Understanding the need for financial security and to deal with the uncertainties of life for every person in India, the government has started many schemes. One of these is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), which provides affordable and easy insurance facility to the common people. This scheme has been specially designed for those people who are financially weak and for whom it is difficult to take expensive insurance plans. In this article, we will talk about this scheme in detail, so that you can understand it and take advantage of it.

What is PMJJBY?

Pradhan Mantri Jeevan Jyoti Bima Yojana is a government life insurance scheme, which was launched in May 2015. Its purpose is to provide life insurance facility to every citizen of the country at a low cost. This scheme is especially for those people who are between the ages of 18 and 50 years. Under this scheme, if the insured dies due to any reason, his family gets financial assistance of Rs 2 lakh.

The biggest feature of this plan is that its premium is very low. You have to pay only Rs 436 every year, that is, less than Rs 1.20 a day. Getting such a big security in such a small amount is really a big advantage.

Who can avail the benefit of this scheme?

There are some simple conditions to avail the benefits of PMJJBY:

• Age: Your age should be between 18 and 50 years. However, if you have joined this scheme, you can avail its benefits till the age of 55, provided you continue to deposit the premium every year.
• Bank Account: You must have an active savings account, as the premium is auto-debited from your account
• Citizenship: This scheme is only for Indian citizens.
• Health: You do not need any medical examination to join this scheme. You just have to give a self-declaration form in which you state that you are not suffering from any serious disease.

Krishonnati Yojana: The basis of farmers’ progress and advancement of agriculture

How does this scheme work?

PMJJBY is very easy to understand. This scheme is run in collaboration with banks and insurance companies. Life Insurance Corporation of India (LIC) and some private insurance companies implement this scheme. You can apply for this scheme by visiting your nearest bank.

• Application process: You have to go to your bank and fill a simple form. In this form, you have to fill your basic information like name, address, Aadhaar number, and nominee details.
• Premium Payment: The premium of Rs 436 is auto-debited from your bank account before 31st May every year. For this, there should be sufficient balance in your account.
• Coverage period: This plan provides coverage for the period from 1st June to 31st May every year. If you pay the premium every year, your insurance coverage remains intact.

Benefits of PMJJBY

• Low cost, big benefit: A life insurance cover of Rs 2 lakh at Rs 436 per annum is a great deal. It is a boon for those who cannot afford expensive plans of private insurance companies.
• Easy process: You do not need much paperwork or medical test to join this scheme. Just a form and an identity proof like Aadhaar card is enough.
• Family security: If the breadwinner of the family is no more, the family may face a financial crisis. PMJJBY provides a help of Rs 2 lakh in this difficult time, which can provide financial stability to the family.
• Accessible to all: This scheme is available to people from both rural and urban areas. Whether you are a laborer, a farmer, or do a small business, you can take advantage of it.

Some important things

PMJJBY is a very good scheme, but there are a few things to keep in mind:

• Pay premium on time: If you do not pay the premium on time, your insurance cover may get cancelled. So always keep sufficient balance in your account.
• Extent of coverage: This plan provides benefits only in case of death. It does not include any other benefits, such as accident or illness-related coverage.
• Nominee selection: At the time of joining the plan, you have to name a nominee who will receive the insurance amount in your absence. Keep this information correct and clear
• Renewal every year: This plan has to be renewed every year. If you do not pay the premium in any year, the coverage may stop

How to apply?

It is very easy to join PMJJBY. You can apply for it by visiting your nearest bank. Many banks are now also providing online facility, where you can join this scheme through net banking or mobile app.

Documents required for application:

• Aadhaar card or any other identity proof
• Bank account details (passbook or cheque
• A simple form in which you need to fill in your basic information and nominee details

After submitting the application, the bank will deduct the premium from your account and give you an acknowledgement. After this you will be covered under this scheme.

Difference between PMJJBY and other schemes

Many people confuse PMJJBY with another government scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY). The two schemes are different. While PMJJBY provides life insurance, PMSBY is an accident insurance scheme that provides financial assistance in case of death or disability due to an accident. The premium of PMSBY is just Rs 20 per annum, but it provides cover only in accident-related cases.

Both the plans complement each other. If you want, you can avail the benefits of both together, because their premium is very low.

Is this plan right for you?

If you are looking for a plan that provides financial security to your family at a low cost, then PMJJBY can be a good option for you. Especially if you are from a low-income family or you do not have any other insurance policy, then this scheme can be very useful for you.

However, if you already have a private insurance policy or your income is higher, you can also consider other insurance plans that offer more coverage or additional benefits. But for normal families, PMJJBY is a very affordable and reliable option.

Some real stories

Lakhs of people across the country are taking advantage of PMJJBY. For example, Ramu, a daily wage laborer living in a small village in Uttar Pradesh, decided to join the scheme. Unfortunately, he died in a road accident. But due to PMJJBY his family received a help of Rs 2 lakh, which helped his wife and children overcome the financial crisis.

Similar stories are heard from every corner of the country, which tell how important and useful this scheme is.

The way forward

PMJJBY is a part of the government’s efforts to provide financial security to every Indian. If you want to know more about this scheme or want to join it, contact your nearest bank. If you want, you can also get information online. Complete information about this scheme is also available on the government website jansuraksha.gov.in.

In today’s time, when uncertainties are at every step, schemes like PMJJBY can become a safety shield for your family. So do not delay, contact your bank and become a part of this scheme. After all, what can be more important than the safety of your family?