By paying Rs 436 in a year, your family will get Rs 2 lakh, know about this scheme!

The Government of India continuously runs many schemes for its citizens. There are different types of schemes for different sections of the population. There are separate schemes for women, there are separate schemes for the elderly, similarly there are separate schemes for children and youth. However, there is a scheme from the central government that can benefit millions of people: Pradhan Mantri Jeevan Jyoti Bima Yojana. Under this scheme, insurance coverage up to Rs 2 lakh can be obtained by paying an annual premium of Rs 436. Let us know more about this scheme.

Insurance of Rs 2 lakh for Rs 436:

Poor people usually cannot afford any kind of insurance. They often have to depend on government schemes. This insurance scheme of the government can be very helpful. Under this scheme, insurance coverage up to Rs 2 lakh is provided at an annual premium of Rs 436, and no medical test is required to avail this policy.

During the policy application process, consent is required to provide information about certain diseases. Any citizen between 18 to 55 years of age can apply for this insurance scheme. This policy is valid from June 1 to May 31 of the next year and is self-renewing. The premium amount is deducted from the account every year through auto-debit.

Nominee gets Rs 2 lakh:

In case of death of the policyholder, the sum assured under this insurance plan is transferred to the nominee. The nominee will have to visit the bank from where the plan was taken and submit the necessary documents including death certificate. A claim under the policy must be made within 30 days of the death of the policyholder.