Government through the Budget Speech announced three ambitious Social Security Schemes pertaining to the Insurance and Pension Sectors, namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and an the Atal Pension Yojana (APY) to move towards creating a universal social security system, targeted especially for the poor and the under-privileged. Hon’ble Prime Minister launched PMJJBY and PMSBY schemes nationally in Kolkata on 9th May, 2015. The risk cover on the lives of the enrolled persons commenced from 1st June 2015.
Salient Features of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The scheme is a one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason.
- Eligibility: Between 18 years (completed) and 50 years ( life cover upto age 55).
- Benefit: Rs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability.
- Premium: The premium of Rs. 12 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one instalment.
- Period: One year period stretching from 1st June to 31st May.
- The scheme is being offered by Public Sector General Insurance Companies & other General Insurance Company.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in Rajasthan
- Under this scheme, a total 17.07 lakh persons have been enrolled upto 31 March, 2019 in the State.