PM Jeevan Jyoti Bima Yojana: Who Qualifies and What You Get
Learn how this life insurance scheme provides coverage for bank account holders in India through an annual premium.
PM Jeevan Jyoti Bima Yojana is a life insurance scheme designed to provide financial protection to individuals in the event of their death.
Who it's for
This scheme is specifically designed for individuals who maintain a bank account. To be eligible for this coverage, you must be between the ages of 18 and 50. It is intended for those who want to ensure their family has some level of financial support if they are no longer there.
What you get
The primary benefit of this scheme is a life insurance cover of ₹2 lakh. This means that if the insured person passes away, the scheme provides this specific amount to help cover costs or support their dependents.
What it costs you
The cost of this protection is ₹436 per year. Rather than requiring you to make manual payments every time, the amount is auto-debited from your linked bank account. This ensures that your coverage remains active without you needing to remember to send a payment each year, as long as there are sufficient funds in your account.
The catch to know
It is important to understand that this is not a long-term investment plan or a savings scheme where you accumulate money over time. It is strictly a life insurance product. Because it is not an investment, you must ensure that the plan is renewed every single year to keep the protection active. If the annual premium cannot be debited due to insufficient funds, your coverage may lapse.
How to apply
- Contact the bank where you currently hold your active bank account.
- Request information regarding enrollment in this specific insurance scheme.
- Fill out the required documentation to authorize the bank to debit the annual premium.
- Confirm with your bank that the auto-debit instruction is set up correctly to prevent your coverage from expiring.