Pmjjby: Secure Your Loved Ones with This Scheme

Do you know the full form of pmjjby? Are you aware of the same? Well, if not, then don’t worry. We are here for you to help you out. it is scheme of government known as Pradhan Mantri Jeevan Jyoti Beema Yojna. It aims to provide insurance schemes and claims to the individuals of age 18 to 50. It offers several benefits to the hosts, including the sum of approximately Rs.2 lakhs in case of death of the policyholder. Moreover, we are going to discuss about the same in deep. Well, we understand you might be having several questions regarding this scheme. But don’t worry, we will try to provide you with the best information available to us. Further, the blog is going to very informational for all of you. Thus, stay connected with us through this blog. So, lets not waste more time. Let’s get started.

About Pmjjby

Pmjjby is known as Prime Minister Jeevan Jyoti Beema Yojna. It provides you an assurance for the financial security of your loved ones. It is launched by government of india to provide initiative schemes and insurance to the policy holders. Moreover, it offers benefits and insurance amount up to Rs 2 lakh to the policy holders. Further, in case of death of the policyholder, the amount is provided to the closest family member of the policy holder.

Overview: pmjjby

Aspects	Description
Scheme Name	Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme
Launched on	June 1st 2015
Purpose	Provide affordable life insurance coverage to individuals for financial security.
Coverage	Renewable one-year term life insurance plan.
Premium	Rs. 436/-
Eligibility	Individuals aged 18 to 50 years with an active savings bank account.
Sum Assured	Rs.2 lakhs
Enrollment Process	Visit participating bank branches, fill out the form, provide auto-debit consent, and maintain balance.
Renewable Policy	Policy can be renewed annually, until the policyholder reaches the age of 55 years.
Benefits	Financial security, easy enrollment, renewable policy.

 Source – acko.com

Features of Pmjjby

• Those who are of age 18-50, are eligible to apply in this scheme.
• After registering, policy holders are provided of benefits insurance schemes for about one year. Moreover, they can renew the benefits annually.
• Further, in case of death of the policyholder, the nominee is eligible to get a sum of Rs.2 lakhs. This can help the family getting the financial support in the difficult times.
• The amount is automatically credited to the account of the policyholders. The amount is transferred conveniently and hassle free.
• Tax benefits are offered to the policy holders under the section 80C of the Income Tax Aid.
• The scheme offers benefits for about one year. However, the scheme can be renewed annually. It allows policyholders to protect their loved ones and provide them a sense of security.
• The government scheme is available across all the states and union territories of India.
• It does not require any medical examination to enroll in this insurance scheme. Thus, it is easier for the individuals to get enrolled in this scheme.

Pro rata premium payment

if you buy the policy in after May, then the premium will reduce and will be calculated on the basis of the remaining months. The table is given below showing the premium payable on the pro rata basis. Have a look at it.

Months

Months	Premium payable on pro rata basis
June, July and August	Rs.436
September, October and November	Rs.342
December, January and February	Rs.228
March, April and May	Rs.114

Benefits

• By using this scheme, you can exempt from paying the taxes by paying the premium of its policy.
• Moreover, you can temporary deactivate your account and scheme. Further, you can later join the scheme as soon as you start paying the premium.
• It offers various benefits of scheme and pays the amount of Rs.2 lakhs to the policyholder. However, in case of death of the policy holder, the sum amount is given to nominee of the policy holder.
• Further, the premium payable is just Rs.436.
• Additionally, you can renew the policy as soon as it expires. Moreover, you don’t need to remember every time to renew the policy. It premium amount will be auto-debited from your account.

Eligibility Criteria

• To avail this scheme, you must be of 18 to 50 years of age only then you will be eligible to apply to this scheme.
• You must have one valid bank account so that the auto-debit function can automatically deducts the premium amount. You don’t have to remember to pay the premium every time.  

How to check policy status online?

• Step 1 – Go to the official website of your bank and sign in to your bank account.
• Step 2 – Go to the Pmjjby section and enter the required details.
• Step 3 – Afterwards, type your Pmjjby application number and tap on submit to view its status.

Final Thoughts

In brief, Pmjjby is the best policy to protect your loved ones and give them a tension free future. Moreover, the amount of the premium payable is very less and the benefit availed is much better. Thus, it is a good scheme if you want to give a safe and secure future to your family. So, that’s all in this article. we have provided you a lot of info in this blog. Moreover, you can share this article with your family and relatives. Further, you can comment below if you have any queries regarding the same. We would love to hear from you. See you in the next blog. Till then, bye. Have a nice day.