Interesting Facts & Achievements Related to PMJJB Yojana
- 45 days following the date of enrolment, the life insurance coverage begins. However, in the event of a fatal accident, the total promised amount will be paid. The policyholder can quickly rejoin the scheme even if they leave it for whatever reason.
- Following Section 80C of the Income Tax Act of 1961, contributions made to this plan may qualify for tax deductions.
- As an achievement, More than 12.76 million people had enrolled in the program overall as of April 27, 2022, and Rs. 11,522 crores had been paid for 5,76,121 claims.
Prime Minister Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), established in 2015, is a one-year life insurance policy renewed yearly and provides death coverage. Both public and private insurance organizations manage Prime Minister Jeevan Jyoti’s insurance scheme in collaboration with scheduled commercial banks, regional rural banks, and cooperative banks.
The government has placed a strong emphasis on the insurance industry as most of the population lacks access to insurance coverage. This Prime Minister’s insurance yojana was designed to encourage the spirit of inclusive growth in parallel with the ‘Sabka Saath Sab ka Vikas‘ and include the impoverished and underprivileged sections of society. The government contributed to this scheme by paying Rs. 14,144 crores in claims under PMJJBY.