InvestorQ : What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
Diya Chitale made post

What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

1 year ago
This is a life insurance product offered by the government at a nominal insurance premium and the renewal period is every 1 year. This is available for people between the age group 18 to 55 years who have a bank account and give their consent to auto-debit for renewal. The insured needs an Aadhar card for KYC purposes, and not many documents are required. This policy has a life cover of Rs 2 lakhs for one year starting from 1st June to 31st May and shall be renewable. The insured’s family shall be paid Rs 2 lakh in the event of death, be it any reason. 

One has to pay a premium of Rs 330 per annum to be eligible for the policy, which shall be auto-debited from the subscriber’s account. The scheme can be bought from Life Insurance Corporation or any other insurer who is willing to offer the same. So, you should check with your insurer whether or not they are offering the same. However, the scheme started in 2015, and we are not sure if this is still available to buy.

Whereas, you should check your bank statement to know if any amount has been debited with Rs 330 from your account. This is because the policy was issued by many banks and they have auto-incorporated to the account of some of its users. If the amount is debited repeatedly, one can make their claims from the insurance company if the account holder has died.