Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
PMJJBY is a life insurance scheme introduced by the Government of India to provide financial security to the insured and his family in case of untimely death.
Key Features of PMJJBY:
- Low Premium: The premium of this scheme is very low, making it affordable for a large section of the population.
- Life Insurance: Provides life insurance of Rs 2 lakh in case of death due to any reason.
- Eligibility: Individuals aged between 18 and 50 years who have a savings bank account in a participating bank or post office are eligible.
- Tenure: The policy is for one year and can be renewed every year.
- Auto-debit: The premium is automatically deducted from the customer's bank account.
Benefits of PMJJBY:
- Financial Security: Provides a security cover to the family in case of the death of the insured.
- Affordability: It is accessible to many people due to the low premium.
- Simplicity: This plan is easy to understand and enrol in.
- Government Backing: Being a government-backed plan, it offers reliability and trust.
