PMJJBY scheme: Eligibility, benefits, how to apply
By Deepika.S
krishna murthy
What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
PMJJBY is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason.
Eligibility: Individuals in the age group of 18-50 years having a savings bank or a post office account are entitled to enroll under the scheme. People who join the scheme before completing 50 years of age can continue to have the risk of life covered up to the age of 55 years upon payment of the premium.
Benefits: Life cover of Rs. 2 Lakh in case of death due to any reason against a premium of Rs. Rs 436 per annum.
How to apply: Anyone who wishes to apply can do so by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of a post office savings bank account.
You can enroll just by paying the complete yearly premium at any time during the year.
To enroll, you can also download the form and submit it to the bank.
The premium under the scheme is auto-debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.