Question

10 lines about Pradhan Mantri Jeevan Jyothi Bima Yojna (PMJJBY)

Answer 1

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1. It provides life coverage for one year, and the policy can be renewed every year
2. It offers life insurance coverage of INR 2 lakh at nominal premium charges of INR 330 every year
3. Since it is a pure term insurance plan, the policy does not offer maturity benefits and only covers life risks
4. The coverage begins 45 days after the enrollment date. However, the sum assured amount will be paid in case of death due to an accident
5. The policy can be bought at any partnered banks having tie-ups with LIC and other private insurance companies in India
6. The policyholder needs to have a savings bank account to avail this plan
7. One can simply rejoin the scheme even after exiting from it for any given reason

Answer 2

Answer:

1) The Pradhan Mantri Jeevan Jyoti Beema Yojana is abbreviated as PMJJBY.

2) It was proposed by then Union Finance Minister Arun Jaitley.

3) The scheme was issued through the banks of India.

4) A person can easily exit from the scheme anytime and also can easily re-enter.

5) On the death of the scheme holder, his family members will get a sum of Rs. 2 lakh.

6) The premium deducts from the account of the holder itself.

7) Only the people who are not suffering from any chronic disease can avail this scheme.

8) A person with multiple bank accounts can have this scheme through his only one bank account.

9) The premium will be deducted from the account of the beneficiary before or on 31st May of every year.

10) Under this scheme, the insurance companies are bound to release the amount within one month of receipt of the bank released.

Explanation:

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