Life insurance of Rs 2 lakh for just Rs 436. Yes, if you haven’t yet taken advantage of this Central Government scheme, don’t delay. Launched in 2015, this scheme has already seen millions of people join. Under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), you can get life insurance of Rs 2 lakh for your family. The good news is that anyone can join this scheme, whether poor or rich. Let’s learn more about this scheme.
What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
To ensure the future of poor families is secure, the Central Government launched the Pradhan Mantri Jeevan Jyoti Bima Yojana on May 9, 2015. The main objective of this scheme was to extend the benefits of life insurance to poor and needy families. Under this scheme, a provision has been made to provide life insurance of Rs 2 lakh to the general public at a nominal premium. Any citizen of India can take out this insurance policy by paying ₹436 annually.
Objective of the Pradhan Mantri Jeevan Jyoti Bima Yojana
- To provide affordable life insurance to every citizen of the country.
- To secure the future of the families of those who cannot afford high premiums.
Key features of the Pradhan Mantri Jeevan Jyoti Bima Yojana
- Provides life insurance of ₹2 lakh for an annual premium of ₹436.
- Provides life insurance to people aged 18 to 50.
- Provides life insurance to the poor.
- In the event of death, ₹2 lakh is paid to the nominee.
- Whether the death is due to an accident or a natural death, the insurance claim will be received.
- This is a life insurance plan, meaning benefits are available only in the event of death.
Eligibility for the Pradhan Mantri Jeevan Jyoti Bima Yojana
- Applicant must be between 18 and 50 years of age.
- Bank account must be linked to the Aadhaar card.
- Consent must be given for auto-debit.
- A person can only take out one insurance policy.
How to apply for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
- You will need to visit your bank to apply for this scheme.
- You must fill in your details along with the nominee’s complete information on the application form.
- You must also provide the nominee’s name, address, and relationship with the nominee.
- You must also provide permission for auto-debit of the premium from the bank.
Download the Application Form: Click here
Documents required for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme
- Aadhaar card
- Bank passbook
- Auto-debit consent letter
When will the PMJJBY premium be deducted from your account?
- This scheme provides life insurance coverage from June 1st to May 31st.
- The amount will be deducted from your account every year through auto-debit before May 31st.
How to cancel the PMJJBY scheme?
You don’t have to do anything special. Simply go to the bank and cancel the auto-debit consent form or close the bank account from which the premium is deducted.
How to claim the money from the Jeevan Jyoti Insurance Scheme?
- Only the person named as the nominee in the policy can claim.
- For example, if the wife is the nominee, she will need to go to the bank or insurance company and fill out the claim form.
- All relevant documents must be attached to the claim form.
Documents required for claiming the Pradhan Mantri Jeevan Bima Yojana
- Policyholder’s death certificate
- Copy of identity card
- Bank passbook
- Policyholder’s name, account number, and insurance policy number
How long does it take to receive a claim under the Pradhan Mantri Jeevan Bima Yojana?
If the information and documents provided are correct, the nominee receives the claim amount within 30 days of applying.
Can I rejoin the policy after canceling it?
Yes, but coverage will begin from the date you re-enter the policy.
How to download the Pradhan Mantri Jeevan Jyoti Bima Yojana certificate?
You can check this online through net banking. Or you can visit your bank to obtain this certificate.
FAQs about the Pradhan Mantri Jeevan Jyoti Bima Yojana
- How much money is available under the Pradhan Mantri Jeevan Jyoti Bima Yojana?
Under the Pradhan Mantri Jeevan Jyoti Bima Yojana, a claim of ₹2 lakh is available. - Until what age can the Pradhan Mantri Jeevan Jyoti Bima policy be taken out?
The Pradhan Mantri Jeevan Jyoti Bima policy can only be taken out between the ages of 18 and 50. This policy cannot be taken out after the age of 50. - Is an Aadhaar card required for Pradhan Mantri Jeevan Jyoti Bima?
Yes, it is also necessary to link your Aadhaar card to your bank account. - Does the Pradhan Mantri Jeevan Jyoti Bima policy also cover hospital treatment?
No, it is a life insurance policy, and ₹2 lakh is paid to the nominee only in the event of death. - Who can be a nominee in the Pradhan Mantri Jeevan Jyoti Bima policy?
Any family member can be a nominee in this policy, such as wife, husband, children, or parents. - Does Pradhan Mantri Jeevan Jyoti Bima have to be paid only once?
No, this plan requires annual premium renewal. - If the policyholder dies abroad, will the claim still be received?
Yes, if the policyholder dies abroad while the policy is in force, the claim will be received. - Under what circumstances will the Pradhan Mantri Jeevan Jyoti Bima Yojana benefits not be available?
If the bank determines that the rules were not followed when joining the plan or that you have closed the account from which the installments are to be deducted, the policy will be terminated. - How can I cancel Pradhan Mantri Jeevan Jyoti Bima?
If you want to cancel the policy, simply turn off the auto-debit option. - When does Pradhan Mantri Jeevan Jyoti Bima coverage begin?
Coverage will begin within 45 days of your registration.