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Pradhan Mantri Jeevan Jyoti Bima Yojana proved boon for the poor!

Tuesday - October 22, 2019 11:48 am , Category : BUSINESS
Pradhan Mantri Jeevan Jyoti Bima Yojana is 'beneficial' for low-income people
Pradhan Mantri Jeevan Jyoti Bima Yojana is 'beneficial' for low-income people

Do you know about term plan insurance?

OCT 22 (WTN) - According to finance affairs experts, it is very important to have at least one term insurance plan in busy and rush life. However, it has been observed that many people do not provide term insurance due to fear of high premiums. For such people who do not provide term insurance due to high premium, Pradhan Mantri Jeevan Jyoti Bima Yojana is proving to be a great option. But, what is term plan insurance and what precautions should be taken for it? Let us tell you. At the same time, we tell you that how the Pradhan Mantri Jeevan Jyoti Bima Yojana is helpful to the people of low-income groups.

What is the term plan?
For information, let us know that term plan insurance is the right product for life insurance. It provides financial security to the policyholder's family or nominee in case of any untoward incident. However, in this, the policyholder does not get any amount on the maturity of the plan. That is a term plan is meant to protect against risk. In terms of plans, the person buying the insurance pays his premium for a pre-determined period. However, if the insured dies during this period, his family or nominee gets the insurance cover.

According to the financial affairs experts, insurance should be purchased at least 10 times the annual income. That is if you have a yearly income of Rs 5 lakh, then you should buy a term plan of at least Rs 50 lakh. Along with this, with increasing income and lifestyle changes, insurance cover should be increased or purchase a separate term plan.

Keep in mind that nomination is the most important part of any insurance policy. As you know term plans are bought for the financial security of the family. While purchasing a term plan, give information about the nominee thoughtfully, as he gets the insurance cover after the death of the policyholder.

Which term plan is better for low-income people?
So now you must have known about the term plan. So for your information, let us know that Pradhan Mantri Jeevan Jyoti Bima Yojana is a great term plan for low-income people. Any Indian citizen can avail of this ambitious scheme. Let us tell you what are the features of Pradhan Mantri Jeevan Jyoti Bima Yojana, which you can take advantage of?

First of all, let us know for your information that the most important fact about this plan is that no medical examination is required to buy a term plan under it. You must be wondering that what is the age limit to buy term plan under Pradhan Mantri Jeevan Jyoti Bima Yojana? So for your information, let us know that the minimum age to buy a term plan under this scheme is 18 years and the maximum age is 50 years.

The maturity age of the policy of Pradhan Mantri Jeevan Jyoti Bima Yojana is 55 years. This term needs to be insured every year. The annual premium of this term plan is Rs 330. This amount is taken from the policyholder's bank account through ECS (Electronic Clearance Service). The insurance cover under this term plan is 2 lakh rupees. That is if the policyholder who takes advantage of this scheme dies, his nominee or family gets Rs 2 lakh.

If you want to buy this policy, then for your information, let us know that the bank charges administrative fees for the scheme. At the same time, apart from this, GST charges are also levied on the entire process. It is important to know that even if a person availing this scheme has paid a premium to many banks, even then the total death benefit will not be more than Rs 2 lakh.

At the same time, the term plan amount can also be selected for more than one year under this scheme. On choosing the option of long-term insurance, the bank will deduct the premium amount every year from the savings account of the bank itself. For your information, let us know that the Pradhan Mantri Jeevan Jyoti Bima Yojana has been purchased on any day; its coverage for the first year will be till May 31 of the next year. After this, every year on June 1, the premium can be renewed from the bank account.

So if your income is low and you want to buy a term plan, then Pradhan Mantri Jeevan Jyoti Bima Yojana is a very beneficial term plan for you at a low premium. For this policy, you have to spend only 1 rupee per day. After the death of the policyholder, his nominee or family members get a death benefit of Rs 2 lakh.