Why You Should Enroll in Pradhan Mantri Jeevan Jyoti Bima Yojana

What do you do if you get involved in an accident or suffer from an ailment that results in your death? If you don’t have a life insurance policy, you leave behind your family and loved ones with no way to keep the bills paid or the lights on at home. That’s why Pradhan Mantri Jeevan Jyoti Bima Yojana offers life insurance coverage to everyone between 18 and 50 years of age so that you can choose the best option for your situation. Learn more about Pradhan Mantri Jeevan Jyoti Bima Yojana right here.

What is PMJJBY?

PMJJBY is an insurance policy that provides a specified sum of money for funeral expenses and dependent’s maintenance in case of death. The premium for PMJJBY is just Rs 330 (premium can be paid either monthly or annually). The amount assured under PMJJBY has been fixed at Rs 2 lakh. This means, if you die while subscribing to PMJJBY, your family will get Rs 2 lakh as compensation. This scheme was launched by Prime Minister Narendra Modi on May 9, 2015.

What Does This Scheme Cover?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme that covers all risks associated with death. However, it does not cover any liability, disease or illness which makes a person dependent on others for his/her basic needs. This scheme will cover death due to natural causes such as accidents, suicide and accidental poisoning but not death due to war and terrorism.

Benefits of PMJJBY

As per a recent survey, more than half of Indians don’t have a life insurance policy. This is very concerning considering that almost all of us have dependents who would depend on our financial support in case we’re no longer around. PMJJBY is essentially an affordable way to ensure that our loved ones won’t be burdened by funeral expenses or loss of income after our death.

How Much Does it Cost?

The premium for being a part of PMJJBY is quite low, at ₹330 per year. However, that’s only if you are an adult between 18 and 50 years old (inclusive). For women between ages 50 and 70, it is just ₹95 per year. And for senior citizens above 70 years of age, it’s just ₹15 per year. But there’s no need to pay immediately; your insurance will be activated once you make your first contribution.

How to Enroll

The enrollment process is pretty simple. Simply visit your nearest branch of Standard Life Insurance Company (which offers PJJBY) and fill out an online application form. If you already have a policy, then call Standard Life Insurance to report a new member for your policy. Then go back to your local branch and submit documents such as identity proofs and proof of residence, to complete your enrollment.