Among the most important initiatives of the Indian government is the Pradhan Mantri Jeevan Jyoti Bima Yojana program, which is a national insurance program for the roofing industry. This program was announce in the 2015 budget of India by the then Finance Minister, Arun Jaitley. In May 2015, the Programme was launche by the Prime Minister.
It is clear from the beginning of this scheme that the objective was to increase the number of people that were insure and had taken similar policie, since only 20 percent of people were covere. As this is an insurance scheme, it is obvious that the beneficiary’s family of the beneficiary will get a death coverage of 2 lakhs after the beneficiary’s death.
There is a one-time fee of Rs 330 for this scheme and you need to pay that every year if you wish to benefit from it. After that, you will have to renew it every year.
For whom Pradhan Mantri Jeevan Jyoti Bima Yojana is beneficial
This scheme is open to those who are 18 to 50 years of age, as well as those who have an account at any bank. So if you desire to take advantage of this scheme, you should be between 18 to 50 years of age.
As compared to earlier versions of this scheme, which were only available to the account holders of accounts opened under the Pradhan Mantri Jan Dhan Yojana, this new Pradhan Mantri Jeevan Jyoti Bima Yojana offers its value to account holders of all bank accounts and all types of accounts.
Some important things of PM Jeevan Jyoti Bima Yojana that you should know
- As a result of this scheme, you will have to pay a small annual premium of Rs.330 in order to benefit from the benefits of insurance.
- This payment doesn’t need to taken care of by you as the amount will debited automatically from your bank account once the payment has made.
- There are two types of insurance policies under this scheme: one that offers a guarantee of coverage for a year and one that offers coverage for a lifetime.
- This plan covers you from 1st June to 31st May of every year during the period of cover required by law.
- As a result of this plan, you will not required to undergo any medical examinations in order to get the policy.
- There is also a death benefit of Rs 2 lakh in this policy, which we have already informed you about.
- The greatest benefit of this scheme is that you can take it at any time you want and leave it at any time you want. That is one of the biggest advantages of this scheme.
- If you do not wish to pay for the insurance policy, you will still be able to do so, unlike with other insurance policies.
- As this is a pure term insurance plan, there is no maturity or surrender benefit attached to the plan, so this plan is pure term insurance.
Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits
- It is important to note that in case of your death, a coverage of Rs 2 lakh will be given to your dependents.
- It is eligible for tax deduction under section 80c of the Income Tax Department if you pay a premium under this plan.
- It has the greatest advantage of being used like a switch on / off button, so in other words, you will be able to make the most of this scheme at any time you need it.
- The Pradhan Mantri Jeevan Jyoti Bhima scheme is not available to everyone.
- This scheme is not available to those over the age of 55, so they are not eligible for it.
- It is also not possible for you to benefit from this scheme if you have insufficient funds in your bank account.
Drawbacks of Pradhan Mantri Jeevan Jyoti Bima Yojana
There is a downside to the implementation of this scheme, which has been the fact that many banks have complained about the scheme because they feel the revenue generated by it will be very small. This is one of the drawback that have revealed since the implementation of this scheme. It has even been claime by some bankers that the amount that they are receiving isn’t sufficient to cover the cost of the service they are providing.
There are only a few minor issues with this scheme, but there are some if you choose to look at it in more detail. Since it is a [group insurance] scheme, banks don’t get any guidance if there are excessive claims in a year, so they are not prepared to deal with such problems.
The scheme is a boon for low income and middle income groups of the country, so if some of these exemption problem are dealt with, it prove to of great benefit to them. Other insurance policies would require you to pay a large amount depending on the amount you pay. In contrast to this, you are require to deposit a small amount. Work is not a boon for people who are low-income.
Basically, this scheme is a golden opportunity for the poor people of the country to join the insurance policy as it will act as a protective shield for them and they can sure that their livelihoo is secure. This is why this scheme is rate as one of the most prominent welfare programs in the country today.
FAQs
After taking out a policy under this scheme, are there any other actions that need to taken after the policy has taken out?
There is both a yes and a no to the question. After taking out a policy, you do not have to do anything except renew it every year since you do not have to do anything after taking a policy.
Is it also possible to get money after the maturity of the policy, just like other insurance policies?
It is not a long-term insurance plan, but it does cover you on a regular basis in case of death.
Does this scheme offer this opportunity to account holders other than those participating in the Pradhan Mantri Jan Dhan Yojana?
There is no doubt in my mind that yes
In the event that I do not pay for the next year after paying for one year under this policy, will my eligibility to continue to covere by the policy lost?
There is no need to restart it every time you want to, you can do it whenever you want.
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