How Much Does Pmjjby Cost And Who Is Eligible?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme launched by the Government of India. It is designed to provide affordable life insurance coverage to individuals in India. PMJJBY is known for its low cost, making it accessible to a wide range of people, especially those in the economically weaker sections of society.

Cost of PMJJBY:

The annual premium for PMJJBY is minimal, making it an attractive option for many. For a very affordable annual payment, individuals can secure life insurance coverage under this scheme. It’s important to note that premium amounts may be subject to change, so it’s advisable to check with the relevant authorities or insurance providers for the most up-to-date premium rates.

Eligibility for PMJJBY:

PMJJBY is aimed at providing financial security to a wide range of people in India. Here are the eligibility criteria for the scheme:

Age: To be eligible for PMJJBY, the individual must be between 18 and 50 years of age. It’s important to enroll in the scheme before the age of 50 to avail of its benefits.

Bank Account: The individual should have an active savings bank account. The scheme is usually linked to the individual’s bank account, and the premium is deducted automatically.

Consent: To enroll in PMJJBY, the individual needs to provide their consent by submitting an application form and authorising the bank to deduct the annual premium from their account.

Premium Payment: The premium for PMJJBY is typically paid annually. It is essential to ensure that the premium is paid regularly to keep the insurance coverage active.

Citizenship: The scheme is available only to Indian citizens. Non-resident Indians (NRIs) and persons of foreign nationality are not eligible for PMJJBY.

Joint Bank Accounts: In the case of joint bank accounts, all account holders are eligible to enroll in PMJJBY individually, subject to meeting the age criteria.

Other Government Insurance Schemes: An individual can have multiple insurance policies but can only enroll in one PMJJBY scheme. If a person already has PMJJBY coverage, they cannot enroll in another one until the existing one is terminated.

PMJJBY is an inclusive insurance scheme that seeks to provide financial security to a large section of the Indian population. It is affordable, making it accessible to individuals across different economic backgrounds. By meeting the specified eligibility criteria and paying the nominal premium, eligible individuals can secure a life insurance cover under PMJJBY, ensuring peace of mind for themselves and their families in case of an unfortunate event. Please note that the details mentioned here are based on information available up to September 2021, and there may have been changes or updates to the scheme since then. It’s advisable to verify the current terms and conditions with the relevant authorities or insurance providers.

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