To help you secure the financial situation of your family in your absence, the government has come up with Pradhan Mantri Jeevan Jyoti Bima Yojana. With minimum yearly premiums and an easy claim process, this scheme will help your family stay stable. In this post, let’s find out what is Pradhan Mantri Jeevan Jyoti Bima Yojana and how you can apply for PMJJBY online.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a central government scheme of new Life Insurance. It is a one-year life insurance scheme, which is renewable from year to year, the scheme offers coverage for death up to Rs. 2 lakh in case of the demise of an insured person. PMJJBY aims for the growth of a poor and low-Income section of society. This government scheme is available for people between the age group of 18-50 years.
There are benefits for the Indian citizens under Pradhan Mantri Jeevan Jyoti Bima Yojana are as follows:
Note: If you Fail to purchase the scheme in the initial years, you can join the insurance policy in next years by paying the annual premium and by submitting the self-attested certificate
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The demise of the insured person provides a death coverage of Rs. 2 lakh to the policyholder
This is a pure term insurance scheme, but it does not offer any maturity
Pradhan Mantri Jyoti Bima Yojana provides a risk of 1 year as it is a renewable policy so it can be renewed yearly. In addition, a policy owner can also opt for a longer duration for the insurance policy by doing an auto-debit from the Savings Account
The policy is eligible for the Deduction under Section 80C of the income tax Act. If the insured person fails to submit the Form 15G/15H, then the life insurance exceeding Rs. 1 lakh, will be taxed 2%
Here are some highlights of this scheme that you must know before enrolling:
|Eligibility||18 – 50 years of age|
|Requirement||A savings bank account with the consent to enable auto-debit|
|Policy Period||The cover is for a year, beginning on June 1 and ending on May 31. If you opened your savings account on or after June 1, the cover will begin from the date of your request and will end on May 31|
|Revised Annual Premium Structure||June, July, and August - Rs. 436. September, October, and November - Rs. 319.5. December, January, and February - Rs. 213. March, April, and May - Rs. 106.5|
|Payment Mode||The premium will get auto-debited from your savings account. For the renewal, the deduction will take place between May 25 and May 31 unless you have requested the cancellation|
Keep in mind that the amount of the premium will be decided on the Basis of the date of request to begin the scheme and not according to the debit date from your account. For instance, if you placed a request for this insurance on August 31, 2022, the annual premium worth Rs. 436 will be applied to you for the whole year.
|Age||Minimum- 18 Maximum- 50|
|Maximum Maturity Age||55 years|
|Policy term||1 year (Renewable yearly)|
|Maximum Benefit||Rs. 2 lakh|
|Premium Amount||Rs. 330 + Rs 41 for administrative charges|
|Lein period||45 days from the enrolment of the scheme|
There are some such scenarios where your PMJJBY insurance scheme can get terminated as well, such as:
If you are planning to get this insurance scheme, here are some terms and conditions that you must keep in mind before making a decision:
You can apply for this insurance scheme through the net banking option. For this, follow the below-mentioned steps:
If you don’t want to continue with this insurance scheme and would like to cancel it, there are two different methods:
If you wish to get a claim for your PMJJBY insurance scheme, the following is the list of documents you will have to submit:
Pradhan Mantri Jeevan Jyoti Bima Yojana is a beneficial scheme for low-income individuals. It can be easily availed by linking aadhar card with the savings bank account. It is a government-backed insurance plan with the minimum premium rates. By bringing such an initiative, the government of India has made it easier for lower-classes and middle classes to secure their lives to a great extent. Considering that the premium is minimal and that people will only have to pay it annually, saving for the future of the family will not be an arduous task anymore.
A: The scheme compensates for death due to any reason, including death because of natural calamities, such as floods, earthquakes, and other convulsions. It also includes death because of murder and suicide.
A: The Pradhan Mantri Jeevan Bima Yojana will be administered via LIC and other life insurance firms that are willing to provide this product with required approvals on the same terms in association with participating banks.
A: Yes, if you had left the scheme before, you can rejoin it at any time by paying the premium and providing a self-declaration of adequate health.
A: The participating bank will be the master policyholder of this scheme.
A: Yes, you can get any other insurance scheme along with this one.
A: To check your PMJJBY status, you can get in touch with your bank and ask for information regarding the status of your insurance plan.
A: No, it is not refundable. Pradhan Mantri Jeevan Jyoti Bima Yojana is a term insurance plan and doesn’t provide any surrender or maturity benefits. The premium that you will be paying is eligible for tax benefits under section 80C of the Income Tax Act. Since this is a renewable policy, you can renew it each year.
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