Pradhan Mantri Jeevan Jyoti Bima Yojana or in short PMJJBY is an Insurance scheme by Government of India of premium Rs.330/- per annum per member with benefits of Rs.2 lakhs is payable on member’s death due to any reason. This insurance will be a one year cover, renewable from year to year. Initially on launch for the cover period 1st June 2015 to 31st May 2016. This insurance is administered through LIC and other Life Insurance companies and banks.
Pradhan Mantri Jeevan Jyoti Bima Yojana will be launched by Prime Minister of India on 9th May, 2015.
What are requirements to avail this insurance?
- You should have a savings bank account. Aadhar would be the primary KYC for the bank account.
- You aged between 18 years (completed) and 50 years (age nearer birthday)
- You are required to enroll the insurance and give auto-debit consent by 31st May 2015.
What you will get?
- Rs.2 lakhs is payable on member’s death due to any reason with just paying premium of Rs.330/- per annum
How to pay the premium?
- Auto debit from your bank account as per your consent to that bank.