Answered on April 05,2019
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one year life insurance scheme, renewable from year to year, offering coverage for death due to any reason and is available to people in the age group of 18 to 50 years( life cover upto age 55) having a savings bank account who give their consent to join and enable auto-debit.
Under PMJJBY scheme, life cover of Rs. 2 lakhs is available for a one year period stretching from 1st June to 31st May at a premium of Rs.330/- per annum per member and is renewable every year. It is offered / administered through LIC and other Indian private Life Insurance companies. For enrolment banks have tied up with insurance companies. Participating Bank is the Master policy holder.
Details of the Jeevan Jyoti Bima Yojana are provided below.
Answered on April 04,2019
- The policy provides life coverage for 1 year.
- The insured can renew the policy every year.
- According to one’s own choice, the insured can walk out of the scheme at any time and rejoin it in future.
- The policy offers a maximum sum assured of Rs2 lakh.
- As compared to the other term insurance policy the plan offers very low premium rates per year i.e. Rs. 330. Moreover, the premium rate is equal for all age groups ranging from 18 to 50 years.
- The claim settlement process offered by the policy is very simple and subscriber friendly.
- In case you fail to purchase the scheme in the initial years you can join the policy in the subsequent years by paying the annual premiums and submitting a self-attested health certificate.
- There are certain cases under which the death benefit offered by the policy is terminated:-
- If the insured person is above 55 years.
- The policy holder is insured through different bank accounts.
- If the insured has inadequate balance in saving bank account to keep the insurance in force.