Another applaudable scheme by our Prime Minister Narendra Modi Pradhan Mantri Jeevan Bima Yojana (PMJJBY) is a government-backed life insurance scheme in India.The PMJJBY insurance scheme has insurance coverage of Rs 2 lakh with merely a premium of Rs 330. Any Indian resident within the age bracket of 18-50 years old can avail of this scheme. But the scheme will only be linked to bank accounts opened under Pradhan Mantri Jan Dhan Yojana.
The cover period under this scheme goes on each year from 1st June to 31st May. For this year, it will start from 1st June 2018 to 31st May 2019. All those wanting to get enrolled under this scheme have to send their consent to their respective banks by 31st May 2018.
The main administrator for this scheme is Life Insurance Corporation(LIC) in addition to any other private life insurance companies. One can also visit their banks as banks have tied up with insurance companies for the same. Also, if you are having multiple accounts then you can only register for this scheme using one of them. It’s better to register by 31st of a year but if you are not able to then you can also join at any time of the year, but the renewal date will be again 1st June so it’s better to get a life cover for the entire 12 months.
Also, if you have exited from this scheme at any moment due to any reason and wish to re-enroll, you can join any time by paying the annual premium.
The enrolment process is kept very simple and easy. Either you can fill in the form that you can take from your bank or some banks have even initiated an SMS-based enrolment process too. Also, it can be done using internet banking.
The advantage is that you can pay the premium easily using auto-debit from your linked account. The premium is usually debited at the start of your year of insurance. You will also have to present a fitness certificate by a proficient medical practitioner for getting yourself linked with this scheme.
As per the rules under the PMJJBY, the insurance of death comes to a total cost of 2 lakh rupees and not more than that. This finally concludes that 2 lakh Rs. will be paid to the nominee of the dead if he meets the eligibility requirements.