PMJJBY Scheme:- Because life is unpredictable, having life insurance can give your family financial stability in the event that you pass away. Conventional policies, however, can be costly. Exists a less expensive choice? Let’s investigate! We will examine the various facets of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) program in this article.
Contents
PMJJBY Scheme overview
A brief synopsis of the Pradhan Mantri Jeevan Jyoti Bima Yojana is provided here.
| Aspects | Description |
|---|---|
| Scheme Name | PMJJBY Scheme (Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme) |
| Launch Date | 1st June 2015 |
| Objective | Provide affordable life insurance coverage to individuals for financial security. |
| Coverage | Renewable one-year term life insurance plan. |
| Premium | Rs. 330/- |
| Eligibility | Individuals aged 18 to 50 years with an active savings bank account. |
| Sum Assured | Rs. 2 lakhs |
| Enrollment Process | Policy can be renewed annually until the policyholder reaches the age of 55 years. |
| Renewable Policy | The policy can be renewed annually until the policyholder reaches the age of 55 years. |
| Benefits | Financial security, easy enrollment, renewable policy. |
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What is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
The government introduced PMJJBY, a life insurance program that provides coverage for a reasonable yearly premium. This program acknowledges that traditional life insurance may be unaffordable for low-income families. The Indian government introduced the PMJJBY program to address this issue, with the goal of giving people from a range of economic backgrounds access to life insurance.
Features of the PMJJBY Scheme
Here is a list of features of the PMJJBY.
- Sum Assured on Death: In the sad event of the insured’s death, a sizeable lump sum of Rs. 2 lakhs will be paid to the nominee or nominees that the insured named when purchasing the policy.
- Annual Coverage Period: The policy has an annual coverage period that runs from June 1st of the current year to May 31st of the following year. In addition, the policy has the option of an annual renewal, which means that benefits will continue until the insured turns 55.
- Automatic Premium Payment: The policy makes sure that premiums are deducted automatically and is seamlessly integrated with your bank account. Between May 25 and May 31, there will be one yearly auto-debit transaction.
- Aadhar Card Verification: Your Aadhar card is the most important document to have as the main source for the required KYC verification procedure.
- Account Limitation: Although you may have several savings bank accounts, you should be aware that you can only apply for the PMJJBY life insurance policy using a single account.
The premium will decrease based on the number of months remaining in the policy’s term if you purchase it after May. Based on the month the policy was bought, the pro-rata premium is displayed in the table below.
| Months | Premium payable |
| September, October, and November | Rs. 436 (Full premium) |
| December, January, and February | Rs. 342 |
| December, January and February | Rs. 228 |
| March, April and May | Rs. 114 |
Coverage Benefits of the PMJJBY Scheme
The PMJJBY scheme’s primary advantages are listed below.
- The premium you pay for a PMJJBY policy is exempt from taxation under the Income Tax Act.
- By tying in a bank account, paying the premium, and sending in a current health certificate, you can get out of this plan temporarily and return at a later time.
- The policy provides a lump sum payment of Rs. 2 lakhs, which is fully tax-free in the event of the insured’s death. Furthermore, the claim procedure is simple.
- Irrespective of your age, the policy’s premium is just Rs. 436.
- Every year, the policy premium will be automatically deducted from your account at renewal time, saving you the trouble of remembering to renew it.
PMJJBY Scheme Eligibility criteria
The eligibility requirements for utilizing the PMJJBY policy are as follows.
- To be eligible to apply for this policy, you have to be between the ages of 18 and 50. Nonetheless, coverage often lasts until the age of 55.
- In order for the policy premium to be automatically deducted from your bank or post office account, you must have an Aadhar card for KYC verification.
PMJJBY exclusions
The Pradhan Mantri Jeevan Jyoti Bima Yojana has the following list of exclusions.
- Non-accidental death will not be covered by insurance for the first thirty days following enrollment if you are a new member. Claims for non-accidental deaths that occur during this period will not be honored.
- attempted suicide when under the influence of drugs or alcohol.
- purposeful harm to oneself or suicide
- lawbreaking, whether or not it is motivated by malice
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PMJJBY enrollment process
To apply online for a PMJJBY scheme, follow the instructions listed below.
