PMJJBY or, the Pradhan Mantri Jeevan Jyoti Bima Yojana

PMJJBY or, the Pradhan Mantri Jeevan Jyoti Bima Yojana

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The Pradhan Mantri Jeevan Jyoti Bima Yojana, or PMJJBY, is open to anyone between the ages of 18 and 50 who has a bank account and agrees to join or enable auto-debit. The primary KYC for the bank account is Aadhar. The Rs. life insurance2 lakh is renewable for a one-year period beginning June 1 and ending May 31.

Risk inclusion under this plan is for Rs.2 lakh in the event of the insured person's death for any reason. Rs. 436 is the premium.436, to be deducted in one automatic payment from the subscriber's bank account on or before May 31 of each year during the scheme's coverage period. The Life Insurance Corporation and all other life insurers that are willing to offer the product on comparable terms and tie up with banks for this purpose are offering the scheme.

The Pradhan Mantri Jeevan Jyoti Bima Yojana, or PMJJBY had enrolled over 13.11 crore people as of June 30, 2022.There are no surrender or maturity benefits with this plan. Participants may include post offices or banks as Master policyholders. The insured member's enrollment in the scheme or the first of June, whichever comes first, is the start date of the insurance coverage, which lasts until May 31 of the following year. Depending on the option selected when enrolling in the program, the premium will be deducted from the account holder's bank or Post Office account in one payment. For new individuals signing up for the plan, protection cover won't be accessible for death (other than because of mishap) happening during the initial 30 days from the date of enlistment into the plan (lien period), and no case will be permissible if demise (other than because of mishap) happens during the lien time frame. Tax advantages: Section 80C of the Income Tax Act provides a tax deduction for the policy's premium.

Benefits of the Pradhan Mantri Jeevan Jyoti Bima Yojana, or PMJJBY

1. PMJJBY gives a passing inclusion of Rs 2,00,000 to the recipient of the strategy for the situation of the unexpected downfall of the protected individual.

2. Since PMJJBY is solely a term insurance plan, there is no maturity or surrender benefit.

3. According to section 80C of the Income Tax Act, the policy's premium is eligible for tax benefits.

4. A one-year risk coverage is provided by PMJJBY. However, since this policy is renewable, it can be renewed annually.