Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

PRADHANMANTRI JIVANJYOTI BIMA YOJANA

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme launched by the Government of India. It was announced by the Finance Minister in the Union Budget 2015-16 as one of the three social security schemes aimed at providing affordable insurance coverage to the Indian population.

How much is Jeevan Jyoti Bima for years?
How to Claim Pradhan Mantri Jeevan Jyoti Bima Yojana?
What is the eligibility of Pradhan Mantri Suraksha Bima Yojana?
What is the premium amount for Pradhan Mantri Jeevan Jyoti Bima Yojana?
When do you get money for Pradhan Mantri Jeevan Jyoti Bima Yojana?
What is the difference between Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana?
Which is the best life insurance?
What is the insurance of Rs 330?

What is the age limit for Pradhan Mantri Suraksha Bima Yojana?

Key features of Pradhan Mantri Jeevan Jyoti Bima Yojana include:

1. Coverage: PMJJBY provides life insurance coverage to individuals between 18 to 50 years of age. The scheme offers a renewable one-year term life insurance policy.
2. Sum Assured: The scheme offers a sum assured of Rs. 2 lakh (rupees two lakh) in case of the insured individual’s death, due to any reason.
3. Premium: The premium for PMJJBY is highly affordable, currently set at Rs. 330 per annum per subscriber. The premium is directly debited from the subscriber’s bank account.
4. Enrollment: Individuals can enroll in the scheme through designated participating banks. Enrollment is open from June 1st to May 31st of each year, with a facility for prospective subscribers to join in later years as well.
5. Term and Renewal: The policy coverage is provided for one year, and the scheme is renewable on an annual basis. Subscribers need to ensure sufficient funds are available in their bank accounts for auto-debit of the premium.
6. Death Benefit: In the event of the insured individual’s death due to any reason, the nominee or legal heir will receive the sum assured of Rs. 2 lakh.
7. No Medical Examination: PMJJBY does not require any medical examination or health-related questions at the time of enrollment. It provides insurance coverage without any pre-existing condition exclusions.

Pradhan Mantri Jeevan Jyoti Bima Yojana aims to provide affordable life insurance coverage to individuals who may not have easy access to insurance services. It is intended to provide financial security to the insured individual’s family in case of an unfortunate event leading to the insured person’s death.

What is the benefit of Pradhan Mantri Jeevan Jyoti Bima Yojana?

There are many benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana. Here are some key benefits:

Documentation not required: Citizens get an opportunity to get insurance cover without any pre-conditions in this scheme. No medical examination or health related questions are done while participating in the scheme.

Annual Cost: The premium amount of Pradhan Mantri Jeevan Jyoti Bima Yojana is not expensive. Currently it is Rs 330 per partner per year. It is a direct debit from the insured’s bank account.

Life Insurance Cover: This scheme provides life insurance cover to the insured between the age of 18 to 50 years. It provides a lump sum of Rs 2 lakh on death due to any cause.

Easy Entry and Renewal: Registration through dedicated banks for individuals to participate in this scheme

How much is Jeevan Jyoti Bima for years?

The premium for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is Rs. 330 per annum per subscriber. This means that the insurance coverage is provided for a duration of one year, and individuals need to pay the premium amount of Rs. 330 annually to stay enrolled in the scheme. The premium is directly debited from the subscriber’s bank account. It’s important to note that the premium amount may be subject to change, so it’s advisable to verify the current premium rate at the time of enrollment.

How to Claim Pradhan Mantri Jeevan Jyoti Bima Yojana?

To claim benefits under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), you or your nominee will need to follow these steps:

1. Notify the Bank: In the event of the insured individual’s death, the nominee or legal heir should immediately inform the bank where the PMJJBY policy is held. Provide all the necessary details and documents required for the claim process.
2. Obtain Claim Form: The bank will provide the claim form for PMJJBY. Fill out the claim form accurately and provide all the requested information.
3. Required Documents: Along with the claim form, you will need to submit the following documents:

Death certificate of the insured individual issued by the local municipal authority or competent authority.

Claimant’s statement providing details of the deceased and the claimant’s relationship to the insured.

Age proof of the deceased (if not previously submitted).

A canceled cheque or bank account details of the nominee for the claim amount transfer.

Submission: Submit the completed claim form and supporting documents to the bank where the PMJJBY policy is held. Ensure that you keep copies of all the submitted documents for your records.

Claim Settlement: The bank will review the claim application and documents. If all the requirements are met, the claim amount (sum assured) of Rs. 2 lakh will be credited to the nominee’s bank account.

It’s important to note that the exact claim process and required documents may vary slightly depending on the specific bank or financial institution administering the PMJJBY policy. It is recommended to contact the bank directly or visit their website for precise information and guidance on the claim procedure.

What is the premium amount for Pradhan Mantri Jeevan Jyoti Bima Yojana?

The premium amount for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is Rs. 330 per annum per subscriber. This means that individuals need to pay a premium of Rs. 330 annually to stay enrolled in the scheme and maintain the insurance coverage. The premium is directly debited from the subscriber’s bank account. It’s important to note that the premium amount is subject to change, so it’s advisable to verify the current premium rate at the time of enrollment or consult with the bank or financial institution offering the scheme.

Important Link

Visit Official Website : https://jansuraksha.gov.in/

પ્રધાનમંત્રી જીવન જ્યોતિ વીમા યોજનાની ગુજરાતીમાં માહિતી મેળવવા : અહીં ક્લિક કરો.