PM Jeevan Jyoti Bima Yojana (PMJJBY) – Pradhan Mantri Jeevan Jyoti Bima Yojana has been launched for the people in the age group of 18 to 50 Years. People who are in the age group of 18 to 50 years and who have a bank account and agree to join / allow auto-debit are eligible to get benefits of PMJJBY. The primary KYC for the bank account would be Aadhar. PM Jeevan Jyoti Bima Yojana provides risk coverage of Rs. 2 lakh in the event of the insured’s death for any reason. The Rs. 2 lakh life insurance policy will be valid for a year, from June 1 to May 31, and will be renewed every year with the auto-debit facility.
Person who wants to take advantage of the PMJJBY Scheme will have to pay the annual premium of Rs. 436, this amount will be auto-debited from the subscriber’s bank account before the 31st May of each annual coverage period under the scheme, as per his option. In this post we have shared benefits of PMJJBY and other useful details like Risk Coverage, Eligibility, Application Process, useful documents etc.
Features of Benefits PM Jeevan Jyoti Bima Yojana (PMJJBY Benefits)
- PM Jeevan Jyoti Bima Yojana is valid for one year.
- There is the option of renewable every year.
- Subscriber of PMJJBY can leave the scheme at any moment and return at a later date.
- The main benefit of the Pradhan Mantri Jeevan Jyoti Bima Yojana is a death benefit of Rs. 2,00,000, which is given to the insured person’s nominee.
- The master policyholder of the scheme will be Participatory Bank.
- PM-JJBY Scheme Provides a straightforward and user-friendly insurance claim settlement process.
- The scheme’s death cover will expire if the member is over 55 years old, is protected by more than one bank account, or has insufficient funds in their savings account to keep the insurance in force.
- Individuals who do not enroll in the programme during the first year might do so in subsequent years by paying annual premiums and providing a self-certificate of good health.
- In the future years, the scheme will be open to new eligible applicants.
Risk Coverage by PMJJBY
- Risk coverage offered by PMJJBY is Rs. 2, 00,000 in case of death caused by any reason.
- Normally, risk coverage is for a year. The programme, however, can be renewed after one year. You can also choose a term longer than a year, in which case the bank will automatically debit your savings account every year.
PM Jeevan Jyoti Bima Yojana Eligibility
- Anyone with a savings bank account between the ages of 18 and 50 can participate in the Jeevan Jyoti scheme through participating institutions.
- Even if a person has many bank accounts, he or she can only enroll in this scheme through one savings bank.
- To take advantage of the benefits of this scheme, you must link your Aadhar card to your participating bank account.
- Individuals who join the plan after the initial registration period, which runs until August 31, 2015 or November 30, 2015, must provide a self-certificate of good health confirming that they are not suffering from any of the critical illnesses listed on the declaration form.
PMJJBY Application Process
If you want to get benefits of PM Jeevan Jyoti Bima then follow the instruction below:
- To apply in PM-JJBY, you should have a savings bank account in one of the participating Banks in this scheme.
- Visit your bank branch and ask for PM Jeevan Jyoti Bima Yojana Form
- Fill up all the required information in application form
- Submit the PM-JJBY Application form in your bank branch.
- One thing you should consider is that your Aadhar Card should be linked with your bank account.
- If your Aadhar Card is not linked with your Bank account then you will have to link Aadhaar with your Bank Account.
PMJJBY Claim Process
The nominee must first obtain a death certificate from the Municipal Corporation before beginning the process of filing a claim under the PMJJY scheme. Following the receipt of the death certificate, the nominee must submit a properly completed claim form to the bank branch where the policyholder was registered in the scheme. You can get the claim form at https://www.jansuraksha.gov.in. Finally, in order to receive the funds, the nominee must present a canceled cheque from his or her bank.
Steps to file claim with Bank
Step 1: The nominee must go to the bank branch where the policyholder enrolled in the PMJJBY programme.
Step 2: The nominee can pick up the claim form and discharge receipt from the bank branch if necessary, or download soft copies from https://www.jansuraksha.gov.in.
Step 3: The nominee must submit a completed claim form, discharge receipt, and death certificate, as well as a bank-issued canceled check.
Step 4: When the bank receives the duly completed papers and other documents from the nominee, they must check to see if the dead person was covered by the scheme.
Step 5: The bank will also check the claim form and nominee information against its records. The bank will send the claim form to the insurance company once the details have been validated. The bank is required to verify and for.
Step 6: The claim will be processed in a maximum of 60 days from the date of submission of documentation to the bank.
Steps to file claim with Insurance Company
- The insurance company is responsible for ensuring that the properly completed form is complete in every way and that all appropriate documents are attached.
- The insurance firm will also check to see if the member has/had any other death claims settled through other accounts.
- The insurance company will release the payout if all of the documentation and other details are in order, and notification will be issued to both the nominee and the bank.
- The maximum period an insurance company has to approve a claim and distribute funds is 30 days from the date the claim is received from the bank.
Documents Required for Insurance Claim of PM Jeevan Jyoti Bima
- Duly filled claim intimation form
- Death Certificate of the member.
- Bank account details of the nominee (Passbook/bank statement/Canceled cheque copy) with account number and beneficiary name printed on the same.
- Photo ID proof of the nominee.
FAQs for PM Jeevan Jyoti Bima Yojana
What is the procedure to Apply for a PMJJBY scheme?
Ans. Participants will be able to enroll if they have a savings bank account in one of the partner banks and are between the ages of 18 and 50. If an individual has numerous savings bank accounts in one or more banks, he or she is only eligible to join the scheme through one of those accounts.
How do I renew my PMJJBY through the internet?
Ans. Subscriber of PM-JJBY can renew his/her scheme through internet banking of their bank account. Or they can also select an auto renew facility while applying for this scheme. Insurance premium will automatically deduct from his/her bank account.
Is there a deadline for claiming PMJJBY?
Ans. According to the SBI Life website, risk cover under PMJJBY is only applicable after the first 30 days of membership for new members. To put it another way, insurers are not required to settle claims within the first 30 days of enrollment.
What is the insurance claim amount under the PMJJBY scheme?
Ans. PMJJBY is a term insurance renewal policy that gives a yearly life insurance coverage of Rs. 2,00,000 in the event of the insured person’s death for the most reasonable premium rate of Rs. 330 per annum.