PMJJBY
PMJJBY stands for Pradhan Mantri Jeevan Jyoti Bima Yojana, which is a government-backed life insurance scheme in India. It was launched on May 9, 2015, by the Government of India as part of its social security and financial inclusion initiatives.
The primary objective of PMJJBY is to provide life insurance coverage to individuals at an affordable cost, especially those belonging to economically weaker sections of society. It aims to ensure that families of the insured individuals receive financial support in case of an unfortunate event leading to the loss of life.
It’s important to note that the information provided here is based on the scheme’s details up to my knowledge cutoff. For the most accurate and up-to-date information, it is advisable to refer to the official government sources or consult with relevant authorities.
Features
Eligibility: Available for individuals aged 18 to 50 who possess a bank account. Those who join before turning 50 can continue to be covered until the age of 55, provided they pay the premium.
Premium: The annual premium is Rs 330, which will be automatically debited in a single installment.
Payment Mode: The premium payment will be directly debited from the subscriber’s bank account.
Risk Coverage: In the event of death, the scheme offers a coverage of Rs. 2 Lakh, regardless of the cause.
