Maturity Benefit- As this is pure term insurance plan, PMJJBY does not offer any maturity or surrender benefit.
Tax Benefit- The premium paid towards the policy is eligible for tax deduction under section 80C of Income Tax Act. In case the insurance holder fails to submit form 15 G/15 H then any life insurance proceeds exceeding Rs. 1,00,000 will be taxable by 2%.
Risk Coverage- PMJJBY provides a risk coverage of 1 year. Nevertheless, as this is renewable policy it can be renewed yearly. Moreover, the policyholder can also opt for a longer duration more than a year by auto debit option linked to your saving bank account.