InvestorQ : What is PM Jeevan Jyoti Bima Yojana? How Can I apply?
priya Shah made post

What is PM Jeevan Jyoti Bima Yojana? How Can I apply?

Roshni Hegde answered.
5 months ago

Pradhan Mantri Jeevan Jyoti Bima Yojana by India Post Payments Bank (IPPB) is a scheme to provide life cover on the death of the insured member caused by any reason. PMJJBY aims to target every segment of the population through its affordable insurance plans. 

Who can apply?

- To apply you must have a saving account with India Post Payments Bank, this scheme will be optional. Aadhaar card is mandatory for Know Your Customer (KYC) document. Anyone between the age of 18 years to 50 years can apply for the scheme.

- Only on the death of the insured member, benefits of the scheme can be guaranteed and provided within 45 days of enrollment. Total Rs 2 lakh is payable to the nominee and no maturity benefit or surrender benefit is payable.

The scheme renews yearly with the fixed timeline of June 1 to May 31. Total yearly premium for the customer comes to Rs 330 per. The cover opted gets dissolved once the insurer attains the maximum age limit of 55 years.
The death benefit will be provided to the nominee of the policyholder.

Any tax benefits? Yes, under Section 80C of the Income Tax Act, tax you can claim benefits on the premium paid under the policy.