Often, families face a sudden financial crisis due to unexpected accidents or mishaps. Purchasing expensive life insurance isn't affordable for every citizen. Keeping this in mind, the central government has launched the Pradhan Mantri Jeevan Jyoti  Bima Yojana (PMJJBY) to provide  life insurance coverage to every segment of the population at a very low cost .

What is the main objective of this scheme?
The aim of this scheme is to provide life insurance at low premiums to the poor and vulnerable sections of society, so that their families can receive financial support in the event of an unforeseen event.

Key Features and Benefits:
Insurance cover of ₹2 lakh: Under this plan, financial assistance of ₹2 lakh is provided to the family (nominee) of the insured in case of death due to any reason.

Very low premiums: The biggest attraction of this plan is its annual premium, which is only ₹434 per year. This amount is auto-debited directly from your bank account.

Eligibility:

To avail this scheme, the age of the individual should be between 18 to 50 years (cover lasts till the age of 55 years).

It is mandatory for the applicant to have a savings account in a bank or post office.

How to avail the benefits of this scheme?
Applying for this scheme is very easy:

You can fill the form of this scheme by visiting any branch of your bank where you have an account.

Apart from this, most of the banks also provide the facility to apply for PMJJBY instantly from the comfort of home through their mobile banking (Net Banking / Mobile App).

Important Note: Since the premium for this plan is deducted from your bank account every year, ensure that you always maintain sufficient balance (minimum ₹434) in your account to ensure that your insurance cover remains active.

PC: ABP NEWS