What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) was first introduced by India's Finance Minister Arun Jaitley in 2015 Budget speech, and later on, it was launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata. In May 2015, 80% of India's population were not aware of any kind of insurance schemes. By seeking this condition, the government launched a new scheme which is termed as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). It aims for the development of the poor and low-income sections of the society.

PMJJBY is a renewal term insurance scheme that provides a yearly life insurance coverage, in case of the death of the insured person. The policy provides life coverage for one year and provides an insurance cover of Rs. 2,00,000 with at the most affordable premium rate of Rs. 330 per annum. Although it sounds very exciting fact but you should also be aware of exemption of the GST. The GST will be exempted on Jeevan Jyoti Bima Yojana. If you have a Jandhan account, be delighted because the Jandhan account will be linked to this scheme. Don't be disheartened if you don't have Jandhan account because now all bank account holders can take advantage of this scheme through their net-banking service facility or by filling a form that is easily obtained from any bank branches. If you are thinking about the claim, then claim settlement has been made very basic, and subscriber friendly in this policy.

Browse more