To provide financial security to the people, the government runs the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). In this insurance scheme, on the death of the beneficiary due to any reason, the nominee or family gets an amount of Rs 2 lakh. That is, if a person dies due to illness or accident, then the nominee or family of the insured person will get Rs 2 lakh as insurance. For this you have to pay a premium of Rs 436. We are telling you about this scheme… This is a term insurance plan. PMJJBY is a term insurance plan. In term insurance, benefits are available only after the death of the policy taker. If the policyholder remains well after the completion of the period, he does not get any benefit. Any person between 18 to 50 years can take advantage of this scheme. A premium of Rs 436 will have to be paid annually. To avail the benefit of PMJJBY, a premium of Rs 436 has to be paid every year. That means you will get insurance of Rs 2 lakh in less than Rs 40 every month. This amount of premium will be automatically taken from the account from May 25 to May 31. For this the applicant will have to give his consent. The cover period is from 1st June to 31st May. Its cover period is from 1st June to 31st May. This means that no matter what date the PMJJBY policy is purchased, its coverage for the first year will be only till May 31 of the next year. In this, risk cover is available from 45 days after enrollment in the scheme. How to get insurance claim? The nominee would have to make a claim in the insurance company or bank where the person concerned was insured. Death certificate will have to be submitted. Along with the discharge receipt, other necessary documents have to be given. As per the rules, the claim has to be made within 30 days of the accident. Where can you avail its benefits? This scheme is run through LIC as well as other private life insurance companies. A person can also get information by going to his bank, many banks have tie-ups with insurance companies. Click here for more information related to the scheme
