Life is unpredictable, and financial security is crucial for every family. Health insurance, term insurance, and life insurance help protect loved ones in difficult times.
However, high premiums often make these policies unaffordable for low-income individuals.
To help such people, the government offers the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a low-cost term insurance plan that ensures financial support for your family in your absence.
Even those earning ₹5,000-₹10,000 per month can easily afford it. Here’s everything you need to know about this scheme.
Buy Insurance by Saving Just ₹36 Per Month
Under this scheme, if the policyholder passes away, their family receives ₹2 lakh as financial assistance. This can help cover essential expenses during tough times.
The annual premium is just ₹436.
If you save ₹36 per month (₹436 ÷ 12 months), you can easily afford it.
This plan provides huge financial security at a very low cost.
Who Can Buy This Insurance?
Eligibility: Any person between 18 and 50 years can buy this policy.
Coverage Period: The policy is valid from June 1 to May 31 each year. Even if you buy it in the middle of the year, coverage lasts only until May 31 and needs renewal on June 1.
Bank Account Required: To avail of the scheme, you must have a bank account.
Automatic Renewal Option: If you opt for this, ₹436 is automatically deducted from your account every year between May 25 and May 31.
No Medical Test Required
One of the biggest advantages of this policy is that no medical examination is needed. However:
The consent form lists specific illnesses, and you must declare that you do not have them.
If your declaration is false, your family may not receive the claim.
The premium amount qualifies for tax exemption under Section 80C of the Income Tax Act.
How to Enroll?
- Visit the bank where you have an account.
- Fill out the application form and provide consent for premium deduction from your account.
- Some banks also offer enrollment through net banking or SMS.
Important Terms for Registration
Documents Required:
Aadhaar Card (linked to your bank account)
Identity Proof
Bank Account Passbook
Mobile Number
Passport-size Photo
One Account Per Person: You can link the policy to only one bank account.
Waiting Period: The insurance cover starts 45 days after enrollment. However, in case of accidental death, this waiting period does not apply.
How Can a Nominee Claim the Insurance?
In the unfortunate event of the policyholder’s death, the nominee must:
- File a claim at the same bank where the policy was taken.
- Submit the death certificate and necessary documents, including a discharge receipt.
- As per government rules, the claim must be submitted within 30 days of the incident.
Secure Your Family’s Future with PMJJBY
This government-backed scheme ensures that even low-income families can afford life insurance.
With just ₹36 per month, you can secure ₹2 lakh for your loved ones. Enroll today and provide financial stability to your family in tough times!
