Overview

The central government has launched many life insurance schemes. One of those is Pradhan Mantri Jeevan Jyoti Bima Yojana. It has been devised for the upliftment of the poor. It is available for all the adults falling in the age group of 18-50 years. Also, life insurance of Rs 2,00,000 is guaranteed under this scheme yearly, in case there is any death in the family. It is easy to be returned at the rate of Rs. 330 p.a.

Benefits

  • A life coverage of at least 1 year is provided.
  • The insured person can renew the policy yearly.
  • If the individual wants to leave the scheme, he can also do that, and if he wants, he can rejoin in the future.
  • Under this policy, a maximum sum of Rs 2lakh is offered to the customers.
  • As compared to other life insurance policies that are provided, the plan offers very low premium rates per year that is Rs 330. Moreover, the premium rate is equal for all the age groups that fall in the age group of 18-50 years.
  • The claim settlement process that is offered by the policy is quite simple and also subscriber-friendly.

Also Read : Pradhan Mantri Vaya Vandana Yojana

Requirements Or Terms Or Conditions

  • The person who is aged between 18-50 years having a savings bank account can join this scheme through various participating banks.
  • It is not a concern if you possess many bank accounts. A single account itself can access the scheme.
  • If you want to avail the benefits that are offered by the policy, then it is essential for you to link your Adhaar card to the participatory bank account.

Eligibility Criteria

The Yojana is eligible for all those who fall in the age group of 18-55 years. The policy is a term policy that is; it is given for a year. The sum that is assured is Rs 2 lakh. Premium amount of money that is Rs.330 has to be paid p.a.

Other details

  • The death benefit is given that, in case of the death of the insured person, the family is entitled to a total sum of Rs 2,00,000. The family who gets the money is also called as the beneficiary.
  • Maturity benefit is not provided as it is the pure term insurance plan
  • The tax benefit is also provided which is very beneficial for the insurer as well as the rest of the family.
  • Insurance buyers can easily join the scheme after the initial enrollment period that ranges from 31st August 2015- 30th November 2015. The students also have to submit a self-attested medical certificate as proof. This proof ensures that the child is not suffering from any medical illness.

The Yojna is a very beneficial scheme and can be subscribed by merely using an Aadhar card with the participating bank account. The scheme is open for subscription from 1st June 2015- 31st May 2016.

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