Tuesday, 25 May 2021

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Eligibility, Benefits Know the Scheme Details

 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Eligibility, Benefits Know the Scheme Details

PMJJBY Scheme : Pradhan Mantri Jeevan Jyoti Bima Yojana is a non-linked non-participating one year renewal group term insurance plan. The PMJJBY scheme covers a period of one year, and the premium amount is also low, which makes it affordable. The premium automatically gets deducted from the account holder’s savings account, and therefore the investor do not need to worry about paying premium on time. In case of death, the policy member will get the death benefit of Rs. 2 lakhs. (Rupees two lakhs only).

PMJJBY is available to people in the age group of 18 to 50 years ( life cover up to age 55) who is having a savings bank account who give their consent to join and enable auto-debit.

Under PMJJBY scheme, life cover of Rs. 2 lakhs is available at a premium of Rs.330.00 per annum per member and is renewable every year. In the case of a joint account, all holders of the said account can join the scheme provided they meet its eligibility criteria and pay the premium at the rate of Rs.330 per person.

Also Read : Pradhan Mantri Suraksha Bima Yojana (PMSBY) Eligibility, Benefits, Application and Claim Forms Download

If the premium by the Scheme Renewal Date is not paid, this policy will lapse immediately with effect from the last unpaid premium due date.Premium before the end of the Scheme Renewal Date should be paid to ensure that the members continue enjoying the benefits of the Plan/Cover. If the due premium is not paid by the Scheme Renewal Date then cover ceases and the plan/membership will terminates.

PMJJBY Scheme Benefits :

1. PMJJBY provides a death coverage of Rs2,00,000 to the beneficiary of the policy in the case of the sudden demise of the insured person. As PMJJBY is a pure term insurance plan, it does not offer any maturity or surrender benefit.

2. Death Benefit: Much like any other term insurance plan, Pradhan Mantri Jeevan Jyoti Bima Yojana offers a death benefit of up to INR 2 lakh upon the death of the policyholder.

a). Risk Coverage: Pradhan Mantri Jeevan Jyoti Bima Yojana plan covers all the life risks. It offers death benefits to the beneficiaries of the policy if the policyholder dies due to any reason. This amount will be paid after 45 days of death. In case the death of the policyholder is due to an accident, there is no waiting period, and the death benefit is provided to the beneficiaries immediately.

b). Tax Benefit: The investment made towards Pradhan Mantri Jeevan Jyoti Bima Yojana plan can be claimed for tax deductions under Section 80C of the Income Tax Act, 1961.

ప్రజ‌లంద‌రికీ బీమా ఉండాల‌న్న ఉద్దేశంతో  ప్ర‌భుత్వం ప్రారంభించిన ప‌థ‌కం ప్ర‌ధాన‌మంత్రి జీవ‌న్ జ్యోతి బీమా యోజ‌న‌ సామాన్యులకు వరం. ప్రధానమంత్రి జీవన్‌జ్యోతి బీమా స్కీం వివరాలు.
  1. ఈ ప‌థ‌కంలో చేర‌డానికి 18 ఏళ్ల నుంచి 50 ఏళ్ల మ‌ధ్య వ‌య‌సు ఉన్న‌వాళ్లు అర్హులు. 
  2. ఇందుకోసం సంవ‌త్స‌రానికి రూ.330 ప్రీమియం చెల్లించాల్సి ఉంటుంది.
  3. క‌వ‌రేజీ ప్ర‌త ఏడాది జూన్ 1 నుంచి మే 31 వ‌ర‌కూ వ‌ర్తిస్తుంది. 
  4. ఏ కార‌ణంతో మృతి చెందినా నామినీకి రూ.2 లక్ష‌లు చెల్లిస్తారు. 
  5. ఈ ప‌థకంలో చేర‌డానికి బ్యాంకు ఖాతా ఉన్న ఏ వినియోగ‌దారుడైనా ఈ ప‌థకంలో ల‌బ్దిదారుడుగా చేర‌వ‌చ్చు. 
  6. ఏడాదికి ఒక‌సారి ఏక‌మొత్తంలో ప్రీమియం వ‌సూలు చేస్తారు.
  7. పాల‌సీదారు మ‌ర‌ణించిన‌ప్పుడు బ్యాంకు ఖాతా ఉన్న శాఖ‌లో వెళ్లి ఆ స‌మాచారాన్ని చేర‌వేసి ఇన్సూరెన్స్ క్లెయిం కోసం ద‌ర‌ఖాస్తు చేసుకోవ‌చ్చు.
Key features of  Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
  1. It provides life coverage for one year, and the policy can be renewed every year.
  2. It offers life insurance coverage of INR 2 lakh at nominal premium charges of INR 330 every year.
  3. Since it is a pure term insurance plan, the policy does not offer maturity benefits and only covers life risks.
  4. The coverage begins 45 days after the enrollment date. However, the sum assured amount will be paid in case of death due to an accident.
  5. The policy can be bought at any partnered banks having tie-ups with LIC and other private insurance companies in India.
  6. The policyholder needs to have a savings bank account to avail this plan
  7. One can simply rejoin the scheme even after exiting from it for any given reason.
PMJJBY Eligibility Criteria:
Minimum age of the Policy Member  :  18 Years.
Maximum age of the Policy Member  : 50 Years.
Maximum coverage age of the Policy Member : 55 years.
Policy Period : 1 (One year)
Bank Account Requirement : For enrollment Savings Account is Mandatory.
Period of Covaerage : 1 year Begins from June 1st May 31st of the next year 
Policy Assured amount : 2 Lakhs (Rupees two lakhs only).

How to Enroll :
Download the PMJJBY application form from jansuraksha.gov.in/Forms-PMJJBY.aspx.
The form is available in several languages, so choose the one that is convenient for you.
Submit the duly filled form with your Savings Bank.
Submit all the required documents
Upon verification, you will be successfully registered under the scheme
Most banks also offer an SMS-based enrollment process. Check with your respective bank for the details on the same and proceed with the application.