India Post Payments Bank (IPPB) has launched a low-cost insurance scheme ‘Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)’ for its customers to bring large sections of the underserved and unserved population into the financial mainstream. IPPB has collaborated with PNB MetLife India Insurance Company for this product.
Features of PMJJBY:
- 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.
- Anyone who has a savings account with IPPB.
- Minimum age 18 years and a maximum age 50 years.
- The maximum coverage of Rs 2,00,000 per life irrespective of multiple accounts/multiple certificates of insurance held under the PMJJBY scheme.
- Premium Rs 330 to be paid annually.
- Completion of 55 years (Age near Birthday).
Important takeaways for all competitive exams:
- Managing Director & CEO of IPPB: J Venkatramu.
- India Post Payments Bank (IPPB) Headquarters: New Delhi.
- Prime Minister Narendra Modi had launched IPPB in 2018.