Jeevan Jyothi Bima Yojana

PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA

This was launched on 9^th may 2015 which is insured by the central government of India and is administrated by life insurance cooperation, the private insurance company of India which has a term of 1 year and has lifetime renewal. There are no benefits provided at the time of maturity. This scheme ensures insurance after the natural death of the person each and every individual under 18-50 are eligible for this scheme with a single saving account.

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ELIGIBILITY

1. This process is applicable for an individual between 18-50 years
2. This scheme will provide assurance until 55 years
3. A health certificate should be provided if it’s applied after 30 December 2015
4. The policyholder should have his aadhar linked with the policy
5. The bank account linked should be the master member of the card
6. Amount of 2 lakhs is covered

FEATURES

1. The amount insured is 2lakhs
2. A premium of 30 days is available for the policyholder to pay the premium
3. A nomination can be made by the policyholder under section 39 of the insurance act,1938
4. The policyholder can renew the policy whenever they require based on their need
5. If the insured person expires before 45 days this insurance is not covered
6. The renewal of the wi8ll be done on the 1^st June of every year regardless of enrolment date

PREMIUM OF PMJJBY

The premium is available in the following bank accounts as

1. Kotak Mahindra Bank
2. Yes bank
3. Central bank
4. Andhra bank
5. Axis bank
6. Canara bank
7. ICICI bank
8. HDFC bank
9. An amount of 330 rupees will be credited per annum for the insured person
10. The payment of premium will be automatically debited from the insurance holder account on June 1^st of every year
11. An amount of 2 lakhs will be issued in case of natural death

POLICY TERMINATION

1. The policy will be terminated if the insured is about to 55
2. If the attached account has insufficient balance the policy will be terminated
3. If the person has linked for the policy with more than one saving account and is credited by the premium then he will be fined 2lakhs for that
4. The renewal of the payment should be done on June 1^st

HOW TO APPLY POLICY

This form needs to be filled to apply the policy