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Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits

The Pradhan Mantri Jeevan Jyoti Bima Yojana is a yearly renewable term insurance policy launched by the central government of India. The scheme was initially started by the late Finance Minister Mr. Arun Jaitely in the yearly financial budget of 2015. The scheme was launched with an objective to encourage insurance protection of poor and low-income sections of the society. The Pradhan Mantri Jeevan Jyoti Bima Yojana can be availed by individuals between the age group fo 18-50 years.

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As a government-initiated insurance policy, there are many Pradhan Mantri Jeevan Jyoti Bima Yojana benefits. The scheme is offered for a tenure of 1 year, which can be renewed every year.

The Pradhan Mantri Jeevan Jyoti Bima Yojana offers an annual life coverage of Rs.2 lakh in case of the demise of the policyholder during the policy term. The policy can be availed at the lowest premium rate of Rs.330 per annum.

To give you some insight into the policy, here we have discussed in detail everything you need to know about Pradhan Mantri Jeevan Jyoti Bima Yojana.

Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana

The following are the Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits.

  • Death Benefit

    In case of the decease of the insurance holder, the death benefit of Rs 2 lakh is offered by the PMJJBY to the nominee of the policy.

  • Maturity Benefit

    As this is a pure term insurance policy, no survival benefit or maturity benefit is offered by the PMJJBY.

  • Tax Benefit

    The premium paid towards the policy is applicable for tax exemption under section 80C of the Income Tax Act. If the insured person fails to submit Form 15G/15H then the proceeds of life insurance policy exceeding Rs. 1 lakh will be taxable @2%.

  • Risk Coverage

    The Pradhan Mantri Jeevan Jyoti Bima Yojana offers coverage against the risk for 1 year. However, as a yearly renewable policy, it can be renewed annually.  Moreover, the insurance holder can also choose for a longer tenure of more than 1 year by choosing the option of auto-debit linked to his/her savings bank account.

  • Tenure

    From the date of initiation of policy, the Pradhan Mantri Jeevan Jyoti Bima offers coverage for a term period of 1 year. However, the policyholder can renew the coverage of the PMJJBY term plan every year up to 55 years of age. If the policyholder wants to discontinue the policy then he/she can discontinue the policy by not renewing it.  Besides this, the insurance holder can rejoin the policy later anytime by paying the policy premium and submitting the health certificate.

  • Enrollment Period

    The period of enrolment of Pradhan Mantri Jeevan Jyoti Bima Yojana is set from 1st June of each financial year to the 31st of June of the following year. During the period of enrollment, the subscribers are required to enroll and submit their auto-debit consent. If the individual wants to buy the policy after 1st June, then he/she will be required to pay the lump-sum premium amount of the policy year from the month of joining.

  • Coverage

    The coverage amount offered by the Pradhan Mantri Jeevan Jyoti Bima Yojana is Rs.2 lakh. The coverage is offered to the beneficiary of the scheme in case of uncertain death of the policyholder during the tenure of the policy.  The life insurance coverage as death benefit offered to the nominee is tax-free. The Pradhan Mantri Jeevan Jyoti Bima Yojana provides a very easy and hassle-free claim settlement process.

  • Premium

    This is another major benefit of the Pradhan Mantri Jeevan Jyoti Bima Yojana. Any individual can get a coverage of Rs.2 lakh at a minimal premium rate of just Rs.330p.a. The PMJJBY term insurance scheme is a remunerative investment option for individuals with low-income. Moreover, the rate of premiums of the scheme remains the same for subscribers of all age groups i.e. between 18 years- 50 years.

  • Payment Mode

    The premium is auto-debited 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 the policy renewal is also auto-debited from the savings bank account of the insurance holder. If the policyholder wants to discontinue the scheme then he/she need to submit the cancellation application to stop the deduction of premium payment.

Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility Criteria

Any individual between the age group of 18 years- 50 years having a saving bank account can subscribe to this scheme through participating banks.

  • Even if the individual has more than one savings bank accounts, they are allowed to subscribe to the scheme only by one savings bank account.
  • It is compulsory to link the adhaar card to the participatory bank account, to avail the benefits offered by the plan.

Let’s take a look at the details of the policy in the table mentioned below.

Entry Age Minimum Maximum
  18 years 50 years
Maximum maturity age 55 years
Policy Tenure 1 years (Renewable yearly)
Sum Assured Rs2,00,000
Premium Amount Rs330(inclusive of Rs41 towards administrative charges)
Lien period 45 days from the enrolment date into the scheme

Claim Settlement Process of Pradhan Mantri Jeevan Jyoti Bima Yojana

The Pradhan Mantri Jeevan Jyoti Bima Yojana offers a very easy and hassle-free process of claim settlement. Here are a few simple steps that the beneficiary needs to follow while filing a claim.

Steps Taken by the Nominee/Beneficiary

Step 1- If the insured person dies due to any unfortunate event, the beneficiary will need to visit the bank of the policyholder. The beneficiary will need to visit the same branch from where the savings account of the policyholder is linked to the scheme. The beneficiary will be required to submit the death certificate of the insured person to the bank. 

Step2- The nominee will be required to collect the claim form from the insurance company or bank.

Step3- Once, the beneficiary gets the claim form, he/she will need to thoroughly fill the form and submit it along with the important documents like death certificate, discharge receipt, bank account details of the policyholder, photocopy of cancelled cheque, and bank details of the nominee.  

Steps Taken by The Bank

Step 1- Once the claim form is submitted by the beneficiary along with the important documents. The bank validates the documents and forms.

Step2- After validation, the following documents are submitted by the bank to the designated insurance company.

  • Discharge receipt.
  • Properly filled claim form.
  • Copied Cancelled cheque of the beneficiary
  • Death certificate

Steps Taken by the Insurance Company

Step1- Once the insurance company receives the related documents and claim form from the bank, the files are verified by the insurance company too.

Step 2- After the verification process of the claim filed is completed, the claim amount is transferred to the nominee bank account.

Once the claim is filed, the insurance company will have to approve and pay the claim within the time period of 30 days.

Wrapping it Up!

As a government-initiated insurance policy with the lowest premium rates, the PMJJBY is very beneficial for people with low-income.  As a comprehensive policy, the plan ensures financial security to the family of the insured and provides a financial backup so that they can deal with any type of emergency. These are the 3 reasons that make the plan a lucrative option of investment.

  • The plan offers financial protection to the insured’s family in case of any emergency.
  • The plan offers an easy process of switching and enrollment
  • With the lowest premium rate of Rs330 p.a, it can be availed by any individual in a simple and easy way. 

With all these features and benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana surely one of the safest and worthwhile plans to buy for a low-income group of individuals.

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