Koderma (Jharkhand), May 14 (NationPress) The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is becoming an essential support for the financially disadvantaged in India, providing life insurance coverage of Rs 2 lakh for an annual premium of just Rs 436.

Within the Koderma district of Jharkhand, approximately 1.31 lakh people have signed up for this economical insurance initiative.

Launched by Prime Minister Narendra Modi, PMJJBY guarantees a fixed amount to the family of the insured in the event of death from any cause.

Beneficiaries from the district expressed their appreciation for the scheme, deeming it one of the most significant efforts by the Central government to assist the underprivileged.

“Accidents and unforeseen events are beyond anyone’s control. However, when a family loses its income provider, it throws the entire household into turmoil,” stated a local resident.

“This is why life insurance is crucial—to ensure the family is not left in financial distress following the loss of a loved one. PMJJBY is the most reliable insurance option at such an affordable premium. For many of us, this is the greatest gift from Prime Minister Modi.”

Another local remarked, “While life insurance is offered by numerous private firms and the Life Insurance Corporation of India, none provide a guaranteed sum of Rs 2 lakh for just Rs 436 annually. Only PMJJBY and the Pradhan Mantri Suraksha Bima Yojana (PMSBY) offer such advantages.”

A third resident highlighted the broader financial inclusion objectives linked to the scheme, stating, “PMJJBY was introduced with the vision that every citizen should possess a bank account. Benefits such as PMJJBY, PMSBY, and insurance-linked Rupay cards can only be accessed through such accounts. This scheme has fostered financial literacy and security among the less fortunate.”

The Lead District Manager of Koderma, Nivas Kumar, emphasized the convenience of accessing various government programs through a single bank account.

“In the unfortunate event of an accidental death, families can benefit from all three schemes—PMJJBY, PMSBY, and the RuPay card insurance—through one bank account,” he noted.

He further stressed the need to increase awareness about PMJJBY.

“This scheme is genuinely a blessing for the economically disadvantaged and the middle class. It is vital to promote it so more citizens can gain from this affordable life insurance coverage,” he asserted.

PMJJBY offers life insurance coverage for death due to any reason and is designed to be exceptionally affordable, costing less than Rs 2 per day. It is a one-year cover, renewable each year, administered by the Life Insurance Corporation of India (LIC) and other participating life insurers, in partnership with banks and post offices.

All individual account holders aged between 18 and 50 years who agree to the auto-debit of the premium from their accounts can enroll. An individual may join the scheme through only one bank or post office account, even if they have multiple accounts.

The insurance coverage is valid for a one-year duration from June 1 to May 31, and interested individuals must provide their consent and opt for auto-debit by May 31 each year. The premium amount of Rs 436 per annum is charged in a single installment.