Indian Post Payments Bank (IPPB) has launched its Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY) in association with PNB MetLife India Insurance Company Limited. The goal of this scheme is to provide financial security to the poor and deprivation people. Through this scheme, financial security will be ensured for the people living in remote areas of the country where banking facilities are not available yet.
Under PMJJBY, families will get financial security in case of the unexpected death of a family earning person. Under this scheme, financial security is to be provided to a large number of people who have stayed away from it till now.
Key features of PMJJBY
- This scheme is available to all account holders of Indian Post Payments Bank.
- At the time of registration under this scheme, the minimum age should be 18 years and maximum age 50 years.
- Aadhaar will have to be established for KYC.
- The maximum maturity age under this scheme is 55 years (age on the nearest birthday).
- Coverage Period 1 Year (Renewable) – 1 June to 31 May each year
- Under this scheme, you will get a maximum coverage of 2 lakhs, irrespective of the number of insurance accounts or many insurance certificates under the PMJJBY scheme. 2 lakhs Less than one rupee per day will have to be paid.
- A premium of Rs 330 will be payable annually under this scheme. However, the premium for the first year depends on the quarter to be planned.
Started from 1 September 2018
The India Post Payments Bank (IPPB) has been set up under the Department of Posts of the Ministry of Communications, with 100 per cent equity of the Government of India. PM Narendra Modi launched IPPB on 1 September 2018. The main objective of the establishment of this bank is to provide banking facilities to the people of remote areas. Under this scheme, the postal network of 1.55 lakh post offices (1.35 lakh in rural areas) and 3 lakh postal employees will be used.