- Step 1: Not every bank is in favor of the PMJJBY program. Before considering applying, please make sure your bank offers it.
- Step 2: Go to the website of your bank and use your net banking or debit card pin to access your account (if applicable).
- Step 3: Click the “insurance” tab, then select the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme from the list of social services schemes.
- Step 4: Choose the account that you want to link to the PMJJBY policy (this account will have an annual auto-debit).
How to check PMJJBY policy status online
The steps listed below can be used to check the status of your PMJJBY policy online.
- First, go to your bank’s official website and sign in to your online banking account.
- Step 2: Locate and input your bank account number in the PMJJBY area.
- Step 3: To check the status of your application, enter your PMJJBY application number and click submit.
How to download my Pradhan Mantri Jeevan Jyoti Bima Yojana policy certificate online
The procedure to obtain the policy certificate under the Pradhan Mantri Jeevan Jyoti Bima Yojana application varies from bank to bank. But this is how it works generally.
- First step: Go to the website of your bank and log in to your Online Banking account.
- Step 2: Choose “Social Security Plans” by clicking on the Insurance drop-down menu. From there, choose the plan of action.
- Step 3 involves choosing the type of transaction. Use your Aadhaar number to verify, for instance, after selecting UID.
- Step 4: Next, enter the information requested, including your name, account number, nominee details, and so forth. Then you need to tick the box that says “Declaration of good health”.
- Step 5: You will be taken to a page where you can view all of the details of your policy after successfully registering your PMJJBY certificate.
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Online PMJJBY claim registration and settlement procedure
If you are a PMJJBY scheme nominee, please follow these instructions to receive your cash payout.
- Step 1: Visit the bank account website that is connected to the PMJJBY policy and upload the account holder’s death certificate in the unfortunate event of their passing.
- Step 2: Complete the claim form that you obtained from the bank or downloaded.
- Step 3: Enclose copies of all pertinent documentation, including the death certificate, account details, canceled checks, etc.
- The bank will examine all supporting records and authorize the insurance company when you submit a claim. The insurance provider will verify the authenticity of the filed documents by double-checking them. After all the paperwork has been verified, the insurance company will send the entire to your bank account (the bank account of the nominee)
How PMJJBY Works:
A simple life insurance program called the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is meant to safeguard policyholders’ and their family’s finances. This is how PMJJBY operates:
- Eligibility: PMJJBY is available to anyone with a savings bank account who is between the ages of 18 and 50 (with coverage up to age 55). People must give their permission and authorize auto-debit for premium payments in order to enroll.
- Life Insurance: PMJJBY provides ₹2 lakhs in life insurance coverage. Each year, policyholders pay a renewable premium of ₹330 per member. Holders of joint accounts may also enroll in the program separately by paying the premium.
- Enrollment: Master policyholders are banks or post offices that participate. Either June 1st or the enrollment date, whichever comes first, marks the start of insurance coverage. The policy is in effect until May 31 of the subsequent year. The policyholder may choose to have premiums paid in installments from their bank or post office account at the time of enrollment.
- Exclusions: There is a 30-day exclusion period (lien period) for new members joining the scheme. Insurance coverage for deaths (apart from those resulting from accidents) is not applicable during this time, and no claims will be accepted should a death occur.
- Tax Benefits: Under Section 80C of the Income Tax Act, the premiums paid for PMJJBY are deductible from taxes.
- Claim Settlement: The heir apparent or nominee will get the assured sum of ₹2 lakhs in the unfortunate event of the policyholder’s death. As part of the claim process, a death certificate and other relevant documentation must typically be sent to the insurance company or other authorized authorities.
FAQ’s
Q. Which documents need to be submitted while making a PMJJBY policy claim?
Ans- When submitting a PMJJBY claim, the ensuing paperwork is usually necessary.
- Death certificate
- Discharge receipt
- Photocopy of the canceled cheque
- Duly filled claim form
Q. Under what circumstances will the PMJJBY policy be involuntarily terminated?
- If you complete 55 years of age
- Closing the policy-linked bank account before policy renewal
- Not having sufficient funds in the policy-linked bank account at the time of renewal
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