May 10, 2022: Prime minister Narendra Modi today extended his good wishes to all the beneficiaries of the Pradhan Mantri Jeevan Jyoti Bima Yojana on completion of eight years of the government-led insurance scheme.
Responding to the tweet of the finance ministry, the PM tweeted: “The #JanSuraksha schemes launched 8 years ago have been a source of strong support for crores of Indians. They have provided an effective social security cover to the people. My best wishes to all the beneficiaries.”
Discussed in this guide are some key aspects of the scheme.
Scheme
The PMJJBY is a one-year life insurance scheme offering coverage for death due to any reason. It is renewable from year to year.
Eligibility
People aged 18 to 50 years with an individual bank or a post office account can enrol for the scheme. Those who join the scheme before completing 50 years of age can have the risk of life covered up to age of 55 years upon payment of regular premium.
Cover and premium
The scheme provides life cover of Rs 2 lakh in case of death due to any reason against a premium of Rs 436 per annum.
Enrolment
Enrolments under the scheme can be done by visiting the branch/BC point or website of the bank of the account holder or at the post office in case of post office savings bank account.
Premium payment
The premium under the scheme is auto debited every year from the subscriber’s bank account, based on a one-time mandate from the account holder.
Subscribers in 2023
As on April 26, 2023, total enrolments under the scheme stood at over 16.19 crore. An amount of over Rs 13,290 crore has been disbursed for 664,520 claims, official data show.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
