The low-cost insurance scheme seeks to bring large sections of the underserved and unserved population into the financial mainstream.
India Post Payments Bank (IPPB) has announced the launch of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in partnership with PNB MetLife India Insurance Company for its customers.
The aim of PMJJBY is to 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. The low-cost insurance scheme seeks to bring large sections of the underserved and unserved population into the financial mainstream.
Key features of PMJJBY are:
Optional for all persons who have savings account with IPPB
Aadhaar will be the primary KYC
Min – 18 yrs (on the date of enrollment), Max- 50 yrs(Age near Birthday)
Maximum maturity age
Completion of 55 years (Age near Birthday)
1 year (renewable) – June 1 to May 31 each year
Maximum coverage of Rs. 2,00,000 per life irrespective of multiple accounts/multiple certificates of insurance held under the PMJJBY scheme. The cover of Rs 2 lakh comes at less than one rupee per day.
Premium payment mode
Annual. However, the 1st-year premium depends on the quarter in which the scheme is opted for.
The entry age has been set at a minimum of 18 years, to a maximum of 50 years. The maximum maturity age, however, is on completion of 55 years. 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.
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.”