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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme launched by the central government of India for the growth of the poor and low-income sections of society. As a pure term insurance plan, Pradhan Mantri Jeevan Jyoti Bima Yojana, is available for people between the age group of 18- 50 years.
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PMJJBY scheme is a renewal term insurance policy that, provides a yearly life insurance coverage of Rs.2,00,000 in case of the demise of the insured person, at the most affordable premium rate of Rs.330 per annum.Â
To help you know more about the policy, we have discussed some of the key features and benefits offered by the policy.
Term Plans
The following are some of the salient features of Pradhan Mantri Jeevan Jyoti Bima Yojana.
The enrollment period of Pradhan Mantri Jeevan Jyoti Bima Yojana is 1st June of each year to the 31st of May of the subsequent year. During the enrolment period, the subscribers need to enroll and provide their auto-debit consent. In case the insurance buyer wants to purchase the policy after 1st June, then they will have to pay the premium of the policy year as a lump sum from the month of joining.
The Pradhan Mantri Jeevan Jyoti Bima Yojana offers coverage of Rs.2 lakh to the nominee of the scheme, in the event of the unfortunate demise of the insured person. The coverage amount offered to the beneficiary has tax exemptions as per the Income Tax Law. The Pradhan Mantri Jeevan Jyoti Bima Yojana offers a simple and hassle-free claim process.
The Pradhan Mantri Jeevan Jyoti Bima provides coverage for a tenure of 1 year from the date of signing. As a term life insurance plan, the insured person can renew the PMJJBY every year up to the age of 55 years. In case the insured person wants to discontinue the plan then they can do it by not renewing the plan. On the other hand, the insured person can join the scheme anytime later by providing the heath certificate and paying the premium of the policy.
The Pradhan Mantri Jeevan Jyoti Bima Yojana offers insurance coverage at a minimum premium rate of Rs.330 per annum. The PMJJBY scheme is a lucrative option of investment for the low-income group of individuals. The premium of policy remains the same for subscribers of all age groups between 18 years- 50 years.
The premium paid towards the PMJJBY scheme is applicable for tax exemption as per the Income Tax Laws, which are subject to change. It is important to consult for details.
The bank auto-debits the premium from the savings bank account of the subscribers. This is the only way to pay the premium of the policy. The renewal period of the Pradhan Mantri Jeevan Jyoti Bima scheme is between May 25th – 31st May, the premium amount for renewal of the policy is also auto-debited from the savings bank account of the policyholder. In case the insured person wants to discontinue the policy then they can submit a cancellation requires to stop the premium payment deduction.
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The Pradhan Mantri Jeevan Jyoti Bima Yojana offers the following benefits:
In case of the demise of the insured person, the PMJJBY provides a death coverage of Rs2,00,000 to the beneficiary of the policy.
The Pradhan Mantri Jeevan Jyoti Bima Yojana offers coverage at a very low premium of just Rs 330 per year, which you can subscribe to be auto debited from your account.
As this is a pure term insurance plan, PMJJBY does not offer any maturity or surrender benefit.
The premium paid towards the PMJJBY scheme is applicable for tax exemption as per the Income Tax Laws, which are subject to change. It is important to consult for details.
PMJJBY provides a risk coverage of 1 year. Nevertheless, as this is a renewable policy it can be renewed yearly. Moreover, the policyholder can also opt for a longer duration of more than a year by auto-debit option linked to your savings bank account.
Following are the pradhan mantri jeevan jyoti bima yojana details that you need to know before buying a PMJJBY scheme:
In case the savings bank account is linked to the plan is closed then the policy will be terminated.
The PMJJBY scheme is limited to one policy for every policyholder even though the person has multiple saving bank accounts with the banks that offer this scheme.
The premium sum will be directly deducted from the bank associated from 25 May to 31 May every year.
If the pradhan mantri jeevan jyoti bima yojana policy gets terminated for any stated reason, then it can be reinstated if the premium sum has been completely paid and with evidence of good health.
Even if you have multiple bank accounts, you can subscribe to this scheme with only one savings bank account.
To avail of the benefits offered by the policy, it is mandatory to link your Aadhaar card to the participatory bank account.
Insurance buyers joining the scheme after the primary enrolment period ranging from 31st August 2015 to 30th November 2015 will have to submit a self-attested medical certificate as proof that they are not suffering from any critical illness mentioned in the policy declaration form.
Here is a list of eligibility conditions required to buy the PMBJJY Scheme:
| Â | Minimum | Maximum |
| Entry Age | 18 years | 50 years |
| Maximum maturity age | 55 years | |
| Policy Term | 1 year (Renewable yearly) | |
| Sum Assured | Rs 2,00,000 | |
| Premium amount | Rs 330 (inclusive of Rs 41 towards administrative charges) | |
| Lien period | 30 days from the enrolment date into the scheme | |
| Conditions | You need to have an individual bank/post office account | |
You can buy the Pradhan Mantri Jeevan Jyoti Bima Yojana in the following way:
Step 1: Download and print out the “Consent-cum-declaration” Form from the Jan-Dhan Se Jan Suraksha webpage
Step 2: Duly fill out the details required and attach the self-attested copy of mandated documents and submit it to the official bank/post office.
Step 3: The official “Acknowledgement slip cum certificate of insurance” will be returned to the PMJJBY scheme policyholder.
The claim settlement process of the PMJJBY scheme is very simple and hassle-free. Let’s take a look at it.
Step 1- In case of an unfortunate demise of the insured person, the nominee will have to visit the bank of the insured person, from where the savings bank account of the individual is linked to the scheme. The nominee will need to submit the death certificate of the insured.
Step2- The beneficiary will need to collect the claim form from the bank, the insurance company, etc.
Step3- Once, the nominee gets the claim form, they will have to fill the form thoroughly and submit it along with the required documents like discharge receipt, death certificate, photocopy of canceled cheque, bank details of the nominee, or bank account details of the policyholder.
Step 1- Once the nominee submits the claim form along with the required documents. The bank verifies the form and documents.
Step2- After verification, the bank submits the following documents to the designated insurance company.
Thoroughly filled claim form.
Discharge receipt.
Death certificate
Copied Canceled cheque of the nominee.
Step1- After receiving the claim form and related documents from the bank, the insurance company verifies the filed claim from their end.
Step 2- After successful verification of the claim filed, the claim amount is transferred to the bank account of the beneficiary.
Once the claim is made, the maximum period the insurance company can take to approve and disburse the claim amount is of 30 days.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.
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+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.
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