Have you invested in the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) or are planning to do so? Then this is important news for you. A big announcement has been made regarding this insurance scheme. Many banks have also started sending messages to their customers.
It is important to note that the last date to deposit the annual premium for this scheme is May 31. If you don’t have ₹436 in your bank account by this date, your insurance will be automatically cancelled, and you will not be able to get the benefits of this scheme. That’s why banks are warning customers by sending messages.
What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) was launched in 2015. Under this scheme, by paying a yearly premium of just ₹436, you get a life insurance cover of ₹2 lakh. This insurance covers death due to any reason. It is a one-year policy and must be renewed every year. The premium is directly deducted from your bank account.
Who Can Apply for PMJJBY?
People between the ages of 18 to 50 years are eligible for this scheme. If someone joins the scheme before turning 50, they can continue the policy until the age of 55, but they must pay the premium every year. You can apply for this scheme through bank branches, bank websites, BC centres, or post offices.
What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
Along with PMJJBY, the government also runs another scheme called Pradhan Mantri Suraksha Bima Yojana (PMSBY). It gives accident insurance coverage of up to ₹2 lakh for death or disability caused by an accident. The yearly premium is just ₹20. People between 18 and 70 years of age can apply for this scheme.
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