**Unlocking the Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 2024: Everything You Need to Know**
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a significant step towards enhancing financial security and promoting financial inclusion in India. Launched by PM Narendra Modi on 9th May, 2015, this scheme aims to provide life insurance coverage to individuals at an affordable premium. Let’s dive deep into the key aspects of this scheme.
**Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)**
PMJJBY is a one-year life insurance scheme that offers coverage for death due to any reason. This scheme is renewable from year to year, providing individuals with a crucial safety net.
Individuals in the age group of 18-50 years who have a savings bank or a post office account are eligible to enroll in the PMJJBY. Moreover, people who join the scheme before completing 50 years of age can continue to have the risk of life covered up to the age of 55 years upon payment of the premium.
One of the primary benefits of PMJJBY is the life cover of ₹2 Lakh in case of death due to any reason. Additionally, a 30-day lien clause may be imposed in the scheme, excluding claim cases during the first 30 days from the date of enrollment, except in the case of deaths due to accidents.
Apart from this, the premium of ₹436 will be deducted from the account holder’s savings bank account through the ‘auto debit’ facility in one installment, based on the option given, on or before 31st May of each annual coverage period under the scheme, subject to the availability of funds in the bank account.
Enrolling under the PMJJBY scheme is a simple process. It can be done by visiting the branch/BC point or website of the bank of the account holder, or at the post office in case of a post office savings bank account. The premium under the scheme is auto-debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.
In conclusion, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) plays a vital role in providing financial security to individuals and their families. With its easy eligibility criteria, affordable premiums, and comprehensive coverage, PMJJBY is a crucial step towards ensuring the financial well-being of the people of India.