Authorities’s flagship PMJJBY scheme marks seventh anniversary; 1-yr time period life cowl gives Rs 2 Lakh insurance coverage at annual premium of Rs 330

The most recent Tweet by PIB India states, ‘PMJJBY offers One-year time period life coverof Rs 2 Lakh, renewable yearly, for a premium of Rs 330 each year,to residents within the age group of 18-50 years. ‘

At the moment marks the seventh anniversary of three social safety (Jan Suraksha) schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).

Below the Pradhan Mantri Jeevan Jyoti Bima Yojana (#PMJJBY), inexpensive life insurance coverage cowl is supplied to folks of 18-50 years age group, particularly the poor and underprivileged, for loss of life as a result of any motive. (1/3) pic.twitter.com/X2rzDZmvmE

— NSitharamanOffice (@nsitharamanoffc) May 9, 2022

The Centre’s flagship life insurance coverage scheme — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and unintended insurance coverage scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY) — have seen enrollments rise to 128 million and 284 million, respectively, in seven years of inception.

The PMJJBY Life Insurance coverage Firm offers life insurance coverage protection of Rs 2 lakh at a price of Rs 330 per thirty days to all account holders aged between 18 and 50 years and has paid out Rs 11,522 crore to 576,121 households. Almost 50 per cent of claims have been paid out for Covid-19 deaths, the Ministry of Finance mentioned in an announcement.

The PMJJBY is on the market to folks within the age group of 18 to 50 years having a checking account who give their consent to affix/allow auto-debit. Aadhar can be the first KYC for the checking account. 

The life cowl of Rs 2 lakhs shall be for the one 12 months interval stretching from 1st June to thirty first Might and might be renewable. Danger protection beneath this scheme is for Rs 2 Lakh in case of the loss of life of the insured as a result of any motive. 

The premium is Rs 330 each year, which is to be auto-debited in a single instalment from the subscriber’s checking account as per the choice given by him on or earlier than thirty first Might of every annual protection interval beneath the scheme. The scheme is being supplied by Life Insurance coverage Company and all different life insurers who’re keen to supply the product on related phrases with essential approvals and tie-up with banks for this goal.

Eligibility Situations:

a) The financial savings checking account holders of the taking part banks aged between 18 years (accomplished) and 50 years (age nearer birthday) who give their consent to affix/allow auto-debit, as per the above modality, might be enrolled into the scheme.

b) People who be part of after the preliminary enrollment interval extending as much as thirty first August 2015 or thirtieth November 2015, because the case could also be, might be required to present a self-certification of fine well being and that he/she doesn’t undergo from any of the crucial diseases as talked about within the relevant Consent cum Declaration type as on date of enrollment or earlier.