Answered on April 04,2019
Benefits of Jeevan Jyothi Beema Yojana are as follows.
- Death Benefit- In case of demise of the insured person the PMJJBY provides a death coverage of Rs 2,00,000 to the beneficiary of the policy.
- Maturity Benefit- As this is pure term insurance plan, PMJJBY does not offer any maturity or surrender benefit.
- Tax Benefit- The premium paid towards the policy is eligible for tax deduction under section 80Cof Income Tax Act. In case the insurance holder fails to submit form 15 G/15 H then any life insurance proceeds exceeding Rs. 1,00,000 will be taxable by 2%..
- Risk Coverage- PMJJBY provides a risk coverage of 1 year. Nevertheless, as this is renewable policy it can be renewed yearly. Moreover, the policyholder can also opt for a longer duration more than a year by auto debit option linked to your saving bank account.
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