Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a pure term insurance scheme launched by Governament of India at a very low premium mainly for the growth of the poor and low income section of society.
Features of PMJJBY:
- The premium is just ₹330 per annum and it gives sum assured of ₹2 lakhs in case of death of individual
- The policy period is 1 year and it can be renewed every year by paying the premium.
- Cheapest term plan available till date
- One can walkout of the scheme and can rejoin later in future.
- The minimum age is 18 and maximum age is 50 years.
How to apply for PMJJBY:
- One can take this insurance from any bank(should have account with that bank) or insurance company
- The cover period will be from June 1 to May 31 next year and has to be renewed every year in May to continue with this policy
- You can set auto debit facility with bank where they will debit the premium amount yearly
- You can apply by visiting bank or insurance office like LIC or you can apply via online mode
This plan is very beneficial to provide security to family of insured in case of any eventuality and this policy is simple and very easy to apply. and this policy is also very cheap as compared to other term insurance plans.
Also note that there are some policies with higher premiums and coverage also will be same according the premium offered for the policy. I will be explaining all the policies and benefits in the subsequent articles, so don’t forget to follow us on social media platforms to get latest info of various schemes.