Pradhan Mantri Jeevan Jyoti Bima Yojana: Features, Eligibility of PM Jeevan Jyoti Bima Yojana Scheme

Pradhan Mantri Jeevan Jyoti Bima Yojana: The Pradhan Mantri Jeevan Jyoti Bima Yojana, initiated by India's central government, provides the poor and low-income sections of society with life coverage. The plan offers an overall guaranteed amount of Rs.2 lakhs. Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme that is renewable year after year and provides coverage for death. PM Jeevan Jyoti Bima Yojana was created to provide the poor and low-income sections of the society with life insurance security. People aged between 18 years to 50 years can take advantage of this PM Jeevan Jyoti Bima Yojana scheme. People must have a Bank account to apply for the Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme.

Updated: May 24, 2020 11:41 IST

|

Niranjani

|
Pradhan Mantri Jeevan Jyoti Bima Yojana: Features, Eligibility of PM Jeevan Jyoti Bima Yojana Scheme

Who can apply for the Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme?

PM Jeevan Jyoti Bima Yojana was established to provide the poor and low-income sections of the society with life insurance coverage. Individuals aged 18 years and 50 years will take advantage of this scheme. To be eligible for Pradhan Mantri Jeevan Jyoti Bima Yojana, they must have a Bank account. Anyone who completes the program before completing 50 years, will be entitled to premium charge at the cost of life cover up to 55 years of age. The beneficiary is also obliged to connect their aadhar card to their bank accounts when making use of this scheme.

What are the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme?

Three social security schemes were introduced by PM Narendra Modi, such as Pradhan Mantri Suraksha Bima Yojna, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana. The Pradhan Mantri Jeevan Jyoti Bima Yojana was initiated by India's central government, which provides the poor and low-income sections of society with life coverage. The PM Jeevan Jyoti Bima Yojana Scheme offers an overall guaranteed sum of Rs.2 lakhs. Here are some of the benefits of the Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme.

  1. In the event of the insured person's death, a death benefit with a death allowance of Rs. 2.00,000 is given to the next eligible beneficiary. 

  2. The Pradhan Mantri Jeevan Jyoti Yojana is a pure term insurance policy and provides no maturity.

  3. The Pradhan Mantri Jeevan Jyoti Bima Yojana scheme also offers a 1-year risk cover that can be extended annually. Insurance holders may also opt for the long term through the auto-debit option that is connected to their account. 

  4. The Pradhan Mantri Jeevan Jyoti Bima Yojana scheme also offers a tax deduction on the monthly premium paid under section 80C.

  5. Rs. 2 lakhs' life cover will be provided for a period of one year stretching from 1 June to 31 May and will be renewable. 

  6. The premium for this Pradhan Mantri Jeevan Jyoti Bima Yojana scheme is Rs. 330 per year, which is to be debited automatically in one installment before 31 May of each scheme's annual coverage period.

Enrolment period

The protection period is from 1 June of each year until 31 May of the following year. Subscribers are required to enroll for the cover period 1 June 2018 to 31 May 2019 and give their auto-debit consent by 31 May 2018. Those eventually joining will be able to do so with full annual premium payment for prospective cover. Almost 5.35 crore people had enrolled under PM Jeevan Jyoti Bima Yojana as of May 14, 2018, and the total number of claims submitted to date was almost 1,02,849. Pradhan Mantri Jeevan Jyoti Bima Yojana is open to people between 18 and 50 years of age (life cover up to 55 years of age) with a savings bank account who agree to enter and require auto-debit.

Under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme, Rs . 2 lakhs life cover is available at a premium of Rs.330 per annum per holder and is annually renewable. Both holders of the said account will enter the scheme in the case of a joint account provided they meet their eligibility requirements and pay the premium at the rate of Rs.330 per person per year.

How does the breakup of the Premium insurance works? 

  1. Premium insurance to the insurance company: Rs.289 per member per annum 

  2. Reimbursement of Agent / Bank expenses: Rs.30 per member per annum 

  3. Remuneration of administrative expenses to the participating bank: Rs.11 per member per annum

Waiting period for claims

Risk cover under Pradhan Mantri Jeevan Jyoti Bima Yojana shall only be available for the first 45 days of enrolment. In other words, insurers are not expected to resolve claims within the first 45 days from the enrolment date. Deaths from injuries, though, will be removed from the lien provision, and will, therefore, be charged.

