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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 launched with the objective of encouraging life protection for the low-income sections of society. The Pradhan Mantri Jeevan Jyoti Bima Yojana can be availed by individuals between the age group of 18-50 years. Let’s learn more about Pradhan Mantri Jeevan Jyoti Bima Yojana benefits in this article.

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What Is The Pradhan Mantri Jeevan Jyoti Bima Yojana?

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme offering a renewable one-year term life cover of Rs. 2 Lakh (stretching from 1st June to 31st May) to all the bank account holders who have subscribed to this scheme under the age group of 18-50 years. As a government-initiated insurance policy, there are many Pradhan Mantri Jeevan Jyoti Bima Yojana benefits, like covering death due to any reason, for a premium of Rs. 436/- per annum per subscriber, and will be auto-debited from the subscriber's bank account.

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What Are The Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits?

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

  • Death Benefit
    In case of the unfortunate death 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. 

  • Policy Tenure
    The Pradhan Mantri Jeevan Jyoti Bima Yojana benefits the customers by offering coverage against the risk for 1 year. However, the policy needs to be renewed annually. Moreover, the insurance holder can also choose a longer tenure of more than 1 year by choosing the option of auto-debit linked to his/her savings bank account.

  • Enrollment Period
    The period of enrolment of Pradhan Mantri Jeevan Jyoti Bima Yojana benefits is set from June of each financial year to August of the same 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.

  • Sum Assured
    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 a 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 Amount
    This is another major benefit of the Pradhan Mantri Jeevan Jyoti Bima Yojana. Any individual can get coverage of Rs.2 lakh at a minimal premium rate of just Rs.436p.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 and May 31st, 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 needs to submit the cancellation application to stop the deduction of premium payment.

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Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility Criteria

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

  • Even if the individual has more than one savings bank account, they are allowed to subscribe to the scheme only with one savings bank account.

  • It is compulsory to link the Aadhar card to the participatory bank account to avail of the PMJJBY benefits offered by the plan.

Now that we have understood the Pradhan Mantri Jeevan Jyoti Bima Yojana benefits let’s take a look at the details of the policy in the table mentioned below:

PMJJBY Benefits Minimum Maximum
Entry Age 18 years 50 years
Maximum maturity age 55 years
Policy Tenure 1 years (Renewable yearly)
Sum Assured Rs. 2,00,000
Premium Amount Rs. 436 (inclusive of Rs. 32 towards administrative charges)
Lien Period Death due to any other reason than accident will not be covered during the first 30 days of premium payment

What Is The Claim Settlement Process of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

The Pradhan Mantri Jeevan Jyoti Bima Yojana benefits the nominees and the families of the life assured by offering a very easy and hassle-free process of claim settlement. They can get their claims settled by filling out the company’s claims form and adding the required documents. After this, the insurer will review the claim and settle it on successful verification.

What Are The Exclusions In The Process of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

The exclusions in the Process of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are:

  • Insurance covers exclusion for death (other than due to an accident) during the first 30 days from the date of enrollment into the scheme (referred to as the "lien period") for new members.

  • No admissible claims for death (other than due to an accident) occurring during the lien period.

How To Enroll Into Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme?

Here are the steps to enroll into the PMJJBY Scheme:

  • Visit the official website Jansuraksha Scheme

  • Click on the 'Application Forms' section

  • Select your preferred language and fill out the application form

  • Alternatively, you can register through internet banking

  • Another option is to send a text message to their toll-free number

  • Ensure you download the registration receipt at the conclusion of the process

What Is The Break-up of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Premium?

Here is the break-up of the PMJJBY premium:

  • Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) premium to the insurer is Rs. 436/annum per member.

  • Reimbursement of expenses to the bank/agent is Rs. 30/annum per member.

  • Reimbursement of the administrative costs to the listed bank is Rs. 11/annum per member. 

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 for the family of the life assured and provides a financial backup so they can deal with any type of emergency. With all these features and Pradhan Mantri Jeevan Jyoti Bima Yojana benefits surely one of the safest and most worthwhile plans to buy for a low-income group of individuals.

FAQs

  • Q: What is PMJJBY full form?

    Ans: PMJJBY full form is Pradhan Mantri Jeevan Jyoti Bima Yojana.
  • Q: What is the annual premium you need to pay to avail PMJJBY benefits scheme?

    Ans: The annual premium per member for the PMJJBY benefits scheme is Rs. 436.
  • Q: How can you calculate your term insurance premium for your chosen term plan?

    Ans: You can use the term policy calculator to calculate the premium amount for your chosen term plan easily.
  • Q: Can I continue my subscription to the PMJJBY benefits beyond the initial year?

    Ans: Yes, you have the option to continue your subscription to the PMJJBY benefits after the first year. To do so, you will need to consent to the auto-debit facility and provide a health certificate.
  • Q: Who serves as the master policyholder to avail of the PMJJBY benefits?

    Ans: The participating banks serve as the master policyholder to avail of the PMJJBY benefits.
  • Q: Can I rejoin the PMJJBY benefits after leaving?

    Ans: You have to pay the annual premium sum if you want to rejoin the PMJJBY benefits. You also have to submit a certificate that certifies your good health.
  • Q: How can you enrol for the PMJJBY benefits?

    Ans: Go to the official website and click ‘Application Forms’. Then, choose your preferred language and complete the application. You can also process the registration through internet banking or by simply sending a text message to their toll-free number. Do not forget to download the receipt at the end of the registration and avail PMJJBY benefits.
  • What are the benefits of term life insurance?

    Ans: Here are 4 common term life insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
  • What are the benefits of term life insurance?

    Ans: Below mentioned are the key features of a best term life insurance in India:
    • Affordable premium rates
    • Long-tenure life protection
    • Easy to understand and buy
    • Riders availability
    • Whole life protection
    • Tax benefits
  • What are the key features of a best term insurance plan in India?

    Ans: Let's understand what is term plan here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.
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