PM Jeevan Jyoti Bima Yojana (PMJJBY)

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme designed to provide your family with financial security in case of your unfortunate demise.

Key Benefits

• Life Cover: PMJJBY offers a ₹2 lakh life insurance benefit for a year, ensuring your family has immediate financial support.

• Tax Benefits: The premium paid towards PMJJBY is tax-deductible under Section 80C of the Income Tax Act.

• Automatic Renewal: Enjoy continued coverage year after year through auto-debit from your bank account, with the option to easily opt-out if needed.

• Minimal Premium: For a small annual premium of ₹436 (approx.), you can provide significant financial protection for your family.

Eligibility

1. Age: You must be between 18 and 50 years old (as of nearest birthday) to enroll.

2. Bank Account: Existing savings bank account holders with participating banks are eligible.

Eligibility

1. Age: You must be between 18 and 50 years old (as of nearest birthday) to enroll.

2. Bank Account: Existing savings bank account holders with participating banks are eligible.

Enrollment Process

Enrolling in PMJJBY is hassle-free. You can typically:

1. Visit your participating bank branch.

2. Opt for auto-debit during account opening or request activation of the scheme on an existing account.

3. Some banks might also offer online enrollment options.

What is Not Covered?

Death due to natural causes within the first 30 days of enrollment (waiting period).

Suicide (within one year of enrollment).

Who Should Consider PMJJBY?

Individuals with dependents: If you have a family relying on your income, PMJJBY offers a low-cost way to ensure their financial stability in your absence.

Young earners: Starting early with life insurance can inculcate a good savings habit and provide long-term financial security for your family.

Individuals without existing life insurance: PMJJBY is a great starting point for those who haven't explored life insurance options yet.

Why Choose PMJJBY?

PMJJBY offers a simple and affordable way to provide peace of mind for yourself and your loved ones. With a low annual premium, you can ensure your family's financial security in case of your untimely demise. It's a small investment that can make a significant difference during a difficult time.

Conclusion

Don't wait to safeguard your family's financial future. Enroll in PMJJBY today and grant them peace of mind. For further details, contact your participating bank or visit https://licindia.in/pradhan-mantri-jeevan-jyoti-bima-yojana.