One illustrative MRAM cell disclosed herein includes a bottom electrode, a top electrode positioned above the bottom electrode and an MTJ (Magnetic Tunnel Junction) element positioned above the bottom electrode and below the top electrode. In this example, the MTJ element includes a bottom insulation layer positioned above the bottom electrode, a top insulation layer positioned above the bottom electrode; and a first ferromagnetic material layer positioned between the bottom insulation layer and the top insulation layer.