There were news reports in which LIC In the name of the chairman, it was being said that the Prime Minister’s Jeevan Jyoti Bima Yojana (PMJJBY) policyholders of (LIC Policyholders) With Discount under Policyholders Reservation Portion LIC IPO are eligible for shares. According to the FAQ of LIC DRHP, the question has been given that I have a Pradhan Mantri Vaya Vandana Yojana policy. Will I be eligible to apply for the equity shares of the Corporation in the offer? In response it has been said that yes, all policies other than Group Policy are eligible to bid in the Policyholder Reservation Portion.
According to DRHP, Pradhan Mantri Jeevan Jyoti Bima Yojana is also included in the group policy of Life Insurance Corporation of India ie LIC.
Know about Pradhan Mantri Jeevan Jyoti Bima Yojana
The cover under the Pradhan Mantri Jeevan Jyoti Bima Yojana is only for death. And hence the benefit will be available only to the nominee. PMJJBY is a fully fledged term insurance policy with only death cover without any investment component. For a premium of Rs 330 p.a. per subscriber, this policy offers one year renewable life insurance of Rs 2 lakh to all Savings Bank account holders in the age group of 18 to 50 years. In this, death due to any circumstances is covered.
A life insurance policy of Rs 2 lakh will be valid for one year. This policy will be valid from 1st June to 31st May. And it can also be renewed. Under the policy, the annual premium is auto debited from the subscriber’s bank account in one installment. Under the scheme, it is debited on or before 31st May of every annual coverage term, at the option of the individual.
Pradhan Mantri Jeevan Jyoti Bima i.e. PMJJBY is available for people between the age group of 18 to 50 years. (In which life cover is available till the age of 55 years) In this, people should have a savings bank account, which gives consent to join and auto-debit facility.
Do this work before investing in IPO
Those LIC policyholders who wish to avail this opportunity should ensure that their policy is linked to their PAN. The insurance company has asked to link the policy with PAN by February 28. If a policyholder fails to do so, his/her application will be rejected, if they apply under the policyholders’ category.
Let us tell you that to buy PMJJBY, you need Aadhar card, identity card, mobile number, passport size photo and passbook of your bank account.