India Post Payments Bank (IPPB) has launched Pradhan Mantri Jeevan Jyoti Bima Yojana in partnership with PNB MetLife India Insurance. This scheme provides life cover on the death of the insured member due to any reason.
Venkatramu, managing director and chief executive officer, India Post Payments Bank in a statement said: "Products like PMJJBY help to inculcate a culture of buying affordable insurance amongst this segment of the population".
"PMJJBY takes forward the Government’s mission of creating a universal social security net for needy and disadvantaged sections," he said.
Pradhan Mantri Jeevan Jyoti Bima Yojana - Who can apply, how to apply and other details
- For all the savings account holders with India Post Payments Bank, this scheme will be optional. Aadhaar card will be the primary Know Your Customer (KYC) document to open an account under Pradhan Mantri Jeevan Jyoti Bima Yojana.
- To enrol for the PM Jeevan Jyoti Bima Yojana, customers should be at least 18 years old and the maximum age limit will be 50 years.
- The benefits under the scheme are, upon the death of the insured member, a fixed sum of Rs 2 lakh is payable to the nominee and no maturity benefit or surrender benefit is payable.
- A premium of Rs 330 per annum to be paid by the customers, this scheme will be of one year cover, renewable from year to year. The fixed timeline will be June 1 to May 31 each year.
- The premium will be deducted from the customer's savings account annually. The first premium will depend on the quarter in which the scheme is opted for. Customer to maintain adequate balance in the account.
- On attaining 55 years, the life cover for the member shall terminate.
- On the occurrence of death after 45 days of enrollment, the death benefit will be provided to the nominee of the policyholder.- Under Section 80C of the Income Tax Act, tax benefits can be availed on the premium paid under the policy.