India Post Payments Bank (IPPB) and PNB MetLife India Insurance Company entered into partnership to launch Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
The objective of PMJJBY is to give protection and financial assistance to the poor and underprivileged, especially in remote areas of India, in the event of unexpected death of a family member who is mainly the breadwinner. The low-cost insurance scheme attempts to bring huge sections of the underserved and unserved community into the financial mainstream.
The minimum age for the scheme is 18, and the maximum age is 50. The high maturity period end at the age of fifty-five years. On the sum assured, the maximum insurance of Rs 2, 00,000 per life irrespective of multiple accounts/ more than one certificate of insurance held below the PMJJBY scheme, could be presented. The coverage of Rs 2 lakh comes at less than 1 rupee per day.
J. Venkatramu, MD and CEO, India Post Payments, Bank said that PMJJBY takes ahead the Government’s goal of creating familiar social protection security for needy and disadvantaged sections. Products like PMJJBY assist to inculcate a tradition of buying low-cost insurance amongst this section of the population. Backed through their reach on a Pan-India basis through the vast community of Department of Posts together with PNB MetLife’s expertise, the banks aim to meet the needs and aspirations of different segments of the population.
The scheme is optional to the persons who have a saving bank account with IPPB. The primary KYC document will be an Aadhaar card. The maximum period of maturity ends after 55 years. The maximum insurance coverage of Rs. 2, 00,000 per life irrespective of more than one accounts/a couple of certificates of coverage held under the PMJJBY scheme. The cover of Rs 2 lakh comes at much less than one rupee per day. This coverage can be renewed after one year (1st June-May 31). The premium amount of Rs.330 has to be paid by the customer. The mode of premium to be paid is annual. However, the initial year premium depends on the quarter in which the scheme is selected.