Under this government scheme, you can get insurance cover worth lakhs for just Rs 436. Learn about the benefits.

PM Jeevan Jyoti Bima Yojana: A beneficial government scheme for the poor and needy in the country. By depositing a small amount, you can provide financial security to your family. Learn about the application process.

PM Jeevan Jyoti Bima Yojana: Even today, many families in the country have very low incomes. In such a situation, if the earning member of the family suddenly dies, the entire family is plunged into financial crisis. In such a situation, the government has launched a scheme to provide relief to the people. It is called Pradhan Mantri Jeevan Jyoti Bima Yojana. This scheme was launched by the Central Government in 2015.

So that even the poor and middle class can avail the benefits of insurance. Under the scheme, any person can get insurance cover of up to Rs 2 lakh by paying a premium of just Rs 436 annually. This amount is given to the family or nominee after the person's death. Let us tell you who can apply for this scheme and how.

What are the benefits of this scheme?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is very beneficial for the poor and needy. Individuals between the ages of 18 and 55 can apply. To join the scheme, you need to pay a nominal premium of ₹436 per year. This amount is automatically debited from your bank account.

This scheme provides a one-year term life cover, valid from June 1st to May 31st. If the individual dies during the insurance period, their nominee is given a sum of ₹2 lakh. This amount can prove to be a significant relief for the family. The insurance proceeds can be used to cover children's education, household expenses, or other essential needs.

How can you apply for the scheme?

Applying for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is very easy. You don't need an agent or middleman. You can apply directly at your nearest bank branch. You will need to fill out the scheme form and submit some necessary documents. These include your Aadhaar card, identity card, bank account passbook, mobile number, and passport-size photo. After applying, your insurance is activated by the bank, and the prescribed premium is automatically deducted from your account each year.