Introduction

Pradhan Mantri Jeevan Jyoti Bima Yojana is a new life insurance scheme launched by the central government of India. As of May 2015, only 20% of the Indian population had any kind of insurance. So, with the help of this scheme, the government aims to raise this number. This scheme would specifically target the poor and low-income section of the Indian society. PMJJBY is available to people of age between 18 to 50 years (life cover up to age 55). According to the latest data nearly 3.11 crore people had already enrolled for PMJJBY scheme till 24 April 2017.

Key highlights of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

The policy provides life coverage for 1 year.
The scheme is renewable from year to year.
There is no restriction regarding the continuation of the scheme. The customer can walk out of the scheme at any time and rejoin it in.
The customer will get an assured amount of maximum Rs 2 Lakh in case of the demise of the insured person.
Under PMJJBY scheme, the premium rate is most affordable at 330 per annum. In case of a joint account, if all the account holders meet the eligibility criteria then the premium will be Rs. 330 per person per annum.
The premium rate is equal for any subscriber of the age between 18 years to 50 years of age.
The process of claim settlement is very simple and subscriber friendly.
The break-up of the premium works in the following manner –

Insurance Premium to the insurance company: Rs.289 per annum per member
Reimbursement of expenses to the agent or the bank: Rs.30 per annum per member.
Reimbursement of administrative expenses to the participating bank: Rs.11 per annum per member.

In case a customer fails to purchase the scheme in the initial years then he can join the policy in the subsequent years by paying the annual premiums and submitting a self-attested health certificate.

Benefits Offered by PMJJBY scheme

Death Benefit- In case of demise of the insured person the beneficiary gets a death coverage of Rs. 2 Lakh.
Maturity Benefit- As this is a pure term insurance plan, So 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 Income Tax Act.
Risk Coverage- PMJJBY provides a risk coverage for 1 year. But, as this is a renewable policy so the subscriber can renew it on yearly basis. Other then this, the policyholder can also opt for a longer duration more than a year by auto debit option linked to the insured person’s saving bank account.

Reasons for policy termination-

1. If the age of the insured person is above 55 years.
2. The policyholder is insured through more than one bank account.
3. If the insured has inadequate balance in the saving bank account to keep the insurance in force.

The Eligibility Criteria

This scheme was open for subscription from 1st June 2015-31st May 2016. But, the interested candidates can also enroll themselves after this date as well, for that the subscribers need to pay full annual premium along with health certificate.

Any person should belong to the age group 18-50
Should have a saving bank account in the participating banks.
To avail the benefits offered by the policy, subscriber’s bank account need to link with the aadhaar card.
Subscribers joining the scheme after the primary enrolment period ranging from 31st August 2015- 30th November 2015, need 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.

Note: If a candidate has more then one account then he/she can subscribe this scheme by only one saving bank account.

Download the PMJJBY application form

Claim Settlement

Steps followed by the Nominee

The nominee needs to have the death certificate of the member who had the saving bank account covered under PMJJBY scheme.
Then he/she needs to collect claim form and discharge receipt, from the bank or any other designated source like insurance company branches, hospitals, insurance agents etc.
Then the nominee has to submit some documents to the bank wherein the member was having the ‘savings bank account’ through which he/she was covered under PMJJBY. The documents are duly completed claim form, discharge receipt, death certificate along with a photocopy of the bank account details etc.

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