With Rs 436 premium, get Rs 2 lakh life insurance: Know the steps to apply

Get Rs 2 lakh life insurance benefit for a premium of just Rs 436 under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Learn how to enroll in this government-backed scheme.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-run scheme launched in 2015. Under this scheme, a life insurance cover of Rs 2 lakh is provided for a premium of just Rs 436 annually.

Under the PMJJBY, life insurance coverage is provided in case of death due to any reason. This policy can be purchased through banks and post offices. Anyone between the ages of 18 and 50 who has an account with a bank or post office can avail of this policy.

Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana:

• PMJJBY provides a one-year term life cover of Rs 2 lakh to all individuals aged 18-50.
• The premium of Rs 436 is to be paid every year, and it is automatically debited from the policyholder's bank or post office account.

Eligibility for Pradhan Mantri Jeevan Jyoti Bima Yojana:

• Any person between the ages of 18 and 50 who has an account in a bank or post office can apply for this policy.
• If the policy is purchased before the age of 50, the policyholder can continue the policy up to 55 years by paying regular premiums.

Application process:

• To apply for the PMJJBY scheme, individuals can visit a bank branch or BC point, or visit the bank's website. Post Office Savings Bank account holders need to visit the post office to apply.
• The premium for the PMJJBY scheme is automatically deducted from the customer's bank account every year, based on a one-time mandate given by the account holder.