Pradhan Mantri Jeevan Jyoti Bima Yojana

What is “Pradhan Mantri Jeevan Jyoti Bima Yojana”?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme aimed at enhancing social security for individuals in India. Launched on May 9, 2015, by Prime Minister Narendra Modi, this scheme offers affordable life insurance coverage to ensure financial protection for families in the event of the policyholder’s death.

Benefits of “Pradhan Mantri Jeevan Jyoti Bima Yojana”

Benefit Description
Affordable Premium
Annual premium of just INR 436 per member.
Substantial Coverage
Life insurance coverage of INR 2 lakhs.
Easy Enrollment
Simple enrollment process through banks and insurance companies.
Wide Accessibility
Available to all Indian citizens with a savings bank account.
Automatic Renewal
Policy is automatically renewed every year upon premium payment.
Tax Benefits
Premium payments qualify for tax deductions under Section 80C.

Official Website

Eligibility for “Pradhan Mantri Jeevan Jyoti Bima Yojana”

Criteria Details
Age 18 to 50 years.
Bank Account
Must have a savings bank account.
Health Condition
Should provide a self-certificate of good health at the time of enrollment.
Premium Payment
Annual premium of INR 436 must be paid.

How to Apply for “Pradhan Mantri Jeevan Jyoti Bima Yojana”

  1. Visit Your Bank: Go to the bank where you hold a savings account.
  2. Fill the Form: Obtain and fill the PMJJBY enrollment form.
  3. Submit Documents: Provide the required documents (see next section).
  4. Pay Premium: Pay the annual premium of INR 436.
  5. Automatic Renewal: Ensure the premium is deducted annually from your account for continuous coverage.
READ MORE:  Pradhan Mantri Uchchatar Shiksha Abhiyan (PM-USHA)

Documents Required for “Pradhan Mantri Jeevan Jyoti Bima Yojana”

Document Description
Enrollment Form
Duly filled PMJJBY enrollment form.
Aadhar Card
Proof of identity and address.
Bank Account Details
Copy of the savings bank passbook or account details.
Health Self-Certificate
Declaration of good health.

How to Check Application Status

  1. Contact Your Bank: Reach out to your bank where you applied for the scheme.
  2. Visit Bank’s Website: Check the application status through the bank’s online portal.
  3. Customer Service: Call the customer service number of the bank for assistance.

Sources and References

Common FAQs about “Pradhan Mantri Jeevan Jyoti Bima Yojana”

Q1: What is the annual premium for PMJJBY?

A: The annual premium for PMJJBY is INR 436.

Q2: Who is eligible for PMJJBY?

A: Indian citizens aged 18 to 50 with a savings bank account are eligible.

Q3: What is the coverage amount under PMJJBY?

A: The scheme provides life insurance coverage of INR 2 lakhs.

Q4: How can I apply for PMJJBY?

A: You can apply by visiting your bank, filling out the enrollment form, submitting required documents, and paying the annual premium.

Q5: Is the premium paid for PMJJBY eligible for tax benefits?

A: Yes, the premium qualifies for tax deductions under Section 80C of the Income Tax Act.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *