Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana 

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed insurance scheme launched in May 2015. The scheme is designed to provide life insurance coverage to individuals in the age group of 18 to 50 years. The primary objective of PMJJBY is to ensure financial security to the families of the insured in case of their unfortunate demise.

The scheme is available to all individuals who have a savings bank account and have given their consent to join the scheme. The premium for the policy is very low, at Rs. 330 per annum, making it accessible to a large section of the population. The policy provides life insurance coverage of Rs. 2 lakhs in case of the unfortunate death of the policyholder. The scheme is renewable annually and is valid for one year from 1st June to 31st May of the subsequent year.

The enrollment period for the PMJJBY scheme is from 1st June to 31st May of every year. Individuals can join the scheme by submitting the application form along with the premium amount to their respective banks. The premium amount is automatically debited from the individual's savings account on the specified date.

In case of the unfortunate demise of the policyholder, the sum assured of Rs. 2 lakhs is payable to the nominee of the policy. The nominee can be anyone chosen by the policyholder, and they need to submit the death certificate of the policyholder along with the claim form to the bank where the policy was enrolled.

The PMJJBY scheme also provides a disability benefit of Rs. 2 lakhs in case of total and irrecoverable loss of both eyes or hands or feet due to an accident. The scheme also covers partial and irrecoverable loss of eyes or hands or feet, where the benefit payable is Rs. 1 lakh.

PMJJBY is a no-frills insurance scheme that provides affordable life insurance coverage to the masses. The scheme is designed to target the underprivileged sections of the society who do not have access to life insurance coverage due to financial constraints. The government has also made efforts to create awareness about the scheme through various campaigns and initiatives.

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The PMJJBY scheme is managed by the Life Insurance Corporation of India (LIC) and other private insurance companies that are empanelled by the government. These insurance companies are responsible for the enrollment of the policyholders, collection of premiums, and settlement of claims. 

The PMJJBY scheme is a step towards achieving the goal of financial inclusion and social security for all. It provides a safety net to the families of the insured in case of their unfortunate demise, thus ensuring their financial stability. The scheme has gained popularity in the last few years due to its affordability and accessibility.

In conclusion, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed insurance scheme that provides affordable life insurance coverage to individuals in the age group of 18 to 50 years. The scheme is designed to ensure financial security to the families of the insured in case of their unfortunate demise. 

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The scheme is managed by the Life Insurance Corporation of India (LIC) and other private insurance companies empanelled by the government. The scheme has gained popularity due to its low premium amount and accessibility, and it is a step towards achieving the goal of financial inclusion and social security for all.