About Enrolment

LIC and other private-life insurance firms manage Pradhan Mantri Jeevan Jyoti Bima Yojana in India. Some can also approach their bankers as they have joined up with insurance firms for the cycle of enrolment banks. In the case of several bank accounts held by an individual in one or several banks, the individual will be entitled to enter the scheme only through one bank account. This may also be the case for those who want to join the program now. Through charging the full premium and not the proportionate fee, one can enter or renew the scheme anytime during the year. However, the renewal deadline for all subscribers will remain June 1st. It's best to enter now and get the cover for the whole 12 months.

The enrollment method was kept clear and straightforward. You should download the form and give it to your banker for enrolment. Some banks have also initiated an enrolment process based on SMS. It can also be done via net banking. To join/pay by auto-debit on the specified forms from the designated individual bank account, it will be necessary to offer it by May 31st of each year.

Steps for Claim Settlement:

The death claim shall be settled by the respective designated insurance company office. The ensuing process will be as follows:

Steps to be taken by the Nominee

  1. Nominee to contact the bank in which the member had the 'savings bank account' for which he / she was covered under PM Jeevan Jyoti Bima Yojana along with the member's death certificate.

  2. Nominee to receive claim form and receipt of discharge from the bank or from any other specified source such as branches of insurance companies, hospitals, insurance brokers, etc., even from approved websites.

  3. Applicant to send properly completed claim form, discharge receipt, death certificate along with a photocopy of the nominee's cancelled bank account check(if available) or bank account information to the bank where the applicant had the 'savings bank account' from which he/she was protected by PM Jeevan Jyoti Bima Yojana.

Steps to be taken by the Bank

Upon receipt of the death intimation, the Bank would verify whether the cover for that member was in place on the date of his death, i.e. if the premium for that cover was withdrawn on the Annual Renewal Date , i.e. June 1st, before the member 's death, and remitted to the insurance company concerned.

Bank to check the claim form & candidate information from the documents available to them and to fill out the relevant claim form columns.

Bank to send to the appointed office of the insurance company concerned the following documents: 

  1. Claim Form 

  2. Certificate of Death 

  3. Deposit Receipt 

  4. Photocopy of Nominee's Canceled Cheque (if available).

The maximum time period for the bank to submit to the insurance firm the properly completed application form is thirty days from the submission of the petition.

Steps to be taken at the designated office of Insurance Company

Verify-in all respects that the Claim form is complete and that all relevant documents have been added. If not, then pick on the Bank concerned.

When the claim is admissible, the insurer's appointed office shall verify that the policy of the member is in place and that no settlement of death claims has been rendered for the member by any other account. When an argument has been settled then the applicant shall be intimated with a copy labelled on the bank accordingly.

In the event that the coverage is in effect and no claim has been settled for the said member, payment shall be released to the bank account of the nominee, and communication shall be sent to the nominee with a copy marked with the bank.

The insurance company's fixed time period for authorizing claim and disbursing money is thirty days from the bank 's receipt of the claim. In the event that the claim form is forwarded directly by the applicant to any insurer's office, then the insurer's office will immediately forward the same to the deceased account holder 's bank concerned in order to obtain required documentation, etc. from the bank concerned. The bank branch concerned shall forward the claim form to the insurance company 's assigned office for the processing of the claim. 

Pradhan Mantri Jeevan Jyoti Bima Yojana- FAQ

1. What is all about Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme?

The Pradhan Mantri Jeevan Jyoti Bima Yojana, initiated by India's central government, provides the poor and low-income sections of society with life coverage. The plan offers an overall guaranteed amount of Rs.2 lakhs. Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme that is renewable year after year and provides coverage for death.

2. Who can apply for the Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme?

PM Jeevan Jyoti Bima Yojana was established to provide the poor and low-income sections of the society with life insurance coverage. Individuals aged 18 years and 50 years will take advantage of this scheme. To be eligible for Pradhan Mantri Jeevan Jyoti Bima Yojana, they must have a Bank account. Anyone who completes the program before completing 50 years, will be entitled to premium charge at the cost of life cover up to 55 years of age.

3. What is Enrolment?

Risk cover under Pradhan Mantri Jeevan Jyoti Bima Yojana shall only be available for the first 45 days of enrolment. In other words, insurers are not expected to resolve claims within the first 45 days from the enrolment date. Deaths from injuries, though, will be removed from the lien provision, and will, therefore, be charged.

4. What is the waiting period for claims?

Risk cover under Pradhan Mantri Jeevan Jyoti Bima Yojana shall only be available for the first 45 days of enrolment. In other words, insurers are not expected to resolve claims within the first 45 days from the enrolment date. Deaths from injuries, though, will be removed from the lien provision, and will, therefore, be charged.

