Pradhan Mantri Jeevan Jyoti Bima Yojana Essay
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Pradhan Mantri Jeevan Jyoti Bima Yojana Essay
Essay on Pradhan Mantri Jeevan Jyoti Bima Yojana
Pradhan Mantri Jeevan Jyoti Bima Yojana Essay 300 Words
Pradhan Mantri Jeevan Jyoti Bima Yojana is a 1 year Life Insurance Scheme offering coverage for death. The PMMJBY is a pure term insurance policy for death and benefit will accrue only to the nominee. This Yojana was formally launched by Prime Minister Modi on 9th May 2015 in Kolkata.
The government introduced this scheme with an objective of increasing insurance penetration in India. As of May 2015, only 20 per cent of India’s population has any kind of insurance. PMJJBY is available to people between 18 and 50 years of age with a bank account under PMJJBY scheme, life cover of rupees 2 lacs is available at a premium of Rs 330 per annum for member and is renewable every year. This premium amount Rs 330 is free from GST and will be automatically debited from the account. In the case of joint account, all holders of that account have to pay the premium at the rate of Rs 330 per person. Due to low premium cost and high insurance cover 5.33 crore people have enrolled for this scheme till 30 May 2018.
This scheme is facing criticism as the banks complained that the revenue received will be very low and not even sufficient to cover the service cost. Insurance companies are facing a steep challenge from this scheme to match the state at the lower end of the life cover business.
Apart of all criticism, PMJJBY is a progressive step towards inclusion of the vast population of India under the social security cover. It stands to eminently benefit all citizens of the country. It is boon for teaming millions of those who have largely no life cover.
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