Life is the most precious thing ever, literally, if there’s life, there’s no life, there’s nothing, and hence nothing is a valuable as life. Earlier the death ratio was way higher because of illness and diseases for which there was no cure available. But now, the scenario is different. Now we have such scientific progress in medicine that today we have the cure for maximum diseases, whether small or big. However, death is inevitable. No matter how much money you spend or how good the health care system is that you are being provided, if some illnesses are supposed to result in fatalities, it will happen.
You can’t put a stop to that. However, something can give some compensation or support in the unfortunate event of someone’s death. Life is unpredictable; even a small error or mistake can lead to a fatal accident. All in all, you never know when things turn bad and something unimaginable. You can’t change that; what you can do is make sure your family doesn’t suffer in your absence. For making sure that this path is easier for you, there is something called life insurance. However, life insurance providers charge a premium that is not affordable to people with low income. Hence the Government of India has come with a scheme that can make having life insurance possible for every person. The scheme is called the Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY. We will discuss all the details related to this scheme.
Contents
Highlights of PMJJBY Pradhan Mantri Jeevan Jyoti Bima Yojana
- Pradhan Mantri Jeevan Jyoti Bima Yojana, also known as PMJJBY
- Announced by the Prime Minister of India
- Launched on 9th May 2015.
- Provides life inside benefits to the citizen of India.
- Life cover of Rs 2lakh.
- Annual premium of Rs 330
- Active for one year from 1st June to 31st May
- Policy is renewable
- More than 1,35,212 claims have already been settled successfully.
Yojana List, Latest News, Updates, and Scheme
Yojana List
A nation needs to have citizens living there to be happy. Only then can a nation can be a called a developed nation. When if a person is not capable of something, the Government should be there to support them. And it is great to see India going on that path. The prime minister of India has devised many schemes so that the citizen of India benefit, especially those who have low income or have no source of income.
Below we have mentioned some Yojana where the people can be benefitted in different ways:
- Atal Pension Yojana (APY)
- Pradhan Mantri Vaya Vandana Yojana
- Pradhan Mantri Mudra Yojana
- Ayushman Bharat PMJAY
- Pradhan Mantri Jan Dhan Yojana (PMJDY)
- Pradhan Manrti Jan Dhan Yojana PMJDY
- Pradhan Mantri Garib Kalyan Yojana
- Pradhan Mantri Mudra Yojana
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Latest News and Updates
As per the latest news, it came into view that the Prime Minister is putting two major schemes that are Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Nima Yojana will be under review for further developments.
It was decided as per the latest news that the government scheme will be merged with the Pradhan Mantri Jeevan Jyoti Bima Yojan and Pradhan Mantri Suraksha Bima Yojana.
One of the news is that the waiting period of the PMJJBY scheme is going to have a waiting period of 45 days. That you can claim for the benefit only after 45 days from the start of the policy.
Records show that among the people who enrolled for the Pradhan Mantri Jeevan Jyoti Yojana were majorly from urban areas.
The enrollment date for the PMJJBY scheme has been extended from the Government so that the weaker section of society can also benefit from life insurance.
PMJJBY Scheme
The Government took a great initiative to bring forward this scheme for the people who have low income and cannot afford to pay a heavy premium. Now those people can also have their lives insured so that their heir and dependant people can rely on them.
The scheme that the Government announced gives a cover of Rs 2 lakh. The applicant only has to pay a premium of Rs 330 per annum. This is applicable for people in the age group of 18 to 50 years.
The death benefit will be for the period of one year. It is requisite that the applicant should have a savings bank account through which the premium will get the auto-debit from the bank account on or before 31st May every year if the person chooses to go for the renewal process.
Features and Benefits of The Pradhan Mantri Jeevan Jyoti Yojana PMJJBY
- The policy provided under this scheme will provide insurance to the insurance holder for a person of one year, given that the applicant is between the age group of 18 years to 50 years.
- The tenure would be from 1st June to 31st May. For example, if the policy would have been bought on 1st June 2022, then the tenure will end on 31st May 2022.
- Now a person gets insured for a period of one year and only at the premium of Rs 330 and will get covered for up to Rs 2 lakh.
- The death benefit will be provided to the nominee after the death of the insured.
- Any eligible person can purchase the policy from any bank with a tie-up with the Life Insurance Corporation of India.
- To applicant must have a savings bank account.
Registration Process
It is very simple to register for this scheme. The reason being you can register for this scheme online and offline to get the benefits under this PMJJBY scheme. We have also mentioned the list of documents that will be required to get the application done.
Documents Required
It would be better if you took note of the documents that are required for the application of PMJJBY, and below is the list:
- Duly filled application form
- Aadhar Card
- Age Proof
- Address proof
- Passport Sized Photograph
Now that you are aware of the documents required, you can follow the step mentioned below to apply for this scheme.
Offline Application
You can apply for the PMJJBY by following the steps below:
Step 1: Visit the nearest branch of any participating bank or the nearest branch for LIC.
Step 2: Ask for the application form.
Step 3: Fill the form plus attach the required documents that are mentioned in the section above.
Step 4: Pay the premium, and the policy will be activated soon. You will be informed by the bank when the policy becomes active.
Online Application
Currently, only the forms are available on the website for Jan Suraksha. You can follow the steps below to download the application form.
Step 1: Visit the website – jansuraksha.gov.in (The navigation is very simple).
Step 2: Go to the forms section on the blue panel in the middle of the screen.
Step 3: Under the forms section, you will see three scheme options. Select PMJJBY.
Step 4: Now, you will see two options Application form and Claim form
Step 5: Download the application form.
You need to fill this form, attach the required documents, and submit it to the nearest LIC branch. And they will inform you about the policy status and cover.
Eligibility and Ineligibility Criteria
To enrol in this scheme, you first need to be eligible. We have written down the eligibility criteria for you.
The minimum age for entry in this policy is 18 years
The maximum entry age in the policy is 50 years.
Applicant should hold a savings bank account in any bank. Mostly all banks will be okay to enrol in this. And the applicant must be okay with the auto-debit of premium from their account.
Applicants should be okay with the policy term and premium.
Ineligibility Criteria
A person who is of the age below 18 years or above 50 years would not be eligible. Apart from that, if a person does not have a bank account with any bank, in that case also the person is not eligible.
An applicant will become ineligible in case if they do not have an aadhar card.
Application Status
The bank will notify you about the application status as and when it gets activated.
Claim Process
In the event of the insured’s demise, the nominee has to proceed with the claim process. They can follow the process mentioned below.
Step 1: Intimate the Insurance company or the bank where you submitted the documents within 45 days of the insured’s death.
Step 2: Submit the death certificate and bank account details in which the sum assured will be reimbursed.
Step 3: Complete other requirements mentioned by the person handling the case.
Objective of PMJJBY
The main objective of this project is that the dependant can be financially independent if the wage earner of the family is no more. With the premium so less, it is affordable for everyone to avail of this. It is very easy to manage too as the policy will start on 1st June in the current year and will end on 31st May of the next year.
The applicant also need not worry about remembering to pay the premium as there is an auto-debit facility.
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Helpline Number
You can call on the national toll-free number – 1800 180 1111 or 1800 110 001 in case of any queries or complaints.