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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Pradhan Mantri Jeevan Jyoti Bima Yojana
Highlights of The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – SCHEME 2 – FOR LIFE INSURANCE COVER)
- Eligibility :Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
- Premium : Rs436/- per annum. It will be auto-debited in one instalment on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.
- Payment Mode : The payment of premium will be directly auto-debited by the bank from the subscribers account.
- .Risk Coverage : Rs. 2 lakh for accidental death and permanent total disability, Rs. 1 lakh for permanent partial disability for a one year period stretching from 1st June to 31st May.
- Terms of Risk Coverage :A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.
- Who will implement this Scheme? :The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.