In 2015, the Union Government unveiled a new insurance scheme that offers a number of benefits. The Pradhan Mantri Jeevan Jyoti Beema Yojana, as it’s called, provides indemnity against death due to any reason. This insurance scheme has been seen as a follow-up to the 2014 Pradhan Mantri Jan Dhan Yojana, a nation-wide financial inclusion campaign.

You can make use of the Jeevan Jyoti program at many financial companies where you hold savings account, including Bajaj Finserv. Here’s what you need to know about this Government-announced insurance scheme.

Eligibility

Savings bank account holders between the ages of 18 to 50 years can enrol themselves in the program, as long as they have accounts in participating companies like Bajaj Finserv. It doesn’t matter if you have savings accounts elsewhere, as you can avail of the Jeevan Jyoti Bima Yojana through only one account. You also need to maintain a minimum account balance before enrolling yourself.

Below are a few frequently asked questions on Pradhan Mantri Jeevan Jyoti Bima Yojana.

How Much do You Need to Shell Out?

You need to pay an annual premium of INR 330 while partaking in the program. This amount will be auto-deducted from your account in one instalment on or before 31st May of each year.

What are the Benefits?

The sum of INR 2 lakh is payable to the entitled beneficiaries in case of the policyholder’s death during the insurance period.

When Should You Apply?

Late enrolment is possible up to 31st August, 2015. However, even this date may be extended by the Government of India to the 30th of November. But those joining later on may also need to submit self-certificates of good health.

What are the Rules for Pradhan Mantri Jeevan Jyoti Bima Yojana?

The life cover provided by this insurance scheme will terminate when the policyholder reaches the age of 55. If your insurance cover is taken away because of insufficient account balance, it will be reinstated only after you pay the entire premium amount. It’s also important to know that your insurance scheme will be terminated when you close your savings account.

As long as there aren’t any adverse, unforeseen outcomes, the Government will make efforts to maintain the same annual premium for the next 3 years. This means that you can gain life cover at a low-priced priced premium if you enrol yourself within the given deadline.