What are the features of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

Following are the features of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) that describes it more efficiently:

1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides the death coverage of Rs. 2,00,000 in the case when the insured person gets died. 
2. It does not offer any surrender benefit or maturity as it is a pure term insurance plan.
3. In a situation when a person discontinued this scheme due to any reason, then he/she can re-join it. 
4. The person who wants to enrol in this scheme should have a saving bank account linked with its Aadhaar Card otherwise it will not be eligible to enrol in the PMJJB scheme. 
5. If the policyholder has insufficient funds in its bank account, this policy will be terminated. Hence, always keep in mind to maintain the balance in the bank account that is linked with the PMJJBY. 
6. Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme is one-year life insurance that renews every year.
7. The scheme is available to those who are between the ages of 18 and 50 years with a savings bank account.
8. The scheme seeks for an annual premium from the insured members that will automatically be deducted from the member’s bank accounts.
9. Do bear in mind that the scheme provides a term plan wherein the insurance company will only pay the insurance amount to the member’s family upon the death of the insured member.
10. The policy gets automatically mature when the insured member reaches the age of 55.
11. Irrespective of the date when the policy was purchased, the policy will last till 31 May of the next year. Henceforth, the policy can be revived on 1 June every year by paying its premium amount from the bank account.
12. GST is exempted from the Pradhan Mantri Jeevan Jyoti Bima Yojana.
13. Do note that the risk cover under PMJJBY will be applicable only after 45 days of enrolment in the scheme.

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