- Rs. 1 CroreTerm Cover @Rs 17/Day
- Tax BenefitsUnder Section 80C & 10(D)
- Extra BenefitsAccidental, Terminal & Critical Illness
- 12 Lac+Families Secured
We promise limited calls
New Database to track Claim Duplication of Pradhan Mantri Jeevan Jyoti Bima Yojana
- DetailsWritten by PolicyBazaar -
- Hits : 1040 -
Modified 03 November 2015
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.
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.
- Most Read
- What Makes SBI Pension Plans Different from its Peers?
Date: 17 January 2018
- What’s Great about LIC’s Jeevan Lakshya Investment Plan?
Date: 16 January 2018
- Why LIC Jeevan Tarun Is the Best Choice for Your Child’s Education?
Date: 09 January 2018
- What Makes Money Back Plan The Best Investment Option?
Date: 08 January 2018
- Why Checking Your LIC Policy Online is a Good Option?
Date: 08 January 2018
- Best 5 LIC Policies To Invest in 2018
Views : 1198833
- How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Views : 1177208
- A Quick Guide To Post Office Monthly Income Scheme
Views : 463148
- Best Term Insurance Plans in India with Claim Settlement Ratio
Views : 457454
- National Pension Scheme (NPS) – Govt Approved Pension Scheme
Views : 336501