The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) launched by PM Narendra Modi government is one-year term life insurance policy. This scheme offers coverage of Rs Two Lakhs with a premium of Rs 330 Per annum. The type of insurance policy is Term insurance which provides huge financial protection to the nominee if the policyholder dies during the policy term. This is a pure term of insurance policy which covers death.
PMJJBY is available for the people who are in the age between 18 to 50 years. To avail the benefit it is mandatory to link a bank account into Aadhar card under this scheme. If anyone can avail this policy before 50 years old, he/she can get the risk coverage till the age of 55 years provided they pay a premium per annum.
The premium will be auto-debited in a single instalment from the policy holder’s bank account on or before May 31 of each year. The scheme is renewable every year which means one needs to pay an entire yearly premium on or before June 1. Those who are joining after May 31, need to pay the entire premium in one instalment. The policyholder can get out of the scheme and join it back again at any time.
As on 31st March 2019, cumulative gross enrollment reported by banks subject to verification of eligibility, etc. is over 5.91 crore under PMJJBY. Out of the total of 145763 registered claims under Pradhan Mantri Jeevan Jyoti Bima Yojana, 135212 have been disbursed, said the government.