Insurance Schemes: Pradhan Mantri Jeevan Jyoti Bima Yojana Gives Financial Assistance of Upto Rs 2 Lakh

15 Dec, 2023 Author: Ayushee Joshi

Insurance Schemes: The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme was introduced by the government to provide financial assistance to people facing difficult times. Under this scheme, on the death of the insured, the nominee or family gets an amount of Rs 2 lakh, by paying an annual premium. You can take the policy form from your bank. The rest of the work is done by the bank after you fill out the form.

How To Avail for PMJJBY

This insurance plan is available to anyone between the ages of 18 and 50. To purchase PMJJBY, a yearly premium of Rs 436 is required, i.e., a monthly expenditure of around Rs 36. So you can benefit from the scheme by saving just Rs 36 per month. This insurance plan’s coverage period is from 1st June to 31st May, which means you can buy it at any time of year but will only be covered until 31st May. You will have to renew it again on June 1st. If the insured dies during the policy term, the family receives Rs 2 lakh in financial assistance.