How to start Pradhan Mantri Jeevan Jyothi Bhima Yojana at India Post Payment Bank?

What is Pradhan Mantri Jeevan Jyothi Bhima Yojana?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-sponsored life insurance scheme in India. It was introduced by the Government of India to provide affordable life insurance coverage to people across the country, especially to those who may not have easy access to insurance products.

1. Eligibility: PMJJBY is available to Indian citizens between the ages of 18 and 50 years.

2. Coverage: The scheme provides a life insurance cover of Rs. 2 lakhs (INR 2,00,000) in case of the insured person's death, which is payable to the nominee or legal heir.

3. Premium: The premium for PMJJBY is affordable, making it accessible to a wide range of individuals. As of my last update, the annual premium was Rs. 330 (INR 330).

4. Renewal: The scheme is renewable on an annual basis. To continue the coverage, individuals need to pay the annual premium.

5. Auto Debit: In most cases, the premium is automatically deducted from the policyholder's bank account through the auto-debit facility, making it convenient for policyholders.

6. Nominee: Policyholders are required to nominate a beneficiary who will receive the insurance payout in the event of their demise.

7. Insurance Provider: PMJJBY is offered by various insurance companies in tie-up with banks. Individuals can enroll in the scheme through participating banks, insurance companies, or intermediaries.

8. Risk Coverage: PMJJBY provides pure term insurance coverage, which means it only offers a death benefit. There is no maturity or surrender value under this scheme.

9. Tax Benefits: Premiums paid under PMJJBY are eligible for a tax deduction under Section 80C of the Income Tax Act, subject to the overall limit for tax deductions.

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PMJJBY aims to provide financial security to the policyholder's family in case of their untimely demise. It is a simple and affordable insurance option, and its widespread availability through banks and post offices makes it accessible to a large section of the population. Please note that details and terms of government schemes may change over time, so it's essential to verify the current terms, premium rates, and enrollment process from official sources or the concerned government department.