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Pradhan Mantri Jeevan Jyoti Bima Yojana

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Pradhan Mantri Jeevan Jyoti Bima Yojana

The Insurance Regulatory and Development Authority of India (IRDAI) has reduced the capital required for insurance companies offering ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJJBY) by 50%.

This will encourage greater participation of insurers in the scheme. At the same time, greater financial security will also be ensured.

PMJJBY was launched in the year 2015 under the Ministry of Finance. It aims to provide affordable insurance and protection to people in the age group of 18 to 50 years.

Under the Pradhan Mantri Jeevan Jyoti Bima Yojana, every person gets a risk cover in case of accident or spontaneous death.

Under the scheme, an amount of Rs 2 lakh will be given to the family of the holder on his death (due to accident or natural).

Under this scheme, on paying premium of Rs 330 per annum (less than Re 1 per day), life insurance of Rs 2 lakh is available. In this plan, along with accident, the sum insured is also available on normal death.

The scheme is being offered by Life Insurance Corporation and all other life insurance companies desirous of offering the product on equal terms with necessary approvals and tie-up with banks for the purpose.

Source – The Hindu

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