a self-certification of good health.

Who Can Apply for PMJJBY?

Any individual between the ages of 18 to 50 years who has a savings bank account can join this scheme. The coverage under this policy ceases when the individual reaches 55 years of age, provided the policy is renewed every year without fail.

Applying for Pradhan Mantri Jeevan Jyoti Bima Yojana

To apply for PMJJBY, one can approach their bank and fill out the PMJJBY form, available in several languages. After filling and submitting the form, the life insurance cover will be provided through the respective insurance company tied up with the bank. Once the form is submitted, and the first premium is deducted, a confirmation message is sent to the insured's mobile number.

In conclusion, the Pradhan Mantri Jeevan Jyoti Bima Yojana is a boon for individuals, especially those from the lower-income group, providing them with a life cover at a very nominal cost. This initiative by the Government of India is a commendable step towards creating a financially secure society where every individual has access to affordable life insurance coverage.