5. What are the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme?

Three social security schemes were introduced by PM Narendra Modi, such as Pradhan Mantri Suraksha Bima Yojna, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana. The Pradhan Mantri Jeevan Jyoti Bima Yojana was initiated by India's central government, which provides the poor and low-income sections of society with life coverage. The PM Jeevan Jyoti Bima Yojana Scheme offers an overall guaranteed sum of Rs.2 lakhs.


Trending News

Top News

Top Headlines

free fire redeem code today: garena ff redeem code today new 18 June 2021 International Day of Yoga Even When/The Best Part lyrics When Is Fathers Day in 2021 World Bicycle Day International Day of Innocent Children Victims of Aggression World Environment Day Telangana Formation Day TN Epass Coimbatore Epass Trichy Tomorrow Share Market Open Or Not how to check jio data balance ussd code Concrete Minecraft How To Beat Undyne The Undying big brother canada: who got evicted from big brother canada tonight best dream 11 prediction for today match Covid 19 Epass Nashik Fishin’ in the Dark lyrics You and Me lyrics You and Me lyrics Forever and Always lyrics Army Of The Dead Full Movie Download In Hindi uppena tamil dubbed movie download kuttymovies tenet movie download in isaimini Jump Then Fall lyrics The Other Side of the Door lyrics Tell Me Why lyrics Always Be My Baby lyrics Grow As We Go lyrics Samastha Online Madrasa Xnxubd 2019 Nvidia News Telugu Video Amazon Quiz Answers Today DRDO Recruitment 2021 Ration Card TN Epass Chengalpattu TN Epass Flight TN Epass Tirunelveli TN epass for Tamilnadu SARAL HARYANA E Pass TN E Pass Cover Me Up lyrics Binibini lyrics Have A Little Faith In Me lyrics Ileana PIB India tweets One Day More lyrics Star Plus Serials List 2020 Shawty A Thottie lyrics All I Have Is Christ (Live) lyrics find my way lyrics ?misery business lyrics Only lyrics megatron lyrics ?no body, no crime lyrics gold rush lyrics Faygo Dreams lyrics Moment’s Silence (Common Tongue) lyrics Dear Maria, Count Me In lyrics Chanel Slides lyrics When We Were Young lyrics Training Wheels lyrics Best Friend lyrics Best Friend lyrics State of Grace lyrics how you get the girl lyrics How You Get the Girl lyrics Change lyrics State of Grace lyrics Welcome to New York City lyrics Welcome to New York lyrics Last Kiss lyrics Love Yourself lyrics Dead by Daylight Redeem Code Genshin Impact Redeem Code List CISF ASI Recruitment 2021 What Runs Around the Yard Riddle How many seconds in a year Riddle Penny Has 5 Children Riddle When l was 6 my sister was half my age now I'm 70 how my sister Riddle You live in a one story house made entirely of redwood. What color would the stairs be? How many sides does a circle have Riddle A man was born in 1955 Riddle The More I Eat the Hungrier I Get Riddle Magnet Simulator Codes A girl got killed the killer took Riddle Slice TV Schedule Soul Knight Gift Code Free Rredeem Code for Play Store Vijay TV Schedule Today What goes up and never comes down Riddle Die Very Rough Lyrics What has six faces, but does not wear makeup, has twenty-one eyes, but cannot see? Riddle From the Dining Table Lyrics Streets Doja Cat Lyrics Adam's Song Lyrics Pluto Projector Lyrics Downtown Lyrics Star Shopping Lyrics Dead Man Walking Lyrics Finesse Lyrics Fine Line Lyrics Race 3 Full Movie Download Jalsa Full Movie Download The Maze Runner Full Movie Download Housefull 3 Full Movie Download Captain America: Civil War Full Movie Download Manje Bistre Full Movie Download 1 Rabbit saw 9 Elephants Riddle The Sleepover Full Movie Download Captain America: The Winter Soldier Full Movie Download Lockup Full Movie Download Diksha App Download Sukanya Samriddhi Yojana Hamraaz App Lootcase Full Movie Download Gandhi Fer Aa Gea Full Movie Download Great Grand Masti Full Movie Download ipl team player list 2020,vivo ipl player list, ipl 2020 squad list of all teams Sardar Patel Scholarship free fire download in jio phone LIE Tamil Dubbed Full Movie Download Jio Pos Plus Apk