All You Wanted to Know About : Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Explained

This article will explain as : All you wanted to Know about the new scheme launched by Govt of India and our Prime Minister Mr Narendra Modi.

Pradhan Mantri Jeevan Jyoti Yojana ( PMJJBY ) Explained All the way.

• Scheme is in collaboration with LIC
• Offers Life Insurance cover for death due to any reason
• Provides the Life Insurance of INR 2 Lakh 
• All the saving bank customer in the age bracket of 18 to 50 years are eligible to enrol. 
• Annual Premium is INR 330/- Per Annum ( Presently no service tax is levied on this )
• First cover period is 1 June 2015 to 31 May 2016
• Irrespective of enrolment period the first renewal premium will fall on 1st June 2016
• Payment mode is auto debit mode from the account holders account
• Coverage is till 55 Years of Age
• Policy terminates on attaining 55 years of age, closure of bank account, insufficient fund in account for payment of premium
• If you have terminated your policy and want to rejoin then you can do so by paying the premium and submitting the Good Health declaration form.
• No survival benefit is given when policy gets completed

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Our View :

1. Scheme is very good especially for poor people as they can not afford the higher cost insurance policy 
2. The premium is same throughout the policy period irrespective of enrolment date hence good for people who fall in higher age bracket.
3. Those who can afford the other insurance policy and are of very young age till age of 30 can go for Online Insurance Plan Policies which offer very higher sum assured / death benefit upon very low premium.