Rs. 2 lakhs life insurance coverage with a premium of just Rs. 330 is the important feature of newly launched Pradhan Manthri Jeevan Jyoti Bima Yojana (PMJJBY). The scheme offer one year cover Term Life Insurance Scheme. The policy has to be renewed every year to get the cover for death due to any reason.
The assured sum of Rs. 2 lakhs will be paid to the nominee on the death of subscriber due to any reason. The premium is Rs. 330 per year per each subscriber. The premium will be deducted from the subscriber’s savings bank account through suto debit facility in one installment. You can also give the mandate to the bank to pay the premium till the scheme is in force.
Also See: Atal Pension Yojana Benefits Chart and Registration Details
Eligibility: The persons in the age 18-50 years can join the Pradhan Manthri Jeevan Jyoti Bima Yojana (PMJJBY) scheme. For the cover period is 1st June 2015 to 31st May 2016, the subscribers have to enrol and submit their auto debit option by 31st May 2015 and the date may be extended up to 31st August 2015.
The scheme will be administered through LIC and other Life Insurance Companies of Government of India. The participants bank can engage the insurance companies of their choice for implementing Pradhan Manthri Jeevan Jyoti Bima Yojana (PMJJBY) scheme. The settlement will be done by LIC / Other Insurance companies in consultation with participating bank.