No medical examination is required to buy insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). You need to have a bank account to join this scheme. If the member dies during the term of the insurance cover, the next of (nominee) will receive an amount of Rs.2 lakh.
This scheme can be taken by any Indian citizen in the age group of 18-50 years. The maturity age of Jeevan Jyoti Insurance Policy is 55 years. This term plan has to be renewed every year. No medical examination is required to buy insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana.
If you also want to take advantage of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), now you will have to pay Rs.436 instead of Rs.330 annually. In a statement issued by the government, it has been said that the annual premium for PMJJBY has been increased from Rs.330 to Rs. 436.
The new premium rates of the Pradhan Mantri Bima Yojana have come into effect from June 1, 2022. The premium of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has been increased by 32 percent. The government has said that Prime Minister Narendra Modi has set a target to increase the coverage of PMJJBY from 6.4 crores to 15 crore people in the next 5 years to provide insurance facility to every person in India.
Some Important statement – Let us also understand what this claim ratio is.
Meaning, the number of claims paid by a company in comparison to the premium taken, it is called claim ratio. Suppose an insurance company received a total premium of Rs 100 in a year and paid 145 claims in the same period, then its claim ratio would be 145 per cent.
Such a high number of claims in both these insurance schemes have spoiled the mathematics of the government. This is causing huge loss to the insurance companies. The premium has been increased to make these plans viable for insurance companies and to include new companies in the scheme.
So, finally about (Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) was started by the Central Government on 9 May 2015 to provide the benefit of life insurance to every person of the country. Any Indian citizen in the age group of 18-50 years can take advantage of this scheme. The maturity age of Jeevan Jyoti Insurance Policy is 55 years. No medical examination is required to buy insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana. Its annual premium has increased from Rs 330 to Rs 436, which gets auto-debited from the savings account of the beneficiary every year in May or June.)
