The Pradhan Mantri Jeevan Jyoti Bima Yojana is an insurance scheme that is launched and primarily funded by the Central government of India. this scheme is backed by the Life Insurance scheme of India and was originally a part of the 2015 Annual budget speech by then finance Minister Arun Jaitley.
The scheme was launched by Prime Minister Narendra Modi on May 9th in Kolkata.
What does the PM Jeevan Jyoti Bima Yojana offer?
The PM Jeevan Jyoti Bima Yojana or PMJJBY offers insurance benefits to people between the age of 18 and 50 years. In order to avail the benefits offered by the scheme, the applicant needs to have a bank account. The scheme offers insurance against an annual premium of ₹330 and the GST on it is exempted.
Main features of the PMJJBY
- The scheme offers definitive financial security for you and your family in times of need.
- The scheme offers affordability and offers an insurance cover of ₹2 lakh at a really nominal premium offered.
- The scheme is designed to be incredibly simple for all those who are willing to apply for it. There also is fast enrolment and the processing of the scheme is swift. There is no medical examination required in order to avail of the benefits of the scheme.
Wrapping it up
The government acknowledges the need for people to insure themselves against odds that nobody sees coming. To make the process simpler for the people, the government offers the PMJJBY which is a great scheme to offer people financial stability.