Introduction

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme launched in 2015 to provide affordable insurance coverage to Indian citizens. It aims to offer financial security to families in case of the policyholder’s untimely death.

Key Features of PMJJBY

  1. Affordable Premium

    • The scheme offers life insurance coverage at just ₹436 per year.

  2. Coverage Amount

    • Provides a sum assured of ₹2 lakh in case of the insured person’s death.

  3. Eligibility Criteria

    • Any individual aged 18 to 50 years with a savings bank account can enroll.

  4. Auto-Renewal System

    • The premium is automatically deducted from the bank account every year.

  5. Easy Enrollment Process

    • Available through banks and insurance providers with a simple application process.

Benefits of PMJJBY

  • Financial Protection: Ensures monetary support to the policyholder’s family in case of death.
  • Low-Cost Coverage: One of the most affordable life insurance schemes in India.
  • Government-Backed Security: Managed by LIC and other private insurance companies, ensuring reliability.
  • No Medical Check-Up Required: Hassle-free registration without health screenings.

How to Apply for PMJJBY?

  1. Visit your bank branch or apply through net banking.
  2. Fill out the application form and authorize auto-debit for the premium.
  3. Receive confirmation and policy details after enrollment.

Conclusion

The PMJJBY scheme is a great initiative for financial security, especially for low-income individuals who need affordable life insurance. With its simple enrollment process and low premium, it’s an ideal choice for securing your family’s future.