By Admin 
In today’s time, financial security has become necessary for everyone. Because today one never knows what will happen to whom and when. In such a situation, life insurance becomes a great support to keep the family safe. Keeping this need in mind, the Central Government is running many schemes for the common people. In these plans, a good insurance cover is available by paying very low premium. In such a situation, let us tell you today how you get Rs 2 lakh insurance for just Rs 436 and who gets the benefit?
Benefits available in PM Jeevan Jyoti Insurance Scheme
Pradhan Mantri Jeevan Jyoti Bima Yojana is a one year term life insurance scheme. This scheme runs from June 1 to May 31 every year and can be renewed every year. It is run by LIC and other life insurance companies through banks and post offices. Under this scheme, if the insured dies due to any reason, his nominee is given an insurance benefit of Rs 2 lakh. The biggest feature of this scheme is that no matter the cause of death, be it illness, accident or natural disaster, the insurance amount is available to all. There is no need for any kind of medical test for this. Just for this one should have an account in bank or post office.
Who can take advantage of the scheme?
Indian citizens between the age of 18 to 50 years can participate in this scheme. Those who have a savings bank account or post office account can apply for this. NRIs can also take advantage of this scheme, the only condition is that their bank account should be in India. However, in this scheme the claim amount is given in rupees only. A person can join this scheme with only one account. Whereas if a person joins this scheme before the age of 50 years, then he can continue the coverage till the age of 55 years by renewing it every year.
How much premium is to be paid?
The premium of Pradhan Mantri Jeevan Jyoti Bima Yojana is only Rs 436 annually. This amount is deducted from the bank account through auto debit. Whereas if a person joins the scheme in between then the premium gets reduced. For example, if you join from June to August, you have to pay full Rs 436, then from September to November you have to pay Rs 342, from December to February you have to pay Rs 228 and from March to May you have to pay Rs 114. However, on renewal every year, the full premium of Rs 436 has to be paid. Tax exemption is also available on this premium under Section 80C of the Income Tax Act. On taking a new policy or joining again, there is a lien period of 30 days.
How to apply for PM Jeevan Jyoti Insurance Scheme?
It is easy to apply for Pradhan Mantri Jeevan Jyoti Insurance Scheme. Before May 31, applications can be made through bank branch, post office, internet banking or mobile app. For this, permission for auto debit has to be given and basic KYC information like Aadhaar has to be given. One can also apply for PMJJBY by going to the e-Services or Social Security Schemes section in the apps of many banks.
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