Those who are looking for higher life cover(Insurance)with minimal Premium, Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY) is an apt choice. PMJJBY is an initiative by the Modi Government in order to provide welfare to economically-backward classes. The three schemes-Pradhan Mantri Suraksha Bima Yojana(Accidental cover), Pradhan Mantri Jeevan Jyoti Bima Yojana(Life Cover), Atal Pension Yojana(Pension cover for the un-organised sector) were launched in 2015 to benefit weaker sections of the people with low premium.
Premium and applicability of PMJJBY–
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)is applicable for those who have a bank a/c and gives consent to “Auto-debit” Premium of 330 rupees on or before May 31st. Age group between 18 to 50 are eligible to enroll under PMJJBY.
The risk coverage associated under this scheme is 2 Lakh per subscriber and is subject to regular premium payment holders only. If in any case, the subscriber fails to pay the premium, the policy becomes null and void. So make sure to maintain 330 rupees in your bank a/c before the auto-debit date(31st May).
Of all the life insurance policies PMJJBY seems to be much cheaper as the premium is 330 rupees only Per annum. If you didn’t enroll for PMJJBY till now, Rush to your nearest bank and enroll for it Today.