The Pradhan Mantri Jeevan Jyoti Bima Yojana scheme is backed by the Indian government and is an opulent life insurance scheme. The PMJJBY scheme was announced in the year 2015. Moreover, the PMJJBY scheme is valid for a year and can be renewed from one year to the other. It offers coverage in case of an untimely demise.
In the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme, there is no component of investment involved as it covers only mortality. The cover offered under the PMJJBY scheme is for demise therefore the benefit is accrued only to the specified nominee.
Who is Eligible for the PMJJBY Scheme?
Here is a brief rundown of the eligibility criteria for the PMJJBY scheme:
What are the Benefits of the PMJJBY Scheme?
The following are the benefits of the PMJJBY scheme:
Note: Tax benefits are subject to change as per the prevailing laws.
What is the Enrolment Period?
The cover period under the PMJJBY scheme is June 01 of every year until May 31 of the subsequent year. For the cover period of 2018, June 01 to 2019, May 31 the subscribers should enrol and give the consent for auto-debit latest by 2019, May 31. Anyone who joins subsequently will be able to do the payment of the complete yearly premium for the prospective cover.
What Will be the Premium Amount Under the PMJJBY Scheme?
The premium amount is Rs 300 for each person each year. The following is the breakup for the same:
What is the Coverage Under the PMJJBY Scheme?
The life cover under the PMJJBY scheme is Rs 2 lakh. This amount will be given to the nominee of the policyholder in case a policyholder passes away. As mentioned above, the PMJJBY scheme is applicable for a year. Initially, the enrolment period was 2015, August 31 to 2015, November 30. Presently, the period is from June 31 to May 31 of the year subsequently. The same is renewable annually.
How to Enrol on the PMJJBY Scheme?
Anyone who wishes to join the PMJJBY scheme can do so via the bank in, which they have the savings account. The PMJJBY scheme is easily managed via LIC of India and various other life insurance companies.
The individual looking forward to enrolling on the PMJJBY scheme can do so by simply paying the complete yearly premium amount at any time during the year. In case an individual has exited from the PMJJBY scheme can also join back by paying the yearly premium. The renewal date; however, for all the subscribers will be June 01. The enrolment process of the PMJJBY scheme is easy and simple.
To enrol on this PMJJBY scheme, one can also download the form and submit it to the bank. Some banks have started the SMS based process of enrolment as well. This could be done via net banking. To join or pay by the auto-debit from the individual bank account in the prescribed forms it will be required to give by May 31 of each year.
What is the Waiting Period for the Claims?
The risk cover under the PMJJBY scheme is applicable after the initial 45 days of enrolment. The insurance companies need not settle claims during the initial 45 days from the enrolment date.
The demises because of an accident will be exempted from the lien clause and even will be paid.
How to Raise the Claim?
When the policyholder passes away, the following is the process to settle the claims:
How the Claim is Processed?
Firstly, let us understand the processing of the claims by the bank:
Next, let us also understand the processing of claims by the P & GS Unit designated:
Wrapping it Up
By now, you are completely aware of the PMJJBY scheme and all the important information. Go with the PMJJBY scheme with the swift and easy enrolment process.
Go, protect the financial future!