Term Insurance: Even those earning Rs 5000-7000 per month can easily buy this term insurance cover, it is so cheap...

social media

The difficult times of Corona period have definitely taught everyone one thing that we should be prepared for every situation. No one knows what will happen to whom and when. To deal with such unexpected situations, not only is an emergency fund necessary, but health insurance, term insurance, etc. are also very important. Health insurance helps you in times of illness and term insurance provides financial help to your family after you.


Generally, due to term insurance being a bit expensive, poor, needy, and low-income people are not able to buy it. For such people, the government's Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) can be helpful. This is a term insurance plan that provides financial support to your family in your absence. The premium of this scheme run by the government is so low that even those earning Rs 5000-7000 per month can easily buy it. Know the special things related to this scheme.

Will buy after saving Rs 36 per month
Under this scheme of the government, in case of the death of the insured, his family is given financial assistance of up to Rs 2 lakh. This help can fulfill many needs of the family in difficult times. If a person wants to take advantage of this scheme of government, then he has to buy this plan by paying only Rs 436 annually. 436/12=36.3 i.e. if a person saves around Rs 36 every month, then he can easily pay its annual premium.

Who can buy the plan?
Any person between 18 to 50 years old can buy this insurance plan. The cover period of the PMJJBY insurance plan is from 1st June to 31st May, that is, you can buy it in any month of the year, but you will get the coverage only till 31st May, and on 1st June you will have to renew it again. To take advantage of the scheme, you must have a bank account. If you have chosen Automatic Renewal while registering under this scheme, then every year between May 25 and May 31, Rs 436 of the policy is automatically deducted from your account.

No medical examination required
You do not need any kind of medical test to take this policy. Some specific diseases are mentioned in the consent letter of the insurance policy, you have to declare in the declaration that you are not suffering from those diseases. If your declaration proves to be wrong, then your family does not get the benefit of this scheme. Apart from this, tax exemption under section 80C can also be availed on the amount deposited as an insurance premium in this scheme.

How to take advantage of it
If you want to take this policy, then you can take its form from the bank where you have your account. Through the form, consent is taken from the account holder whether he is ready to deduct money from his account for the policy or not. After this, the rest of the work is done by the bank itself. Apart from this, some banks have started providing the facility of this policy through net banking and some through SMS also.

Registration Terms
     If you are going to apply for this scheme of the Government of India, then it is necessary for you to have an Aadhar card, identity card, bank account passbook, mobile number, and passport-size photo.

     You have to link your bank account number with your Aadhaar number because your identity is verified through Aadhaar.

     You can avail the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana through only one bank account. This policy cannot be linked to any other account.

     The benefit of insurance coverage is available only after 45 days of taking the policy. However, the condition of 45 days is not valid in case of death in an accident.


How can a nominee claim?
The nominee has to make a claim in the bank where the person concerned was insured. A death certificate has to be submitted and other important documents have to be given along with the discharge receipt. According to the rules, it is necessary to file a claim within 30 days of the accident.
PC Social media