Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits

Death Benefit

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.

Maturity Benefit

As this is a 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 the 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 of more than a year by auto-debit option linked to your savings bank account.

Eligibility Criteria of Pradhan Mantri Jeevan Jyoti Bima Yojana - PMJJBY Scheme

• Any person aged between 18- 50 years having a saving bank account can join this scheme through participating banks.
• Even if you have multiple bank accounts, you can subscribe to this scheme by only one saving bank account.
• In order 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- 30th November 2015 will have to submit a self-attested medical certificate as a proof that he/she is not suffering from any critical illness mentioned in the policy declaration form.

For the convenience of our buyers, here we have shown the policy details in the tabular form.

Claim Settlement Process of Pradhan Mantri Jeevan Jyoti Bima Yojana

The claim settlement process of the PMJJBY scheme is very simple and hassle-free. Let’s take a look at it.

Steps Taken by the Beneficiary

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, he/she 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 nominee or bank account details of the policyholder.

Steps Taken by The Bank

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.

Steps Taken by the Insurance Company

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 time period the insurance company can take to approve and disburse the claim amount is of30 days.

Pradhan Mantri Jeevan Jyoti Bima Yojana is a very beneficial scheme that can be subscribed to by simply linking the Aadhaar card with the participating bank account. This scheme was open for subscription from 1st June 2015-31st May 2016. The subscribers can enroll themselves after this date as well, provided payment of full annual premium payment is made and health certificate is submitted. 

As a government-backed insurance policy with the minimum premium rates, this plan is very advantageous for those individuals who have a low income. The plan efficiently secures the financial future of the individual and provides a backup so that they can fight against any kind of eventuality. The following are the three reasons that make this plan very beneficial -

• The plan provides security to the family of the insured to cover any eventuality.
• The plan has the simplest process of enrolment and switching.
• With minimum premium rates offered by the policy, any eligible individual can subscribe to this policy without any hassles.

With all these benefits and features offered by the policy, this is certainly one of the best plans to purchase for the low-income section of the society.

How to Enrol for PMJJBY?

The enrolment process of the Pradhan Mantri Jeevan Jyoti Bima Yojana is easy and simple. The popular PMJJBY scheme is being managed by the Life Insurance Corporation of India and various other private life insurance providers in India. In case the bank is tied up or associated with the insurance companies, you could also contact your respective banker and get enrolled for the process. In case an individual has multiple accounts either in one or various banks then that person will be entitled to join the PMJJBY scheme with simply one account in the bank.

Anyone who still is looking forward to joining the scheme now can still do by renewing the plan anytime during year simply by making the complete premium payment and not just the proportionate sum. The date of renewing will still be the same for all the subscribers i.e. first of June.

It is advisable to join the scheme now and obtain cover for the complete twelve months. In case you had exited the scheme earlier, you could still re-join by simply paying the yearly premium.

Listed below are the steps of the enrolment process:

• Download the application form of the PMJJBY from www.jansuraksha.gov.in/Forms-PMJJBY.aspx
• As the form will be available in various languages, therefore, select the language as per your convenience. Now, fill in the information and submit the duly filled form with correct information with your respective bank.
• Submit all the necessary and required documents.
• After the verification is done successfully, you will be enrolled within the scheme.

You can also check with your respective bank for an SMS-based process of enrolment and then proceed further with the application.

List of the Banks Providing PMJJBY Scheme

In the below grid is the list of banks in India the offers PMJJBY scheme at their respective branches:

Additional Details about PMJJBY Scheme

There are some other relevant details that you should know in regards to the Pradhan Mantri Jeevan Jyoti Bima Yojana as follows:

• The policy offers a 45-days of the cooling period upon the enrolment only after that the coverage commences. In case of an accidental demise, the cooling period will remain exempted and the sum assured will be payable immediately.
• In case the savings bank account is likewise 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 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.

FAQs