PANAJI: The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has witnessed significant participation in Goa, with over 3 lakh individuals enrolling in the scheme, which aims to provide affordable life insurance coverage linked to savings bank accounts.
The scheme, which charges an annual premium of just ₹436, offers a substantial insurance coverage of ₹2 lakh per beneficiary. This initiative is part of the government’s commitment to ensure financial protection for all citizens and promote a more inclusive future.
During an awareness event held on Wednesday, Ashish Malviya, Regional Head of Union Bank of India, highlighted the ongoing efforts by participating banks—primarily nationalized banks—to increase enrollment numbers. He emphasized the ease of documentation and the straightforward process for beneficiaries to claim their insurance.
The eligibility criteria for this scheme include savings account holders aged between 18 and 50 years. To ensure maximum outreach, insurance carts will be deployed in 55 selected locations across both North and South Goa districts, aiming to educate the public about the benefits of the scheme and assist with registrations.
The insurance premium is due annually on May 31st, with coverage commencing from June 1st to May 31st of the following year. Notably, the scheme boasts a high settlement rate for insurance claims, a point underscored by Gurvinder Singh during the event.
This initiative not only provides essential financial security but also reflects the government’s dedication to enhancing access to life insurance for all citizens in Goa.
