High insurance costs in India make it challenging for people to buy insurance. Hence, the government introduced budget-friendly plans, such as the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). With an annual premium of Rs 436, which equals Rs 36 monthly, this scheme aims to offer affordable life insurance to individuals.
Under this scheme, the family receives Rs 2 lakh if the insured person passes away. It is available for individuals aged 18 to 55 years. The scheme operates from June 1 to May 31 annually. Having a bank account is necessary to receive the benefits. If your account is closed or lacks sufficient funds during premium deduction, your insurance might get cancelled.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers life insurance coverage for one year and requires annual renewal. This policy provides a Rs 2 lakh payout to the nominee in case of the insured’s death, regardless of the cause. No medical test is necessary to attain this insurance. However, it is important to mention in the consent letter that you are not suffering from certain specified diseases.
The premium for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) must be paid all at once. The policy runs from June 1st to May 31 every year, and the annual premium is Rs 436. If you enrol in PMJJBY at the beginning of the year, the premium will be based on the date they applied, not when the money is deducted from their account.
The scheme is open to citizens aged 18 to 50 years. If you have several accounts in different banks or post offices, you can only enrol in this insurance using one account. To enrol in PMJJBY, your bank account must be linked to your Aadhaar number.
The Pradhan Mantri Jeevan Jyoti Bima Yojana has recently launched a new auto-renewal feature to help policyholders with their premium payments. Under this scheme, next year’s premium will be automatically deducted from your account after your current policy ends.
If you choose Automatic Renewal, Rs 436 will be deducted annually between May 25 and May 31. Insurance coverage begins after a 45-day waiting period from policy issuance, unless there’s a death due to an accident, in which case the waiting period is waived.
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