Opt for Centre’s life insurance scheme to support family amid COVID-19 worries: experts

The PMJJBY scheme is available to people in the age group of 18 to 50 years, with a risk coverage of ₹2 lakh in case of the death of the insured person

The second wave of the coronavirus pandemic across India has left people gasping for breath and running around to save their near and dear ones with no clear-cut relief in sight. Amid the increase in the number of deaths, experts have advised people to go in for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a one-year life insurance scheme renewable each year. The PMJJBY scheme is available to people in the age group of 18 to 50 years who have a bank account and who give their consent to join/enable the auto debit facility. The Aadhar would be the primary KYC for the bank account. The annual premium is ₹330 per annum, which is to be auto-debited in one instalment from the subscriber’s bank account as per the option given by him/her on or before May 31, of each annual coverage period under the scheme. Risk coverage under this scheme is for ₹2 lakh in case of death of the insured, due to any reason and benefit will accrue to the nominee, according to the information on the Centre’s Department of Financial Services website.