Benefits of PMJJBY and how it can help you in future!

Many Indians want to use insurance to safeguard the future of their families. The requirement for an ideal plan that the general populace can adopt is stressed by low income and limited awareness of various plans and policies. The Pradhan Mantri One such consumer-friendly and cost-efficient program introduced by the Indian government is the Jeevan Jyoti Bima Yojana. It has made it possible for people in India, where purchasing insurance was for a long time viewed as unnecessary, to have a positive attitude toward doing so. Many Indians are confidently and without any hesitation securing the future of their families thanks to the PMJJBY scheme details, which are simple to understand and implement.

The PMJJBY is a government-sponsored insurance program with many benefits. The program is available for a year and may be extended once a year. If the beneficiary passes away during the policy’s duration, the Pradhan Mantri Jeevan Jyoti Bima Yojana provides a yearly life cover of Rs. 2 lakh. The coverage is available for the lowest annual premium of Rs. 330. To provide you with some understanding of the program, we have covered in detail everything you need to know about it here.

PMJJBY advantages

The Pradhan Mantri Jeevan Jyoti Bima Yojana offers a number of great advantages, including:

tax advantages

According to Section 80C of the Income Tax Act of 1961, any investments made in the PMJJBY scheme are not subject to taxation.

Risk mitigation

All potential threats to life are covered. In the event that the insured dies for any reason, the death benefits are provided to the policy’s beneficiary. 45 days after the enrollment date, coverage starts. However, if a mishap or death occurred within those 45 days, the entire promised amount would be paid.

Death advantages

In the event that the policyholder dies, the Jeevan Jyoti Bima Yojana provides a death benefit of up to 2 lakh rupees.

Registration Period

The enrollment period for the Pradhan Mantri Jeevan Jyoti Bima Yojana runs from the first of June of each fiscal year to the final day of June of the following year. Users must enroll and agree to auto-debit within the registration term. The lump-sum premium for the policy year beginning in the month of joining must be paid if the person intends to purchase the policy after June 1.


The PMJJBY provides up to Rs. 2 lakh in coverage. If the policyholder dies unexpectedly during the policy’s term, the beneficiary is taken care of. The life insurance policy’s death payout will be tax-free for the nominee.  The claim-settlement mechanism provided by the Pradhan Mantri Jeevan Jyoti Bima Yojana is easy and straightforward.

Payment Mode

The subscription fee is automatically taken out of the subscribers’ savings accounts. The policy’s premium can only be paid in this manner. The renewal period for the Pradhan Mantri Jeevan Jyoti Bima plan is from May 25 to May 31. The coverage holder’s savings account will also be automatically deducted from the following period. To halt the deduction of premium payments, the policyholder must submit a cancellation application if they choose to end the program.