The welfare of the people is the primary aim of every government. In order to ensure that the life of every citizen is protected financially so, the government announced the scheme Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY). This is basically to create a more interwoven social security system that exists to safeguard people at all times.
The Pradhan Mantri Jeevan Jyoti Bima Yojna therefore is a life insurance scheme provided by the government.
What does the scheme entail?
The Pradhan Mantri Jeevan Jyoti Bima Yojna is available to people who fall in the age group 18-50 years and is therefore an all-encompassing scheme. Those who are interested in enjoying the benefits of the scheme would need to have a bank account and would have to give their consent to join or enable auto-debit.
The primary source of verification under this scheme would be the Aadhar card, which would be used for KYC for the bank account.
Eligibility for the scheme
In order to be considered eligible for the insurance scheme, the account holder should have either completed 18 years of age or should be nearing 50 years of age and should give consent to join the scheme or enable auto-debit. Doing this would enable the applicant to the benefits of the scheme.
What is the premium one would have to pay?
In order to be insured under this scheme, the applicant would have to pay an annual premium of ₹330, as per the earlier guidelines of the Ministry of Finance. This premium would be for a period of one year starting from June 1 to May 31.