Download FMWhatsApp xvideosxvideostudio.video editor pro.apkeo XhamsterVideoDownloader APK www.xnxvidvideocodecs.com American Express GBWhatsApp YOWhatsApp Curon 10 Riddles with Answers for Kids & Adults Tamil Nadu renames cities, towns supernatural A Mother Beats Her Daughter Puzzle Naruto National Statistics Day Cisco Webex Meeting App World Asteroid Day Outlander 10 Riddles with Answers for Kids & Adults Pradhama Shiksha Yojana Scholarship 2020 State Without An A Riddle Person Without Mask Puzzle Pradhan Mantri Yuva Rojgar Yojana Registration The Outsider Jagananna Chedodu Scheme 2020 OTTFFSS Riddle I shave everyday riddle Witcher Season 2 I Can Be Eaten For Breakfast Lunch And Dinner Riddle World Music Day 2020 lucifer season 5 World Diabetes Day uncut gems World Sickle Cell Day 2020 At A Four Legged Table Riddle Candy That was Stolen Riddle Sweeter Than Honey Riddle 100 People Standing In A Circle Riddle £97 Shirt WhatsApp Puzzle Decode 44 33 555 555 666 9 666 777 555 3 Riddle KIA vs KTW Dream11 Prediction What 9 letter word is still a word riddle Emancipation Day Windrush day Autistic Pride Day World Hydrography Day Kannada Movie Download Penny Has 5 Children Riddle Hindi Movie Download I Turn Polar Bears White Riddle Telugu Movie Download Malayalam Movie Download International Picnic Day World Sauntering Day Corpus Christi Queen's Birthday World Brain Tumour Day Two Father and Two Sons Riddle How Can A Leopard Change Its Spots Riddle Mr Blue Lives in a Blue House Riddle What Lives in a Tiny House All Alone Riddle Dr Dolittle Riddle A Mile From End To End puzzle wv733n Name of Girl Riddle Answer DOB vs NCD Dream11 Prediction World Elder Abuse Awareness Day World Oceans Day Important Days World Refugee Day National Donut Day International Level Crossing Awareness Day World Food Safety Day Global Wind Day Martyrdom Day of Guru Arjan Dev World Blood Donor Day World Day Against Child Labour World Milk Day Lottery Sambad International Sex Workers Day Tamil Movie Download Watch Calculator and Bulb Puzzle GST World No Tobacco Day Army Day DOB vs NCD Dream11 Prediction SKW vs LGT Dream11 Prediction Reliance Jio Hotstar Offer GHG vs FPC Dream11 Prediction Xbox One X Cyberpunk 2077 Limited Edition 1TB console Anydesk Download Epass Jharkhand KSP Clear Pass Epass Delhi Delhi Epass Jansunwai Epass E Pass Indore Epass Bhopal Kerala Epass Epass Telangana Epass MP E Pass Bihar Digital Gujarat Seva Sindhu BTC vs GHG Dream11 Prediction ECC vs GHC Dream11 Prediction FPC vs VCC Dream11 Prediction RPD vs GRZ Dream11 Prediction Neverskip Parent Portal App Download Vinaya Vidheya Rama Tamil Dubbed Movie Download Aan Devathai Tamil Full Movie Download Kaithi Tamil Full Movie Download Thimiru Pudichavan Tamil Full Movie Download Thozha Tamil Full Movie Download Bhaagamathie Tamil Full Movie Download Delhi Corona Sahayata App Kanithan Tamil Full Movie Download Vada Chennai Tamil Full Movie Download One Touch App Labs Garena Free Fire How to Delete Instagram Account Minmathi Prochesta App How to change Instagram Name Tik kik App EPDS AP Ration Card Status PM Garib Kalyan Yojana MPL App EPDS Bihar Ration Card List CamScanner App Vahana Mitra Unacademy Prodigy Scholarship Test HBO Max Radeon RX 580 Graphics Card Delhi Old Age Pension Form Online Application Karnataka Ration Card Zoom Update Zoom App Rozgar Setu Change or Reset your Windows Password Qureka Pro Nvidia GeForce Graphics 446.14 NVIDIA GeForce MX250 BroChill App Google Sodar App Dream11 Prediction YSR Pension Kanuka TikTok App PM SVANidhi Yojana Covid 19 mhpolice Epass Maharastra Covid 19 mhpolice Epass Pune Covid 19 mhpolice Aurangabad Epass Google Classroom App Covid 19 mhpolice Palghar e Pass Covid 19 mhpolice Epass Nagpur CG Ration Card Maharashtra Ration Card List Assam Ration Card List TNPDS Smart Ration Card Status WhatsApp Web JioMart App OrderMe Patanjali App PM Kisan Samman Nidhi Epic Games Store Pradhan Mantri Vaya Vandana Yojana (PMVYY) Remove Password from PDF Files BevQ Dream11 Prediction Mouni Roy Covid-19 Snippets Akshaya Thrithiya 2020