India Post Payments Bank (IPPB) has announced launch of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in partnership with PNB MetLife India Insurance Company Limited for its customers.
The aim of PMJJBY is to provide protection and financial security to the poor and underprivileged, especially in unbanked and remote areas of India, in the unforeseen and unfortunate event of the loss of a family member who is primarily the breadwinner. The low-cost insurance scheme seeks to bring large sections of underserved and unserved population into the financial mainstream.
Key features of PMJJBY are:
Optional for all persons who have savings account with IPPB
Aadhaar will be the primary KYC
Min – 18 yrs (on the date of enrollment), Max- 50 yrs(Age near Birthday)
Maximum maturity age
Completion of 55 years (Age near Birthday)
1 year (renewable) – June 1 to May 31 each year
Maximum coverage of Rs. 2,00,000 per life irrespective of multiple accounts/multiple certificate of insurance held under the PMJJBY scheme. The cover of Rs 2 lakh comes at less than one rupee per day.
Premium payment mode
Annual. However, 1st year premium depends on the quarter in which scheme is opted.
Announcing the launch, Mr. J. Venkatramu, MD & CEO, India Post Payments Bank said, “PMJJBY takes forward the Government’s mission of creating a universal social security net for needy and disadvantaged sections. Products like PMJJBY help to inculcate a culture of buying affordable insurance amongst this segment of population. Backed by our unparalleled reach on a Pan-India basis through the extensive network of Department of Posts along with PNB MetLife’s expertise, we aim to fulfil the needs and aspirations of different segments of population.”
“We are proud to be a part of the Government of India’s initiative to provide life insurance solutions across a broad socio-economic spectrum and help new customer segments build their financial health and gain access to protection solutions through our partnership with India Post Payments Bank. At PNB MetLife, it has always been our endeavour to prioritise our customers’ needs, and we are pleased that our partnership with IPPB will address the needs of a large, underserved customer group by making PMJJBY available across India,” said Mr. Ashish Kumar Srivastava, MD & CEO, PNB MetLife.