PM Jeevan Jyoti Bima Yojana: A government term insurance starting at Rs 40 per month

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government initiative that offers the opportunity for securing your future financially. It is a lucrative investment scheme that comes with several benefits. Under this scheme, in the event of the policyholder’s demise, the nominee or family receives a sum of Rs 2 lakh. 

Term insurance plan

PMJJBY is a term insurance plan. As is the case with regular term insurance plans, PMJJBY also offers benefits only in the event of the policyholder’s demise. It provides one-year life insurance coverage and it needs to be renewed annually.

Eligibility

PMJJBY was launched in 2015 as an initiative by the Indian government to provide life insurance coverage to people between the ages of 18 to 50 years. This insurance plan requires an annual premium of Rs 436. Simply stated, if you invest Rs 40 per month in this scheme, you will receive an insurance coverage of Rs 2 lakh. 

Policy premiums

The premium for the scheme is typically automatically deducted from the policyholder's bank account between May 25 to May 31. However, the policyholder must provide their consent for this process. The annual premium for PMJJBY is Rs 436, with the insurance period beginning from June 1 of a year to the May 31 of next year. Risk cover under the scheme starts after 45 days of buying the scheme. 

How to claim

To get PMJJBY claim, visit the respective insurance company or bank. Provide documents like the death certificate of policyholder and discharge receipt, within 30 days of the incident. 

How to get the benefits

You can purchase PMJJBY insurance plan through Life Insurance Policy (LIC) and various other private life insurance companies. Many banks have partnerships with these insurance providers. You can receive more information about these plans directly at the bank.

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