The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a new life insurance scheme for the growth and development of the poor and lower-income fraction of society.
This 330 rupees insurance scheme is a pure term insurance plan for the tenure of one year and renewable from year-to-year. Despite being quite a popular scheme, many remain unaware of its full scope. This article will cover the key features of the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme.
You can enroll for the Pradhan Mantri Jeevan Jyoti Bima Yojana from June 1st of every year to June 31st of the subsequent year. During this year-long period, subscribers give their auto-debit consent.
The 330 rupees insurance scheme offers coverage of 2 lakh to the nominee of the scheme. The death benefit entitled to the nominee is tax-free.
The PMJJY offers coverage for the tenure of 1 year from the date of signing. The insured person can renew the scheme every year till the age of 55 years. The insured person can discontinue and rejoin in the future by providing a health certificate and paying the premium.
The scheme offers coverage at the minimum premium of Rs. 330 per annum. It is a good opportunity to get a term insurance at a very low rate.
The premium paid under the insurance scheme is tax-free under section 80C of the Income Tax Act.
The premium is automatically debited from the saving accounts of the subscribers. This is the only available mode of payment for the premium of the policy. The PMJJY is to be renewed between May 25th and May 31st.
The 330 rupees insurance scheme is a great way for salaried professionals to get reliable insurance coverage. At a premium amount of just Rs 330, this scheme is an affordable investment tool for those starting with insurance or those in the low-income group. Moreover, with the tax benefits and coverage it offers, PMJJBY is a scheme to consider when thinking of insurance policies.
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