What are the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a life insurance scheme that is valid for one year, is renewable from year to year, providing coverage for death. PMJJBY is purely a term insurance policy that covers only mortality without any investment component. The scheme is offered and administered through LIC (Life Insurance Corporation of India), and other Life Insurance companies who are willing to provide the product on similar terms with required approvals/tie-ups with Banks for this purpose.
Before enrolling in any scheme, one should gain whole knowledge about its features, premium value, claim, benefits, etc. Following are the benefits of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides an insurance cover of Rs. 2,00,000 in case of the death of the insured person.
One can enjoy the benefit of Tax deduction too under this scheme. There is a tax deduction under Section 80C of ITA is eligible for the premium paid towards the policy.
Jeevan Jyoti Bima Yojana does not provide any maturity or surrender benefit as it is a pure term insurance plan.
Pradhan Mantri Jeevan Jyoti Bima Yojana provides risk coverage for one year, and can also be renewed yearly.