Learn More about Pradhan Mantri Jeevan Jyoti Bima Yojana Upsc Notes For Preparation. Download Pradhan Mantri Jeevan Jyoti Bima Yojana Pdf. PMJJBY Scheme Details
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What is Pradhan Mantri Jeevan Jyoti Bima Yojana?
PM Narendra Modi launched the Pradhan Mantri Jeevan Jyoti Bima Yojana in Kolkata on 9th May 2015. In his 2015 Budget Sheet, Finance Minister Arun Jaitley introduced this life insurance scheme. The Life Insurance Corporation of India implements the Pradhan Mantri Jeevan Jyoti Bima Yojana.
The PM Jeevan Jyoti Bima Yojana aims to provide life insurance coverage to the poor and low-income sections of society. People between the ages of 18 to 50 years can apply for this scheme. A bank account is a requirement to be eligible for the Pradhan Mantri Jeevan Jyoti Bima Yojana. Before completing the age of 50, anyone who joins the scheme will have the option of a life insurance policy up to age 55, provided they pay the premium. The beneficiary must also link their bank account with their adhaar card in order to avail of this scheme.
Pradhan Mantri Jeevan Jyoti Bima Yojana benefits (PMJJBY)
PM Narendra Modi launched three social security schemes, including the Pradhan Mantri Suraksha Bima Yojana, the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Atal Pension Yojana. As part of the Pradhan Mantri Jeevan Jyoti Bima Yojana, the Central Government of India provides life insurance to low-income and underprivileged sections of society. A maximum amount Life cover of rs 2 lakhs is assured under the scheme.
- If the insured person dies, the next eligible beneficiary gets a death benefit including a death coverage of Rs. 2,000,000.
- The Pradhan Mantri Jeevan Jyoti Yojana offers no maturity, as it is a pure term insurance scheme.
- Risk coverage is also provided for 1 year, which can be renewed annually.
- Insurance holders can also choose a long duration through auto-debit, which is linked to their account.
- Through its monthly premium payment, the scheme also offers a tax deduction under section 80C.
- A life insurance cover of Rs. 2 lakhs will be provided for a period of one year, beginning on 1st June and ending on 31st May.
- Under this scheme, the annual premium will be deducted which is Rs. 330, which is auto-debited in one installment before 31st May of each annual coverage period.
- A person seeking insurance must be between the ages of 18 and 50.
- An auto-debit facility must be enabled on the savings account.
- The account holder must link his/her Adhar Card to the account.
- An individual who joins the scheme after the initial enrollment period – from 31st August, 2015 to 30th November, 2015 – must submit a self-attested medical certificate attesting that he/she does not have a terminal illness.
How to Apply For PMJJBY Scheme
- The policy can either be purchased from LIC (Life Insurance Corporation of India) Life Insurance Company or a private insurer.
- A person can also purchase a policy from their bank if the bank has a relationship with an insurer.
- The official policy renewal date is 1st June, but buyers are allowed to join the scheme at any time during the year.
Other Ministries can co-contribute premiums to their beneficiaries from their own budgets or from the Public Welfare Fund, which was created in this budget from unclaimed funds. This will be decided separately throughout the year. Government will be responsible for expenses related to public relations. At present, more than 12.76 crore people have enrolled under the scheme, and Rs. 11,522 crores have been paid for 5,76,121 claims.
How to Claim PMJJBY Scheme Details
First, the nominee/beneficiary of the scheme will need the following documents;
- Fill out the claim form completely
- showing proof of death of the insured
- A discharge receipt and either a photocopy of a canceled check from the nominee’s bank account
- The Saving bank account information for the PMJJBY scheme.
Termination of Assurance
On any of the following events, the life insurance policy on the member will terminate and no benefit will be paid.
- At the age of 55 years (on the birthdate) subject to annual renewal up to that date (entry will not be permitted beyond the age of 50 years).
- Closure of the account with the Bank or insufficient balance to maintain the insurance.
- In case a member is covered under PMJJBY with LIC of India / another company through more than one account and the company receives the premium inadvertently, the policy will be limited to Rs. 2 lakh and the premium will be forfeited.
- In case the insurance cover is ceased for any technical reasons, such as insufficient balance on the due date, or due to any administrative issue, the same can be reinstated on receipt of the full annual premium and a satisfactory statement of good health.
- Participating Banks shall remit the insurance premiums to insurance companies every year on or before the 30th of June.
Pradhan Mantri Jeevan Jyoti Bima Yojana Pdf Application Form
Anyone who wants to Apply for the PMJJBY Scheme Online can Download the Application Form and Fill all the Important Details Including Name, Address, Bank Account Details. If you have any Problem while Filling the Application form you can leave a Comment Down Below and we will Solve your queries.