PMJJBY Full Form – Pradhan Mantri Jeevan Jyoti Bima Yojana.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme launched by the Government of India. It aims to provide life insurance coverage to the economically vulnerable and underprivileged sections of society at an affordable premium.
Key Features of PMJJBY:
- Life Insurance Coverage: It provides life insurance coverage to the insured individual, offering financial support to their family in case of the insured’s unfortunate demise.
- Eligibility: The scheme is available to Indian citizens between the ages of 18 and 50 years. To be eligible, individuals need to have a savings bank account and provide consent to join the scheme.
- Premium: The premium for Pradhan Mantri Jeevan Jyoti Bima Yojana is highly affordable, making it accessible to low-income and economically weaker sections of society. The premium amount is generally auto-debited from the insured person’s bank account annually.
- Coverage Period: The coverage period for PMJJBY is for one year, starting from 1st June to 31st May of the subsequent year. Individuals need to renew their coverage each year to continue enjoying the benefits.
- Sum Assured: The sum assured or the insurance coverage amount under PMJJBY is fixed at Rs. 2 lakhs. This amount is payable to the nominee or beneficiary in the event of the insured’s death.
- Nomination: Individuals enrolling in PMJJBY can nominate a person of their choice to receive the insurance benefit in case of their demise.
- Enrolment Process: The enrolment process for PMJJBY is straightforward. Individuals need to provide their consent by filling out a simple enrolment form and submitting it to their bank, along with the annual premium.
Significance of PMJJBY
PMJJBY is a social security initiative by the Government of India to provide life insurance coverage to individuals from economically weaker sections of society. It ensures that in the event of the insured’s death, their family or nominee receives financial support of Rs. 2 lakhs, which can be crucial in times of distress.
Pradhan Mantri Jeevan Jyoti Bima Yojana is part of the larger financial inclusion agenda of the government, aiming to extend insurance coverage to a larger segment of the population and promote a culture of insurance awareness and protection.
Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-sponsored life insurance scheme that provides affordable life insurance coverage to eligible individuals. By offering financial protection to the economically vulnerable, Pradhan Mantri Jeevan Jyoti Bima Yojana contributes to the social security and financial inclusion efforts of the government, ensuring that even in difficult circumstances, families have a safety net to rely on.