PMJJBY Stands for Pradhan Mantri Jeevan Jyoti Bima Yojana. PMJJBY is used as an acronym in Government to represent Pradhan Mantri Jeevan Jyoti Bima Yojana.
Pradhan Mantri Jeevan Jyoti Bima Yojana is an insurance scheme launched by the Central Government, whose purpose is to provide policy insurance to the citizens of the country.
What is PMJJBY scheme
Pradhan Mantri Jeevan Jyoti Bima Yojana has been started by the Indian Government on 9 May 2015 to provide the benefits of the policy to the citizens. The scheme is being offered by the Life Insurance Corporation of India and other private insurance companies through public and private sector banks.
If the people Register under this scheme, beneficiaries die due to any reason till the age of 55 years, then under PMJJBY, their family nominee will be provided life insurance of Rs 2 lakh by the government.
To take a policy plan under this scheme, the minimum age of the citizens should be 18 years and the maximum age should be 50 years. The maturity age of this policy is 55 years. Interested beneficiaries of the country who want to take advantage of this Pradhanmantri Jeevan Jyoti Bima Yojana, then will have to apply under this scheme at www.jansuraksha.gov.in
What is the PMJJBY premium amount
Under this scheme, the policyholder will have to deposit a premium of Rs 330 every year. This premium amount will be auto-debited from the savings account of the beneficiaries in the month of May every year.
An affordable rate of premium is available under this scheme for all citizens belonging to almost all income groups including EWS and BPL.
Insurance cover under Pradhanmantri Jeevan Jyoti Bima Yojana will start from 1st June of the same year and will be till 31st May of next year. No medical examination is required to buy insurance in PMJJBY.
- Insurance premium to LIC/Insurance company – Rs 289/-
- Reimbursement of Expenses for BC/Micro/Corporate/Agent – Rs.30/-
- Reimbursement of Administrative Fee of Participating Bank – Rs.11/-
- Total Premium – Rs 330/- only
Finally, you have got the answer to the question of “What is PMJJBY” PMJJBY is an acronym for Pradhan Mantri Jeevan Jyoti Bima Yojana.