Here's all you need to know about Pradhan Mantri Jeevan Jyoti Bima Yojana

Insurance is a necessary investment that every citizen must make even it there is difficulty in paying premiums. In a bid to extend the benefit of a basic life insurance policy to every person of the country, the central government launched the Pradhan Mantri Jeevan Jyoti Bima Yojana in 2015.

It is a term insurance plan and costs just Rs 330 per year. In case of untimely death of the policyholder, a Pradhan Mantri Jeevan Jyoti Bima Yojana gives the family a sum of Rs 2 lakh, which is the sum assured amount of this policy.

Here we take a look at the benefits of the policy:

— There is no need of any medical examination to buy insurance in Pradhan Mantri Jeevan Jyoti Bima Yojana.

— Minimum age for taking term plan is 18 years and maximum age is 50 years. The maturity age of this policy is 55 years.

— Term plan has to be renewed every year. The Assured Amount in this is Rs 2 lakh.

— The annual premium for this is Rs 330. This amount is taken from your bank account. Bank administrative charges are levied on the amount of the scheme. Apart from this, GST is also applicable on this amount.

— Insurance policy plan can be selected for one year or more under PMJJBY.

— On taking the PMJJBY scheme, the bank itself will deduct the money from your account as per the scheduled time.

— A person can take this insurance policy only once. Even if the person has paid the premium in many banks under the scheme, the total benefit amount will remain only Rs 2,00,000.

How to apply for PMJJBY?

Forms for the scheme are available in many languages. You can fill this form in English, Hindi, Gujarati, Bangla, Kannada, Odia, Marathi, Telugu and Tamil. To get more information about the scheme, you can also visit its official site http://jansuraksha.gov.in/.