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Pradhan Mantri Jeevan Jyoti Bima Yojana :Launch,Eligibility & Benefits
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) :Launch,Eligibility and Benefits
The Pradhan Mantri Jeevan Jyoti Bima Yojana is a government scheme launched on 9th May 2015 by Prime Minister Narendra Modi in Kolkata.
The scheme was first introduced by Arun Jaitley,the Finance Minister of India on his 2015 Budget sheet.
This Yojana is implemented by the Life Corporation of India.
Eligibility for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
*The scheme can be availed by people aged between 18 years to 50 years.
*Must have a bank account.
*Aadhar card must be linked with bank account.
Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
This Yojana provides life coverage to the poor and low-income section of the society.
The scheme offers a maximum assured amount of Rs. 2lakhs.
*If the beneficiary dies,the next eligible beneficiary is provided with a death benefit including a death coverage of Rs.2,00,000.
*This scheme does not offer any maturity.
*The scheme provides tax deduction under section 80C through its monthly premium payment.
*Life cover worth Rs. 2lakhs will be provided for one year period stretching from 1st June to 31st June and will be renewable.
*The scheme provides risk coverage of 1 year which can be renewed yearly.The insurance holders can also opt for a long duration through
the option of auto-debit which is linked to their account.
*The premium is of Rs. 330 per annum which is to auto debited in one instalment before 31st May of each annual coverage period under the scheme.
