New Database to track Claim Duplication of Pradhan Mantri Jeevan Jyoti Bima Yojana

The Life Insurance Council has set up a centralized database for life insurers to check on before processing claims under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). This will ensure that claims of only genuine policyholders are settled.  Since the policies are managed by banks, insurers need to verify that the person doesn’t hold multiple policies while processing claims.  To initiate a claim, an IT-enabled registry has been set up by the Life Insurance Council through CIBIL. Upon receiving a claim, a bank needs to inform the respective life insurer, which can then access the database by paying a nominal fee of Rs 5.

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The PMJJBY was launched by Prime Minister Narendra Modi on 9th May 2015 with an aim to improve the social security and life insurance coverage in the country. The PMJJBY offers Rs 2 lakh life cover to people in the age group of 18-50 years, covering death due to any cause.  

The PMJJBY offers the following benefits:

  • All Bank account holders whose age is between 18 to 50 years are eligible.
  • Life Insurance amount for your family in your absence.
  • Life insurance worth Rs. 2 lacs at just Rs. 330 per annum.
  • Period of Insurance is annual : 1st June - 31st May
  • The premium will be deducted from the account holder's saving bank account through 'auto debit' facility.
  • The person would be eligible to join the scheme through one saving bank account only.

According to the reports published in the Financial Express, PMJJBY has received 1184 claims till date. Currently, 10 life insurers in the country have signed up for the PMJJBY. Most of the claims belong to Life Insurance Corporation of India, State Bank of India Life Insurance Company, Star Union Dai-Ichi Life Insurance, and IndiaFirst Life Insurance Company.


Premium By Age

˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.



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