Outlook Money
PMJJBY is a life insurance scheme with coverage for a one-year duration. It is renewed on an annual basis. In this, life insurance cover is available for death due to any reason. This scheme provides life cover till the age of 55 years.
Citizens between 18 to 50 years of age can take advantage of this scheme. To avail of the benefits of this insurance, customers have to pay a premium of only Rs 436 annually.
To avail of the benefits of this scheme, it is necessary to have a bank account. The insurance may be cancelled due to the closure of the bank account or insufficient balance in the account at the time of premium deduction.
The objective of this scheme is to provide life insurance coverage to people at a very low cost. It was started on May 9, 2015, by the government led by Prime Minister Narendra Modi.
The annual premium of PMJJBY is only Rs 436. If someone joins PMJJBY in the middle of the year, the premium amount will be decided based on the date of application and not on the date of deduction of money from the account.
For registration in PMJJBY, the application can be made by visiting any nearest bank. If one wants, one can also get help from a bank friend or insurance agent.
Compiled by Syed Muskan