Pradhan Mantri Jeevan Jyoti Bima Yojana

 Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana

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 –
  1. Insurance Premium to the insurance company: Rs.289 per annum per member
  2. Reimbursement of expenses to the agent or the bank: Rs.30 per annum per member.
  3. 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.

  1. Any person should belong to the age group 18-50
  2. Should have a saving bank account in the participating banks.
  3. To avail the benefits offered by the policy, subscriber’s bank account need to link with the aadhaar card.
  4. 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

  1. The nominee needs to have the death certificate of the member who had the saving bank account covered under PMJJBY scheme.
  2. 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.
  3. 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.

 

Read more:Pradhan Mantri Swasthya Suraksha Yojana

PRADHAN MANTRI MUDRA YOJANA/ MUDRA Loan

Pradhanmantri Jandhan Yojna se Loan Kaise le

79 Comments

  1. Tashina Staino May 11, 2021
  2. Fausto Rittenberry April 5, 2021
  3. Study in Uganda March 26, 2021
  4. recommended reading February 28, 2021
  5. custom corntoss February 14, 2021
  6. How to earn money online November 2, 2020
  7. Driver Toolkit Keygen November 1, 2020
  8. The SEO November 1, 2020
  9. Check this Website October 29, 2020
  10. Freemake Video Downloader October 29, 2020
  11. PowerISO October 28, 2020
  12. Get more info October 27, 2020
  13. here October 27, 2020
  14. Mickey Mouse games October 25, 2020
  15. khosim.com October 23, 2020
  16. Servpro October 23, 2020
  17. Check this Website October 22, 2020
  18. SEWA GENSET October 21, 2020
  19. john dogan software October 20, 2020
  20. deep learning papers October 17, 2020
  21. MIDE-849 October 15, 2020
  22. Check this Website October 15, 2020
  23. Lonnie Cicco October 13, 2020
  24. Gaming News Update October 12, 2020
  25. booking October 7, 2020
  26. IT Tech October 7, 2020
  27. Alex Jenkins October 7, 2020
  28. Mitzi Leonardis October 6, 2020
  29. Shyla Bouton October 2, 2020
  30. Digital Agency October 2, 2020
  31. escort October 1, 2020
  32. Check here September 30, 2020
  33. high school September 30, 2020
  34. Click Here September 29, 2020
  35. Lori Blurton September 28, 2020
  36. Best Bet Movers LLC September 27, 2020
  37. check out the post right here September 26, 2020
  38. Sim Card September 26, 2020
  39. toronto seo September 23, 2020
  40. linh vao w2888 September 23, 2020
  41. Desirae Balian September 16, 2020
  42. adeline b September 15, 2020
  43. web hosting sites August 31, 2020
  44. black mass August 31, 2020
  45. cheap flights August 28, 2020
  46. cheap flights August 28, 2020
  47. cheap flights August 25, 2020
  48. best web hosting 2020 August 11, 2020
  49. web host August 11, 2020
  50. website hosting companies August 6, 2020
  51. Love Vibes August 3, 2020
  52. Short Sales Experts August 2, 2020
  53. SEO services Phoenix August 1, 2020
  54. Horchata July 31, 2020
  55. Dpg Pavers July 31, 2020
  56. Cosmo Optical July 29, 2020
  57. Extreme Green July 28, 2020
  58. cbd online July 20, 2020
  59. cbd oil that works 2020 June 29, 2020
  60. rsacwgxy g June 22, 2020
  61. g so June 21, 2020
  62. only g June 21, 2020
  63. get g June 20, 2020

Leave a Reply