Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance scheme of the Government of India that provides life insurance cover in case of death due to any reason. It is a one-year cover, which can be renewed every year. This scheme is offered by banks or post offices. It is operated through life insurance companies. All persons between the age of 18 to 50 years who have an account in banks or post offices can join this scheme. They can avail its benefits.
What are the benefits
Under this kind of term insurance scheme, an annual term life insurance cover of ₹2,00,000 is provided to all customers aged 18-50 years. This scheme covers death irrespective of the manner in which it occurs. For this scheme, customers have to pay a premium of just Rs 436 per year, which is auto debited from their bank account. Keep in mind that for this scheme you must have a bank account or a post office savings bank account.
This period is valid for
The coverage under PMJJBY is valid for one year from 1 June to 31 May on payment of annual premium. One thing to keep in mind about the premium of the scheme is that if you take this cover in June, July and August, then you have to pay a premium of 436. If you join the scheme in September, October and November, then the premium will be 342 and if you join this scheme at the end i.e. in December, January and February, then the premium will be 114 rupees. That is, even if you join this scheme late, you will get the cover benefit.
keep this in mind
For first time enrollees, the risk starts from the date of auto debit of premium. However, insurance cover will not be available for death (except due to accident) occurring during the first 30 days (lien period) from the date of joining the plan. In case of death (except due to accident) during the lien period, no claim will be admissible.
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