Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY

Pradhan Mantri Jeevan Jyoti Bima Yojana The Indian Central Government has launched this life insurance scheme for poor people in society. This scheme was launched by Indian Prime Minister Narendra Modi. This plan covers both the natural and accidental death of the person.

Pradhan Mantri Jeevan Jyoti Bima Yojana is providing yearly life insurance coverage of Rs 2 lakh after the demise of insurance candidates. The policyholder needs to pay Rs 330 per year.

Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme

Eligibility for Pradhan Mantri Jeevan Jyoti Bima Yojana :

• Applicant age should be 18 to 50 years
• Candidate should have to maintain the savings bank account in any bank
• The person needs to join this scheme with self-certified of good health in consent declaration form on the date of enrollment
• Candidates who join the PMJJBY scheme after last date enrolment period they will have to submit the self-attested medical certificate as proof (that he/she is not suffering from critical illness)

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Scheme premium details that paid by an applicant:

Under this scheme, the applicant needs to pay Rs 330 per annum

Here this 330 will calculate as

• Insurance Premium to LIC or insurance company: Rs 289 per annum
• Reimbursement of expenses to Micro/BC/Corporate/Agent: Rs 30 per annum
• Reimbursement of administrative expenses to any bank: Rs 11 per annum

Main Features of PMJJBY:

• It is very important for the policyholder to renew that policy each year
• Premium payment will deduct from the bank account in the single installment. To maintain the required balance
• Yearly premium payment is Rs 330
• This scheme will offered and maintained by Life Insurance Corporation and also the other life insurers that are willing to join the scheme with banks
• The applicant needs to provide the nominee name and also other details like relationship etc
• The Government contribution towards scheme is to decide separately every year
• This contribution amount to paid by Government will come from unclaimed money in various public welfare funds

List of a required document for PMJJBY:

• Recent applicant passport size photo
• Applicant aadhar card

Apply for Pradhan Mantri Jeevan Jyoti Bima Yojana scheme:

• Eligible and interested candidates need to download the application form through official website http://www.jansuraksha.gov.in/FORMS-PMJJBY.aspx
• This PMJJBY scheme form will be available in different languages like English, Hindi, Gujarati, Odia, Kannada, Marathi, Tamil, Telugu etc
• Download the application form and fill it manually
• This dully-filled application form has to submit to any bank branch
• You should need to maintain the minimum balance in your account

Benefits offered by PMJJBY:

• This scheme provides risk coverage of 1 year and the renew the policy yearly
• If in case the demise of the insured person the PMJJBY provides the death coverage of Rs 2 lakh to a beneficiary of a policy
• This scheme is the pure term insurance policy, it does not offer any maturity or surrender benefit
• Premium paid towards the policy is eligible for tax deduction under section 80C of Income-tax Act
• If the insured person fails to submit the form 15 G/H then life insurance proceeds Rs 1 lakh will taxable by 2%
• The plan has the simplest process of switching and enrollment

Claim for Pradhan Mantri Jeevan Jyoti Bima Yojana:

• If in case the insured person dies then-nominee can claim this Pradhan Mantri Jeevan Jyoti Bima Yojana
• The first nominee must visit the bank (where the applicant opens the account)
• After that collect the PMJJBY claim application form and Discharge receipt from the concerned person
• Or you can also download the scheme claim form through official website http://www.jansuraksha.gov.in/FORMS-PMJJBY.aspx
• Submit the death certificate and Xerox copy of the Cancelled check with a claim form
• Claims will be transferred to the nominees’ bank account that can receive in more than 60 days or 2 months

What role will Bank play?

The bank will play some other roles as well. The primary duty is to transfer the decrease the premium to insurers. The bank holders also can take care of the below mentioned once

• Enrollment forms
• The authorization of Auto Debit
• They also provide the declaration cum consent form in except shape that they are supposed

At the time of applying this scheme aadhar card is considered as primary KYC documents. Applicants have to subscribe to this scheme every year in the month of June. Applicants may exit the scheme at any point and also rejoin the scheme in future years by paying the annual premium at the bank and submit the self-declaration form of good health of the user

Also Read: Beti Bachao Beti Padhao Scheme Yojana