PMJJBY: You will get 2 lakh rupees for spending only 330 rupees in a year, know how you will benefit

Pradhan Mantri Jeevan Jyoti Bima Yojana: India Post Payments Bank (IPPB) has launched Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY: Pradhan Mantri Jeevan Jyoti Bima Yojana) in association with PNB MetLife India Insurance. This scheme provides life cover in case of death of the insured under any circumstances.




According to India Post Payments Bank managing director Venkataramu, products like Pradhan Mantri Jeevan Jyoti Bima Yojana help develop the culture of investing in affordable insurance among people. He said that this scheme promotes the mission of the government in popularizing universal social security among the needy and deprived sections of the society.

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How to apply to avail the scheme

• This scheme will be optional for all savings account holders with India Post Payments Bank. To open an account under Pradhan Mantri Jeevan Jyoti Bima Yojana, documents related to Aadhar card, home address, KYC will have to be submitted.
• To enroll for PM Jeevan Jyoti Bima Yojana, the age of customers should be at least 18 years and maximum age limit is 50 years.
• A fixed sum of Rs 2 lakh is payable to the nominee on the death of the insured member as a benefit under the scheme and no maturity benefit or surrender benefit is payable.
• Customers will have to pay a premium of Rs 330 annually. This plan will be for one year, which will go forward year after year.

• There is no need of any medical examination to buy insurance under the Prime Minister Jeevan Jyoti Insurance Scheme.
• Under Prime Minister Jeevan Jyoti Bima Yojana, the minimum age for taking a term plan is 18 years and maximum age is 50 years. The maturity age of this policy is 55 years.
• Term plan has to be renewed every year under the Prime Minister Jeevan Jyoti Insurance Scheme. Assured amount in this is Rs 2,00,000.
• If the member dies during the period of insurance cover, then his family (nominee) will get an amount of Rs 2 lakh.
• Even if the person taking insurance under the scheme has paid premiums to several banks, the total death benefit cannot be more than Rs 2,00,000.

• Any person can choose Pradhan Mantri Jeevan Jyoti Bima Yojana for a year or more. If a person has opted for long term insurance, then his bank will deduct the premium amount every year from the bank’s savings account.
• You will start getting the facility of Pradhan Mantri Jeevan Jyoti Bima Yojana from the day the premium amount is deducted from your bank account.
• Under the Prime Minister Jeevan Jyoti Bima Yojana, if the policy is purchased on any date, its coverage for the first year will be till May 31 next year.
• In later years, the cover of Pradhan Mantri Jeevan Jyoti Bima Yojana can be renewed on June 1 every year by paying the premium amount from the bank account.

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