Life insurance is an essential investment that guarantees the financial security of our family in case of unexpected events like death, disability, and critical illnesses. The Pradhan Mantri Jeevan Jyoti Bima Yojana is a health and life insurance scheme launched by the Government of India to provide affordable coverage to all citizens. It is a non-linked, non-participating term insurance plan that offers a benefit of Rs. 2 lakhs in case of the policyholder’s untimely death.
The PM Jeevan Jyoti Bima Yojana is a valuable initiative by the government to encourage people to take up life insurance policies as a safeguard against any unforeseen circumstances. It targets the lower-income group and rural population of the country, providing them with the much-required financial protection.
How does PM Jeevan Jyoti Bima Yojana work?
The Pradhan Mantri Jeevan Jyoti Bima Yojana is a term insurance plan that offers a life coverage of Rs. 2 lakhs in case of the policyholder’s death. The policyholder needs to pay an annual premium of Rs. 330 to be eligible for the scheme. The policy covers individuals from the age group of 18-50 years, and the policy can be renewed every year until the age of 55 years.
The policy provides death benefits to the nominee in case of the policyholder’s demise. If the policyholder dies due to natural causes, the nominee can claim the sum assured of Rs. 2 lakhs. In case of accidental death, an additional sum of Rs. 2 lakhs is given to the nominee.
The policyholder needs to enroll in the scheme through their respective bank. Once enrolled, the policyholder has to link their Aadhaar card to the bank account, and payments are automatically deducted from the bank account annually.
Benefits of PM Jeevan Jyoti Bima Yojana
The PM Jeevan Jyoti Bima Yojana offers many benefits to the policyholder, making it an ideal investment under the health and life insurance category. Some of the significant benefits of the scheme are:
1. Affordable premium: The annual premium of the policy is just Rs. 330, making it an affordable option for everyone, including those from the lower-income group and rural population.
2. Life coverage: The policy offers a life coverage of Rs. 2 lakhs in case of the policyholder’s untimely death, providing financial security to the policyholder’s family.
3. Accidental death benefit: An additional amount of Rs. 2 lakhs is provided to the nominee in case of the policyholder’s accidental death.
4. Easy enrollment: The policy is easy to enroll in, and payments are automatically deducted from the bank account of the policyholder.
5. No medical examination: The scheme does not require any medical examination or health check-up, making it easy to avail of the policy.
6. Tax benefits: The policyholder can avail of tax benefits under Section 80C of the Income Tax Act, providing additional incentives for investment.
Medical health insurance under PM Jeevan Jyoti Bima Yojana
While the PM Jeevan Jyoti Bima Yojana is primarily a life and medical health insurance plan, it offers some coverage for medical expenses as well. The policy covers medical expenses incurred due to any critical illnesses like cancer, heart attack, stroke, kidney failure, etc. In case of any of these illnesses, the policyholder can claim an amount of Rs. 2 lakhs, which can be used for medical treatment.
The scheme aims to provide financial protection to the policyholder against any critical illness that can lead to a significant financial burden. The medical coverage provided under the scheme is limited, but it can be a valuable addition to one’s existing health insurance plan.
Conclusion
The PM Jeevan Jyoti Bima Yojana is a significant initiative by the government to provide affordable life and medical insurance coverage to everyone. It is a non-linked, non-participating term insurance plan that offers a life cover of Rs. 2 lakhs in case of the policyholder’s untimely death. The policy covers individuals from the age group of 18-50 years, and the premium is just Rs. 330 annually.
The scheme also offers some coverage for medical expenses incurred due to critical illnesses. In case of any of these illnesses, the policyholder can claim a benefit of Rs. 2 lakhs, providing financial protection against any significant financial burden.
The PM Jeevan Jyoti Bima Yojana is an ideal investment option for those looking for an affordable life insurance plan and some coverage against critical illnesses. It is easy to enroll in, requires no medical examination, and offers tax benefits under Section 80C of the Income Tax Act. The scheme is a valuable addition to the government’s efforts towards ensuring the financial security of all citizens.
