What is PMJJBY Scheme Policy and Its Benefits

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WHAT IS PMJJBY SCHEME POLICY AND ITS BENEFITS
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What is PMJJBY?
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
is an insurance scheme offering life insurance
cover for death due to any reason. It is a
one-year cover, renewable from year to year. The
scheme is offered by banks/post offices and
administered through life insurance companies.
All individuals who are account holders of
participating banks/ post office in the age group
of 18 to 50 years are entitled to join.
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Key features of PMJJBY policy

• Age Eligibility The scheme is available to
  Indian residents aged between 18 and 50, ensuring
  that a significant portion of the population can
  benefit.
• Coverage Duration Once enrolled, policyholders
  can enjoy coverage for one year, renewable
  annually, allowing them to maintain uninterrupted
  protection for themselves and their loved ones.
• Sum Assured In the unfortunate event of the
  policyholder's death, the nominee is entitled to
  receive a sum assured of ?2 lakhs, which can
  provide crucial financial support during
  difficult times.
• Auto-debit Facility The premium amount is
  automatically debited from the policyholder's
  linked bank account, ensuring convenience and
  hassle-free payment without frequent manual
  transactions.

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Key features of PMJJBY policy

• Tax Benefits Policyholders can enjoy tax
  benefits under Section 80C of the Income Tax Act
  for the premium paid, thereby reducing their
  overall tax liability.
• Renewability The PMJJBY scheme can be renewed
  annually, allowing policyholders to continue
  their coverage and protect their loved ones
  without any gaps.
• Nationwide Coverage This government-backed
  scheme is available across all states and union
  territories in India, ensuring widespread access
  to life insurance benefits.
• No Medical Examination Unlike many other
  insurance policies, PMJJBY does not require a
  medical examination at enrollment, making it
  easier for individuals to secure coverage.

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Claiming benefits under PMJJBY scheme
The process of claiming benefits under the
(PMJJBY) scheme is designed to be seamless and
efficient, providing much-needed support during
challenging times. All they need to do is submit
a duly filled claim form and necessary documents
such as the death certificate, nominee's ID
proof, and bank account details. The
straightforward claim process ensures that the
insurance amount is disbursed promptly, helping
the nominee navigate financial uncertainties and
providing stability during a difficult phase.
With the PMJJBY scheme, individuals and their
loved ones can find solace in knowing that the
benefits they are entitled to can be easily
accessed, providing financial support when needed
the most.
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THANK YOU !