Pradhan Manthri Jeevan Jyoti Beema Yojana - PMJJBY

Pradhan Manatri Jeevan Jyoti Beema Yojana (PMJJBY ) is a social security scheme launched  by Government of India on May 2015. PMJJBY is a term insurance scheme which covers the life of insured up to sum assured of Rs 2.00 Lakhs for any cause of death with very minimal premium of Rs 330/Per year. PMJJBY Scheme is eligible for all people aged between 18 and 50 years.

PMJJBY can be availed through all the commercial banks in India. Person with savings bank account can enrol for PMJJBY. Risk Cover Starts from 1^st June to 31^st May of every year. PMJJBY is one year insurance policy and renewed every year by end of May through auto debit from savings account until the insured attains age of 55 Years.

PMJJBY Premium is eligible for tax exemption under section 80C of Income Tax Act.

MentoTax recommends every individuals to avail/purchase the PMJJBY Scheme because it is priced very economical for the sum assured of Rs 2.00 Lakhs and also provides Tax exemption under 80C Of Income Tax act.

For Person whose income below 5 Lakhs is exempted from paying tax from Financial Year 2019-2020 but even a rupee higher will end up in paying tax up to Rs 13000/- . MentoTax advises all the people below income slab of Rs 5.00L to avail the PMJJBY Scheme Compulsorily

As per the Assessment Year 2020 -2021 and Financial Year 2019 -2020, Tax Adjusted Premium for PMJJBY.

Person Tax Slab	Original Premium	Tax adjusted Premium
5% Tax Slab + Cess	Rs 330	Rs 313
20% Tax Slab + Cess	Rs 330	Rs 261
30% Tax Slab + Cess	Rs 330	Rs 227

#Mentotax #PMJJBY #Insurance

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