Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

PMJJBY scheme is a term life insurance policy that provides yearly life insurance coverage of Rs. 2,00,000 in case of the insured person's demise at the most affordable premium rate of Rs. 330 per annum. This term insurance plan needs to be renewed yearly to maintain coverage.

Now that we have understood what PMJJBY means, let's explore some of the key features and benefits offered, as well as how to check PMJJBY status online and find the PMJJBY customer care number.

What are the Features of Pradhan Mantri Jeevan Jyoti Bima Yojana?

The following are some of the salient features of Pradhan Mantri Jeevan Jyoti Bima Yojana.

1. Enrollment Period

   The enrollment period of Pradhan Mantri Jeevan Jyoti Bima Yojana is from 1 June of each year to 31 May of the subsequent year. During the enrollment period, subscribers need to enroll and provide their auto-debit consent. If the insurance buyer wants to purchase the policy after 1 June, they will have to pay the premium of the policy year as a lump sum from the month of joining.

2. Coverage

   The Pradhan Mantri Jeevan Jyoti Bima Yojana offers coverage of Rs.2 lakh to the scheme's nominee in the event of the insured person's unfortunate demise. 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.

3. Tenure

   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.

4. Premium

   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 investment option for low-income individuals. The policy premium remains the same for subscribers of all age groups between 18 and 50.

5. Tax Benefits

   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.

6. Payment Mode

   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.

What are Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits?

The Pradhan Mantri Jeevan Jyoti Bima Yojana offers the following benefits:

1. Death Benefit

   In case of the insured person's demise, the PMJJBY provides death coverage of Rs. 2,00,000 to the policy beneficiary.

2. Low Premium

   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 have auto-debited from your account.

3. Maturity Benefit

   This is a pure term insurance plan, so PMJJBY offers no maturity or surrender benefit.

4. Tax 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.

5. Risk Coverage

   PMJJBY provides risk coverage of one 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 using the auto-debit option linked to their savings bank account.

What are the Pradhan Mantri Jeevan Jyoti Bima Yojana Details?

Following are the Pradhan Mantri Jeevan Jyoti Bima Yojana details that you need to know before buying the PMJJBY scheme:

• In case the savings bank account linked to the plan is closed, then the policy will be terminated.

• The PMJJBY scheme is limited to one policy for every policyholder, even if the person has multiple savings 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 is terminated for any stated reason, it can be reinstated if the premium sum has been completely paid and there is evidence of good health.

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

• Even if you have multiple bank accounts, you can subscribe to this scheme with only one savings bank account.

• To take advantage of the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana, you must 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:

How to Buy PMJJBY Scheme in India?

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 required details, attach the self-attested copy of the 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.

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.

1. Steps Taken by the Beneficiary

   • Step 1- In case of the insured person's unfortunate demise, the nominee will have to visit the insured person's bank, from where the individual's savings bank account is linked to the scheme. The nominee will need to submit the insured's death certificate.

   • 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.

2. 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.

3. 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 period the insurance company can take to approve and disburse the claim amount is of 30 days.

   Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

   *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

How to Check PMJJBY Status Online?

To check your PMJJBY status online, follow these steps:

Step 1: Log in to your internet banking account or visit your bank’s website.

Step 2: Go to the insurance section or search for “PMJJBY status.”

Step 3: Enter your account or policy details.

Step 4: You will be able to view your PMJJBY status check online and whether the scheme is active or inactive.

Alternatively, you can visit your nearest bank branch for a one-on-one PMJJBY customer care support and status check.

How to Contact PMJJBY Customer Care Number?

If you need help with your policy, such as viewing PMJJBY status check online, updating details, or filing a claim, you can contact the PMJJBY customer care number of the bank where you're enrolled. Most major banks provide 24x7 helplines. You can also contact the insurance provider managing your policy.

What is the Difference Between PMJJBY and PMSBY?

PMJJBY and PMSBY are two different government term insurance schemes:

• PMJJBY scheme is a life insurance. It pays a ₹2 lakh sum assured to the nominee in case the life assured passes away.

• PMSBY stands for Pradhan Mantri Suraksha Bima Yojana. It is accident insurance that provides coverage for accidental death or disability.

You can enroll in both schemes together to get comprehensive basic coverage.

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