PMJJBY will provide protection and financial security to the poor and underprivileged, especially in unbanked and remote areas of India.
India Post Payments Bank (IPPB) announced the launch of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in partnership with PNB MetLife India Insurance Company for its customers. The low-cost insurance scheme seeks to bring large sections of the underserved and unserved population into the financial mainstream.
PMJJBY will provide protection and financial security to the poor and underprivileged, especially in unbanked and remote areas of India, in the unforeseen and unfortunate event of the loss of a family member who is primarily the breadwinner.
Who can avail of this facility?
Anyone who has a savings account with IPPB.
Age limit:
The entry age is a minimum of 18 years (on the date of enrollment) and a maximum of 50 years (age near Birthday)
The maximum maturity age at the time of maturity should be the completion of 55 years (near birthday).Sum insured:
On the sum assured front, the maximum coverage of Rs 2,00,000 per life irrespective of multiple accounts/multiple certificates of insurance held under the PMJJBY scheme, will be offered. The cover of Rs 2 lakh comes at less than 1 rupee per day.
The premium is Rs 330 to be paid annually; however, the first-year premium depends on the quarter in which the scheme is opted for.
KYC document:
Aadhaar Card would be the primary KYC.
J. Venkatramu, MD and CEO, India Post Payments Bank said, “PMJJBY takes forward the Government’s mission of creating a universal social security net for needy and disadvantaged sections. Products like PMJJBY help to inculcate a culture of buying affordable insurance amongst this segment of the population. Backed by our reach on a Pan-India basis through the extensive network of Department of Posts along with PNB MetLife’s expertise, we aim to fulfill the needs and aspirations of different segments of the population.”
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