The Pradhan Mantri Jeevan Jyoti Bima Yojana is a special scheme launched by the Central Government with IRDA. Through this scheme, insurance coverage is being provided to the middle class and lower income people of the country. As we all know, there is a lack of awareness in the country about insurance even today, due to which people of the country’s middle income and lower income groups still hesitate to buy insurance schemes. The main objective of starting this scheme is to provide insurance protection to these disadvantaged sections, so that after the death of the bread earner from these families, the family members can get financial security.

As we said, insurance security is provided to people of low income and middle income group through Pradhan Mantri Jeevan Jyoti Bima Yojana. Under this scheme, insurance holders are provided up to ₹ 200000 at minimum premium. In this scheme, the insurance premium amount has been fixed between ₹ 330 and 436 where the candidate is provided with benefits like Death Benefit and Accident Benefit.

What is The purpose of Pradhan Mantri Jeevan Jyoti Bima Yojana

 The Pradhan Mantri Jeevan Jyoti Bima Yojana is a specific scheme launched jointly by the Central Government and Insurance Regulatory Development Authority of India. Through this scheme, insurance cover is provided to a family who do not consider it appropriate to take insurance for themselves. Under this scheme, middle and lower income groups are made aware of insurance schemes and they are provided insurance facilities on a minimum premium amount, so that if the insurance holder bread earner of the family dies under any circumstances, his family does not have to depend on anyone else for daily expenses nor the family will not be affected by financial crisis. Through this scheme, the government is providing life insurance cover to citizens from 18 to 50 years so that financial security can be provided to the families of the insured persons.

Characteristics of Pradhan Mantri Jeevan Jyoti Bima Yojana

•  In the Pradhan Mantri Jeevan Jyoti Bima Yojana, insurance cover is being provided to people of low income and middle income groups.
•  The scheme has been determined by the minimum premium ₹ 330 where the candidate can get a cover of up to Rs 2 lakh.
•  Under this insurance scheme, the policyholder is provided with life insurance cover and accidental tax.
• The benefits received in this insurance scheme are also given with income tax exemption.
• The date for enrollment in this insurance scheme has been set from 1 June to 31 July.
•  Under this scheme, the candidate can pay the insurance scheme to the auto debit by linking the insurance scheme to his bank account account.
•  In this insurance scheme, claiming and receiving the claim amount has now been linked to the digital process.

Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana

•  Under Pradhan Mantri Jeevan Jyoti Yojana, the insured gets a date benefit and accidental benefit of up to ₹ 200000.
• This is a Term Life insurance in which maturity is not available.
•  Insurance is being provided at minimum premium under Pradhan Mantri Jeevan Jyoti Bima Yojana where income tax exemption is also available on premium amount and death benefit.
•  Under the Pradhan Mantri Jeevan Jyoti Bima Yojana, every year  the insured person has to renew the scheme,  and after renewal the person is provided all the risk coverage for a year.

Prime Minister Jeevan Jyoti Bima Yojana Eligibility Criteria

•  The minimum age of the applicant has been fixed at 18 years and maximum age of 50 years for applying under the Pradhan Mantri Jeevan Bima Jyoti Bima Yojana.
• Only residents of India are being included in this scheme.
•  In this scheme, the applicant must have a bank account so that the auto debit facility can be activated.
•  The person taking advantage of this scheme is required to have an Aadhaar card, Aadhaar card -linked mobile number and bank account.
•  The person taking advantage of the scheme must have a medical certificate.
•  At the same time, during the renewal every year, the candidate has to submit a medical fitness certificate.

Important facts of Pradhan Mantri Jeevan Jyoti Bima Yojana

•  In the Pradhan Mantri Jeevan Jyoti Bima Yojana, the policyholder is given a period of thinking (cooling period) for 45 days after taking the policy so that the candidate can determine whether he has to move forward or not.
• Plan coverage starts after 45 days in this scheme.
•  In such a situation, if the insured person dies accidentally, then coverage of the insurance amount is provided to him.
• The Pradhan Mantri Jeevan Jyoti Bima Yojana is linked to the savings account of the candidate, in such a situation, if the savings account is closed for some reason, then the policy is also considered to be terminated.
• In this scheme, only one person is allowed to expect a policy from a family.
•  In the same plan, the auto debit is deducted by the last week of the premium amount.

Prime Minister Jeevan Jyoti Bima Yojana application process

•  The benefit of Pradhan Mantri Jeevan Jyoti Bima Yojana is being provided by all government and non -government banks of the country.
•  The candidate’s savings account in which the candidate is in which the candidate can start investing in this scheme by talking to that bank.
•  For which the candidate will have to get the application form from the bank.
•  If the candidate wants, they can submit this application form in the online format itself.
• Or after filling the application form offline, the candidate can connect this facility with the auto debit facility by submitting all the documents sought to the bank office.
•  And can start investing in this insurance scheme without any hassle.

conclusion

In this way People with the lower or  middle income groups who want to get the benefit of the insurance scheme can get tax exemption by investing in Pradhan Mantri Jeevan Jyoti Bima Yojana today and can also get the benefit of insurance.