Pradhan Mantri Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-supported life insurance scheme in India. It was initially mentioned by the late Finance Minister Arun Jaitley in the February 2015 budget speech. Formally launched by Prime Minister Narendra Modi on May 9th in Kolkata, the scheme aims to provide life insurance coverage.
As only 20% of India’s population was covered under any form of insurance at that time, PMJJBY was initiated to expand the reach of life insurance among citizens.
Pradhan Mantri Jeevan Jyoti Bima Yojana Details
- This scheme provides one-year coverage, which will be renewed annually. It offers life insurance coverage for death due to any reason.
- Individuals holding savings bank accounts in the age group of 18 to 50 years with participating banks are eligible to be part of this scheme.
- The subscriber will receive insurance coverage of Rs. 2,00,000 upon the receipt of the premium by the insurance company.
- PMJJBY has been extended through LIC (Life Insurance Corporation) and other Indian private life insurance companies. Individuals can visit their bank for the enrollment procedures, as banks have Association with insurance companies. If a person has multiple bank accounts in different banks, they can enroll in the scheme only through one bank account.
Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits
If insured person demise for any reason, the nominee of insured person will be eligible to receive Rs. 2,00,000. The amount will be credit in their savings account.
The PMJJBY scheme allows a 30-day claim period, during which no claim payments for deaths due to accidents will be made, if the claim is made within 30 days of death the Payment will beissued to nominee. However, deaths due to accidents will be exempted from the 30 days claim period.
Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility
PM Jeevan Jyoti Bima Yojana is a one-year life insurance scheme that is renewed annually, providing coverage for death due to any reason. It is available for individuals in the age group of 18-50 years (life coverage up to 55 years). Those with a savings bank account, willing to enroll and authorize auto-debit, are eligible to participate in this scheme.
Pradhan Mantri Jeevan Jyoti Bima Yojana Premium
A premium of Rs. 436/- will be deducted from the savings bank account through the ‘Auto Debit’ facility in one installment, as per the chosen option, on or before May 31st for each annual coverage period under the scheme, provided the funds are available in the bank account.
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Claims and Settlements
The settlement of death claims will be handled by the designated offices of the insurance company.
Nominee
The nominated individual should contact the bank where the deceased member had a ‘savings bank account’ covered under PMJJBY. They need to submit the death certificate to the bank, followed by collecting claim forms and discharge receipts from specified sources such as insurance company branches, hospitals, and designated websites.
Subsequently, the nominated person must submit the completed claim form, discharge receipt, and death certificate to the designated bank or other specified sources, along with a xerox ocopy of the canceled check from the bank account of the deceased member, if available, or details of that bank account where the ‘savings bank account’ covered under PMJJBY was held.
Bank
To make a claim, it is necessary to submit the following documents to the designated office of the insurance company, after verifying the details with the bank records and the nominated individual:
Duly filled claim form.
Death certificate.
Discharge receipt.
Photocopy of canceled check from the canceled bank account of the nominated person (if available).
The bank has a maximum time limit of 30 days to submit the properly filled claim form to the insurance company after verifying and authenticating the details from the records.
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