Pradhan Mantri Jeevan Jyoti Bima Yojana-PMJJBY:
Many companies in the country run life insurance schemes. On the death of a person from the life insurance scheme, his family gets the sum assured. But it is very costly to obtain life insurance policies from such private companies. So the government of India has started the most affordable plan Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
With the help of such life insurance schemes, family members get financial support and strength. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) was launched by the Central Government in May 2015. The Government started two schemes Pradhan Mantri Suraksha Bhima Yojana– (PMSBY) & PMJJBY under Pradhan Mantri Bhima Yojana
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) assists Rs. 2 lakh rupees to family. PMJJBY is an insurance plan for which you have to pay an annual fee (premium).
It is much cheaper than other life insurance schemes in the country. The launching date of The PMJJBY is 9 May 2015 by the Modi government to extend the benefit of life insurance to every person in the country.
If you want to know more about Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and want to apply, read on the following complete guide:
Key features and important facts about Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
– No medical examination is required to buy insurance in PMJJBY.
– The minimum age for taking this term plan is 18 years and maximum age is 50 years. The maturity age of this policy is 55 years.
– Under PMJJBY, this plan has to renew every year. The amount of insurance in this is Rs 2 lakh.
– The annual premium for this scheme is Rs 330. This amount is collected from your bank through Electronic Clearing Service (ECS).
– The bank charges administrative fees for the amount of the scheme. Apart from this, GST is also applicable to this amount.
– If the insured dies during the period of insurance cover, the family (nominee) will get Rs. 2 lakh.
– Even if the person is applying for insurance and paying a premium to several banks, the total death benefit cannot be more than Rs. 2 lakh.
– One can choose PMJJBY for a year or more. If a person has opted for insurance for a longer period, then his or her bank will deduct the premium amount every year from the bank’s savings account.
– PMJJBY policy can avail on any date. Its coverage for the first year will be valid until 31 May next year.
– Every year on June 1, the premium amount will deduct from the bank account.
Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
– In PMJJBY, your life secures at a very low premium.
– Your family gets support for difficult times.
– Under this scheme, if the insurance holder dies during the period of cover, his family will get an amount of Rs 2,00,000. – You can choose this plan for a year or more.
– If you choose the long-term option, the bank can auto-debit the premium amount every year.
How to download the form for this scheme?
You can download the form for Pradhan Mantri Jeevan Jyoti Bima Yojana application from http://www.jansuraksha.gov.in/FORMS-PMJJBY.aspx.
If you want more information about this, you can call 1800 180 1111 toll-free number or click on www.financialservices.gov.in and read the information related to the scheme in detail.
Eligibility to apply for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
You can obtain this term policy till the age of 50 years under the Prime Minister Jeevan Jyoti Insurance Scheme. At the same time, the minimum age for taking a term plan in this scheme is 18 years.
Keep in mind that if a person has multiple bank accounts, they can subscribe to the scheme with only one savings account.
Also, you have to link your Aadhaar to a bank account to take advantage of this scheme. Also, forms are available for Pradhan Mantri Jeevan Jyoti Bima Yojana in several Indian languages, including Gujarati, Bangla, Kannada, Oriya, Marathi, Telugu and Tamil in addition to English and Hindi.
What is PMJJBY?
Pradhan Mantri Jeevan Jima Yojana (PMJJBY) is a group insurance scheme. Under this scheme, if the account holder dies prematurely, his or her family will get Rs 2 lakh.
This is a Term Life Insurance Scheme. The insurance company pays the insurance amount only after the death of the policyholder in the term plan. To know more about this scheme, you can visit this official site: https://jansuraksha.gov.in/
How to avail Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
If you want to get this life insurance policy, you do not need to go to any insurance company to take this policy.
How to apply for PMJJBY in bank offline:
The bank where you have an account will process for this policy.
To apply for the PMJJBY a form is available in the bank itself.
This form is a type of consent form, in which the account holder has to take permission to deduct the premium for the Prime Minister Jeevan Jyoti Bima Yojana policy.
You just need to fill up this form and submit it to the bank – It is that simple!
How to apply for Pradhan Mantri Jeevan Jyoti Bhima Yojana online using Netbanking:
Here we will show how to apply for PMJJBY at Axis bank Internet banking.
- Login to your Axis Internet Banking account.
- Check the menu tabs & click on Investment tab & select Pradhan Mantri Bhima Yojana(PMBY)
- You will see two schemes under PMBY i.e PMSBY & PMJJBY. Select PMJJBY & the policy amount will be based on the Age.
- You will get below screen select the bank account number & enter the nominee details
- Enter the Relationship with the account holder & select the checkboxes. The policy will be considered after the 45th day of the start of the policy.
- Enter the OTP received on your registered mobile number. Once it is validated the amount upto Rs.330 will be debited & policy will be generated.
Premium is very low:
The biggest feature of this central government life insurance scheme is that its annual premium is extremely low. The annual premium under the PMJJBY is just Rs. 330.
However, the bank imposes its administrative fee on this amount. Out of the premium of Rs. 330, Rs. 289 will deduct against insurance policy while Rs. 30 gets to the agent or bank as compensation for the expenses.
This amount is taken from your account through ECS. Generally, in a life insurance plan, the company performs the medical examination.
But the Prime Minister Jeevan Jyoti Bima Yojana does not require any medical examination. Under this insurance scheme, you will also get an exemption from GST.
What are the terms and conditions of PMJJBY?
– If there is no balance in the account, the policy will cancel.
– The policy will end in case of closure of the bank account.
– One single bank account can be linked to this scheme.
– The policy cannot renew if the premium is not deposited.
How to claim under PMJJBY?
If unexpectedly the insured person under this scheme died then the nominee need to contact the bank branch within 30 days where this scheme was registered.
The only Death certificate is enough to claim the amount under this scheme.
Download the PMJJBY claim form here: https://jansuraksha.gov.in/Forms-PMJJBY.aspx
In this way, PMJJBY is one of the best and most affordable term plans. So far, millions of bank holders have applied for this super scheme offered by the Government of India.
The large population of our country is far away from insurance facilities and schemes. The objective of this central government scheme is to bring such a population under the facility of insurance.
Let us tell you that Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a term plan. If the person taking the policy dies after investing in this scheme, then his family or nominee gets Rs. 2 lakh under the scheme in that case.
PMJJBY website: https://jansuraksha.gov.in/
National toll-free numbers: 1800-180-1111 / 1800-110-001
State-wise Toll-free Numbers: https://jansuraksha.gov.in/files/STATEWISETOLLFREE.pdf