What is Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme?
The Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme backed by the government that was introduced in 2015 to offer life insurance coverage to all Indian citizens. The PMJJBY is a one-year term life insurance policy that needs to be renewed annually and can be offered through your life insurance provider or authorised banks.
If your life insurance provider has a tie-up with a bank, you can enable the auto-debit facility for the premium payment. It is important to note that all types of death, due to any reason, can be covered under this policy.
Being a term insurance plan, the PMJJBY offers a pure life insurance coverage of ₹2 lakhs. The affordability of the premiums ensures that every policyholder covered under the scheme should be able to receive the benefit of life insurance coverage for the lowest possible premium amount.