PMJJBY Scheme Details
PMJJBY Scheme Details:- A renewable one-year term life cover of Rs. 2 Lakh, covering death due to any cause, is available to all bank account holders in the 18–50 age range from PMJJBY for an annual premium of Each subscriber will have Rs. 330 automatically taken out of their bank account.
Contents
A brief synopsis of the PMJJBY Scheme Details is provided here.
Aspects | Description |
Scheme Name | 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 | Visit participating bank branches, fill out the form, provide auto-debit consent, and maintain balance. |
Renewable Policy | The policy can be renewed annually until the policyholder reaches the age of 55 years. |
Benefits | Policy can be renewed annually until the policyholder reaches the age of 55 years. |
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The government-sponsored PMJJBY life insurance program provides coverage for a reasonable yearly premium. This program recognizes that traditional life insurance may be too expensive for families that are struggling financially. In order to tackle this problem, the Indian government launched the PMJJBY program, which aims to provide access to life insurance for people from a variety of financial backgrounds.
An insurance program called PMJJBY provides life insurance coverage for deaths caused by any cause. The cover is renewable annually and lasts for one year. Run by life insurance companies, the program is available through banks and post offices. Anyone between the ages of 18 and 50 who has an account at a participating bank or post office is eligible to participate.
Enrolment
Banks or post offices that participate can be Master policyholders. The insurance cover will begin on June 1st, whichever comes first, or on the date the insured member enrolls in the scheme. It will remain in effect until May 31st of the subsequent year.
A single payment for the premium will be deducted from the account holder’s bank or post office account, based on the option selected at the time of scheme enrollment.
Exclusion
When a new member enrolls in the scheme, no claim will be admissible if death (other than accident-related death) occurs within the first 30 days of the scheme’s enrollment date (lien period). Insurance coverage will also not be available for death (other than accident-related death).
Tax Benefits
Under section 80C of the Income Tax Act, the premium paid for the policy is tax deductible.
Maturity
There are no surrender or maturity benefits in this plan.
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The enrollment process for this scheme has been simplified and made easy to understand.
The premium will decrease based on the number of months left in the policy term if you purchase the policy after May. The pro-rata premium, depending on the month of policy purchase, is displayed in the table below.
June, July, and August | Premium payable |
December, January, and February | Rs. 436 (Full premium) |
December, January, and February | Rs. 342 |
December, January and February | Rs. 228 |
March, April and May | Rs. 114 |
All subscribers in the 18–50 age range are eligible for a ₹ 2.00 Lakh one-year term life insurance policy from PMJJBY. It includes death from any cause. The ₹ 436/-annual premium that each subscriber must pay will be automatically deducted from their bank or post office account.
This is a list of the Pradhan Mantri Jeevan Jyoti Bima Yojana’s exclusions.
The primary advantages of the PMJJBY scheme are as follows.
You can use the procedures listed below to check the status of your PMJJBY policy online.
The steps for downloading a policy certificate under the Pradhan Mantri Jeevan Jyoti Bima Yojana may vary slightly depending on the bank. Nevertheless, this is the general procedure.
In case you are a nominee under a PMJJBY scheme, follow these steps to obtain the cash payout.
When you file a claim, the bank will review all of the supporting documentation and approve the insurance provider. The insurance company will recheck the submitted documents to ensure their authenticity. The insurance company will transfer the entire amount to your bank account (the nominee’s bank account) after all the documentation has been verified.
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If you need help enrolling in or receiving benefits from a PMJJBY scheme, please get in touch with the Indian government’s Department of Financial Services. Their fax number and address are listed below.
Q. What is the benefit of Pradhan Mantri Jeevan Jyoti Yojana?
Ans- In the event of the insured person’s untimely death, PMJJBY offers the policy beneficiary death coverage of Rs 2,00,000. PMJJBY does not provide a maturity or surrender benefit because it is a pure-term insurance plan.
Q. How much amount is given in PM Jeevan Jyoti Bima Yojana?
Ans- A renewal term insurance policy, PMJJBY offers the most economical premium rate of Rs. 330 per year in exchange for an annual life insurance coverage of Rs. 2,00,000 in the event of the policyholder’s death.
Q. What is the maturity period of Pradhan Mantri Jeevan Jyoti Yojana?
Ans- Pradhan Mantri Jeevan Jyoti Bima Yojana – ABC is also known as the PMJJBY Scheme.
The Pradhan Mantri Jeevan Jyoti Yojana has a maturity age of 55 years, which means that if an insured person reaches this age, their insurance coverage will end. A valid AADHAR card is needed in order to apply for this policy.
Q. How do I file a claim under PMJJBY?
Ans- The nominee (or, if the nominee is a minor, his or her appointee1), and, in the event that no nomination is made or the nominee predeceases the insured member, the claimant2 legal heirs of the insured, must submit the claim-cum-discharge form to the concerned bank as soon as the insured member passes away.
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