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Insurance of 2 lakhs at an annual premium of only 330, did you take advantage of this scheme of Modi government?

In 2015, Prime Minister Narendra Modi started such an insurance scheme in which insurance of up to 2 lakh rupees is available at a premium of only 330 rupees in a year.


The name of this scheme is – Pradhan Mantri Jeevan Jyoti Bima Yojana. Let us know what is the specialty of this scheme and how can it be taken advantage of?

Who can avail benefits: The annual premium for Pradhan Mantri Jeevan Jyoti Bima Yojana is just Rs 330. This scheme can be taken by any Indian citizen between the age of 18 -50 years. The age of maturity of Jeevan Jyoti insurance policy is 55 years. This term plan has to be renewed every year. Assured amount in this is Rs 2,00,000.

What is unique: In order to extend the benefit of life insurance to every person of the country, the Modi government at the Center started the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) on 9 May 2015. There is no need of any medical examination to buy insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana.

The best thing is that it is very easy to take this policy. You can take a policy under this scheme by going to any bank branch or through net banking of your bank sitting at home. You can also apply by visiting the portal of this scheme. The annual premium is just Rs 330, which will be auto-debited from the customer’s savings account in the month of May every year.

If the normal death of the insured occurs within 45 days of enrollment in this insurance scheme, then the family members will not get the benefit of insurance, they will get it after that. But if the death is due to accident then the benefit of insurance cover will be available immediately. In this way, in case of accidental death, the insurance cover is available from day one.

Pradhan Mantri Jeevan Jyoti Bima Yojana is a term insurance plan of the Modi government. Term plan means that the insurance company pays the insurance amount only when the policyholder dies during the insurance policy. If the policy holder stays alright even after the completion of Jeevan Jyoti Insurance Scheme, then he does not get any benefit.

Under this scheme, an affordable rate of premium is available to all citizens belonging to almost all income groups, including EWS and BPL. The insurance cover under the scheme will start from 1st June of the same year and till 31st May of the following year. No medical examination is required to buy insurance in PMJJBY.

Under the Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY), a term plan has to be renewed every year. That is, once you pay the premium, you will get the benefit of insurance within the period of one year. If the premium is not deposited in any year, the benefit of insurance will not be available and your scheme will be considered closed. But one feature is that you can enter this scheme whenever you want till the age of 55 years. The only disadvantage in this is that again you will be kept under the condition of not getting any death cover for 45 days (if the death is not due to accident). Therefore, it is important to pay premium every year.

Under the Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY), the term plan has to be renewed every year, but it is auto-debited from the bank account i.e. when the premium is deducted, there should be money in your account. Once you pay the premium, you will get the benefit of insurance within a period of one year. If the premium is not deposited in a year due to lack of money in your account, you will not get the benefit of insurance and your scheme will be considered closed. But one feature is that you can enter this scheme whenever you want till the age of 55 years.


If the member dies during the period of insurance cover, then an amount of Rs 2 lakh will be received by his / her family member (nominee). In many banks, there is no benefit of enrolling in this scheme or depositing premium in many places, because no matter how much premium you deposit in this scheme, the maximum benefit of insurance cover will be only 2 lakh rupees.

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