Know About PMJJBY – Life Insurance Cover Scheme!

Dear readers,

In this article we provide you information about Pradhan Mantri Jeevan Jyoti Bima Yojana, which will help you in your studies as well as in your upcoming exams. Hope you like the article. 

Mantri Jeevan Jyoti Bima
It is a low premium life insurance scheme which was announced by Finance Minister
Arun Jaitely in the Union Budget 2015/16. The scheme will also be linked with
the Pradhan Mantri Jhan Dhan Yojna.

Eligibility: Person with the age group of 18 years to 50 years and
have bank account are eligible for the scheme. If the account is opened before
attaining the age of 50 years, the life cover would remain intact up to the age
of 55 years, if premium is paid regularly.

Annual Premium: Premium payable for this scheme is Rs.330 per year
i.e. less than Rs.1 per day.

How to avail the
benefit of this scheme?

First step is to link your Aadhar card with the bank
account. After linking Aadhar card with bank account, , a simple form is to be
filled every year and to be submitted to the bank before 1st of June, in order
to avail the benefit of this scheme.

Key points of the

1. The payment of premium will be directly auto-debited
by the bank from the subscribers account.

2. Risk coverage of Rs.2
Lakh in case of death for any reason.

3. The scheme will be offered
by Life Insurance Corporation and all other life insurers who are willing to
join the scheme and tie-up with banks for this purpose.

4. The policy holder is required to renew the policy each year and the
premium will be auto-debited from his bank account.

5. Nominee
name is to be given in the form along with relationship. In case the nominee is
minor, name of the guardian is also to be given.

6. Government contribution towards
this scheme will be decided separately each year. The contribution will come
from the unclaimed money lying idel in various public welfare fund.

7. The premium paid will be tax-free
under section 80C and also the proceeds amount will get tax-exemption u/s 10(10D).