PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA.

PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA: AN INTRODUCTION.

The scheme is an insurance campaign owned by the Government of India (GOI). It was originally mentioned in the 2015 budget speech by the then finance minister Mr. Arun Jaitley during the month of February, perhaps it was formally launched by the prime minister Narendra Modi on 9th May 2015 in Kolkata. As of 15th May 2015, only 20% of the Indian population has any kind of insurance, this initiative was taken by the government to increase the number for the same. 

ABOUT THE POLICY:

Pradhan Mantri Jeevan Jyoti Yojana is available to the people between the age of 18 years to 50 years having a bank account. It is an annual premium of INR 330-/, the Gst is exempted from this yojana and the amount will be automatically debited from the account. In the case of death due to any cause, the amount of INR 2,00,000-/ will be given to the nominee.

FUNCTIONING OF THE SCHEME:

This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Most of these have zero balance initially, the aim of this scheme is to reduce the number of these zero balance accounts by using this and other related schemes. Now the bank account holder can avail this facility through net-banking services facility or filling a form at the bank branch at any time of the year. The premium is deducted automatically from the insured's bank account.