Is Rs 436 also deducted from your account? Know that you can get a benefit of Rs 2 lakh:

News India Live, Digital Desk: In today’s time, everyone wants to secure the future of their family, but often people step back after seeing the premium of an expensive policy. But do you know that the government has such a wonderful scheme, in which you can get life insurance of Rs 2 lakh by paying just Rs 1.25 per day i.e. Rs 436 annually? Yes, the name of this scheme is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)which is a great support for low-income families.

Let us understand everything about this scheme in simple language.

What is Pradhan Mantri Jeevan Jyoti Bima Yojana?

This is a term insurance policy of the Central Government. Its objective is to provide social security to every Indian citizen, especially the poor and low-income group. Under this scheme, if the policy holder dies due to any reason, his family (nominee) is given financial assistance of Rs 2 lakh.

Who can take benefit of this scheme?

The conditions for joining this scheme are very easy:

• your age 18 to 50 years Should be between.
• It is necessary for you to have a savings account in any bank or post office.

Bus! If you fulfill these two conditions, then you can easily avail the benefits of this scheme. If you join this scheme before the age of 50, you get life insurance cover till the age of 55.

How and where to join this scheme?

It is very easy to join this scheme. You do not have to fill any lengthy form.

• You can give your consent to this scheme by filling a simple form by going to the bank or post office where you have your account.
• Many banks are now offering this facility on their internet banking and mobile banking apps also.

You just have to give ‘Auto-Debit’ consent once, after which a premium of Rs 436 is automatically deducted from your account on 31st May every year and your policy is renewed for the next one year (1st June to 31st May).

Some important things you should know

• This policy covers death due to any cause, but in case of death due to illness, the claim is payable only 45 days after purchasing the policy. However, this condition does not apply to death caused by accident.
• If for some reason you are unable to pay the premium and the policy is discontinued, you can restart it later by paying the full premium and providing a health certificate.

If you have not yet taken any life insurance for your family, then Pradhan Mantri Jeevan Jyoti Bima Yojana can be a great option for you. This scheme proves that family security does not require big money, but right information and a small step.