PMJJBY is a life insurance scheme by the government of india. This is a non-linked, non-participating, one year renewable group term insurance product.This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Most of which had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes.
Salient features of scheme
- Age :18 years - 50 years.
- Maximum maturity age : 55 years
- Policy period : 1 year
- Premium : Rs 330
- Payment Mode :Auto-debited by the bank from the subscribers’ savings bank account
- Sum Assured : Rs 2 Lakh to be paid on the death of the insured member.
Key Features
- Protection at an affordable cost.
- Instant processing: No medical examination required.
- Easy enrolment: Enrolment based on a simplified proposal form