Pradhanmantri Jeevan Jyoti Beema Scheme
Pradhanmantri Jeevan Jyoti Beema Scheme

Pradhanmantri Jeevan Jyoti Beema Scheme is a government of India’s insurance scheme. In 2015 this scheme was announced by that time finance minister Arun Jetley and started by prime minister Narendra Modi in May 2015. when this was started in our country only 20% of people had the life insurance or similar policies like this. so the target of this scheme is to bring this number up.

This is an insurance scheme so it’s an obvious thing that it gives its beneficiaries a death coverage of 2 lakh rupees. The beneficiaries of this scheme have to pay 330 rupees annually for the benefit of this scheme. and then you have to renew this policy every year.

Who will get the benefit of this scheme

If you want to get the benefit of this scheme then you should be aged between 18 to 40 and you should also have a bank account. At the start of this scheme, the benefit goes to Jan Dhan account holders only. But now anyone with any bank account in any bank can take benefit of this scheme easily.

Some important points you should know about this scheme

  • Important points of this scheme are mentioned below
  • In this scheme, you have to pay just rupees 330 annually to get the benefit.
  • And you don’t need to worry about the payment because in this scheme the amount will automatically be deducted from your bank account.
  • In this scheme, the policy taker can get benefits for one year only, and then you have to renew this policy every year for the regular benefit of this scheme.
  • The coverage time in this scheme starts from 1st June to 31st May.
  • In this scheme, you can easily take policy without any medical report.
  • The biggest benefit of this scheme is that at any time you can take and give up this policy easily.
  • Unlike other insurance policies, you don’t need to pay without your own will.
  • This scheme is a pure time scheme and in this scheme, any maturity or giving up policy will not be claimed.

Benefits of Pradhanmantri Jeevan Jyoti Beema Scheme

  • The very first benefit of this scheme is that you would get an assured 2 lakh rupees death coverage.
  • The premium you pay under this scheme is eligible for tax under income tax departments section 80c.
  • The very special thing about this scheme is that you can use it as a switch on /off button because you can pay in this scheme at your own will.

Do You Know : what is life Insurance

Who are not eligible for this scheme

If you are older than 55 years then you would not get the benefit of this scheme.
If you do not have enough balance in your bank account then you will not be eligible for this scheme.

must read : What is Pradhan Mantri Suraksha Bima Yojana ?

Drawbacks in this scheme

After the start of this, the first drawback seen in this scheme is that many bankers had done complaining about it. And the complaint is that this scheme will generate very low revenue. Even some bankers claimed that the amount they get is not enough to cover the service they provide.

ow because this scheme is a group insurance scheme so banks do not have any clear instructions about the maximum number of claims in a year. so they are not ready for these kinds of things. And these are some little problems in this scheme.

Also Read : What is Pradhan Mantri Jan Dhan Scheme ?

However, if these small problems can be sorted out then this scheme is a real blessing for our country’s lower and middle class. Because where there are many insurance policies which demand payments regularly.

And in this scheme, you have to pay a little amount which is suitable for the lower-income class to hold an insurance policy. This scheme is a golden chance for the poor to get an insurance policy. This will work for them as a shield and they will get an assurance in their life.

And these things make this scheme one of the main schemes run by the government of India for the welfare of the poor.

Now at the end some FAQS

Do You Know : What is National Health Insurance Scheme

If I take policy in this scheme then I don’t need to do anything ?

The answer is both yes or no because you don’t need to do anything but you have to renew this policy every year.

Does it get money after maturity like other insurance policies ?

NO, you will get only death coverage in this scheme.

Can account holders apart from the Jan Dhan scheme can be a part of this scheme?

YES definitely

Can I lose the eligibility of this policy if I pay under this policy after paying it for one year ?

NO, you can restart it easily.

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