Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme
Pradhan Mantri Jeevan Jyoti Bima Yojana is an initiative by Prime Minister Narendra Modi. The scheme is a life insurance scheme launched to increase the percentage of the insured population. The life insurance program mainly aims to cover those employed in unorganized and private industries. We have shared here all the details of the Jeevan jyoti bima yojana. What are the eligibility, conditions of premium and payment are all given in details. Any person aged between 18 to 50 years with a bank account can subscribe to this insurance program.
The government is aiming to bring all the unbanked population to the mainstream banking systems. Hence, the basic eligibility for the Pradhan Mantri Jeevan jyoti bima yojana is to hold a bank account. The annual premium gets automatically debited from the person’s bank account. The payment is remitted to the nominee in case of death of the subscriber. To subscribe for this life insurance program, do go through the major points shared below. Readers will also find details on sukanya samriddhi scheme and suraksha bima yojana on our blog.
PM Jeevan Jyoti Bima Yojana Highlights
Here are some specifics of the life insurance launched by Prime Minister Narendra Modi in the year 2015.
- The insurance scheme is renewable on yearly basis.
- It covers death caused due to any reason.
- Any person between 18 to 50 years can join the scheme.
- If anyone has multiple bank accounts, he/she is eligible to join only one scheme attaching it to anyone saving account.
- The LIC of India is also a main administrator of the scheme.
- The insurance cover of Rs. 2 lakhs will be provided in the case of death of the subscriber.
- The cover period for the first initiative of the scheme lasts till 31st May 2016. The period may be extended further.
- Pradhan Mantri Jeevan jyoti bima yojana will be linked to the jan dhan yojana bank accounts.
- The subscriber should give a written consent that the premium will be auto-debited from his or her account.
- A written consent should also be given stating that the subscriber is not suffering from any critical and acute medical disease at the time of registering.
The premium amount and terms for cancellation of the scheme are discussed further.
PMJJBY Form and Premium Amount Details
The annual premium amount payable is Rs. 330 which will be auto-debited from the saving account. The amount can be debited on or before 30th May in the specific financial year.
- The amount of Rs. 289 is charged as the annual insurance premium by each member of the LIC.
- 30 is to be paid by the subscribers for the refund of expenses to the agents and corporates.
- 11 is paid towards the administrative expenses incurred by the banks managing the scheme.
- It is the sole responsibility of the bank to pull the required annual premium in a one-go.
The government has also ensured to keep the premium amount same in the coming years. However, the premium will be reviewed every year by the financial experts.
The Pradhan Mantri Jeevan jyoti bima yojana gets automatically terminated in following conditions:
- If the concerned person or subscriber attains the age of 55 years.
- If the saving account of the person is closed.
- No multiple policies are allowed for the same person.
- Due to lack of the minimum required balance in the bank account of the subscriber. The scheme can be restored after payment of the premium.
We are sure the information is guiding potential subscribers and existing users. In case of the unfortunate event of the death of the policyholder, the sum of Rs. 2 lakhs will be paid to the nominee. Pradhan Mantri Jeevan jyoti bima yojana has no surrender benefit or maturity. The benefit is reimbursed only in the case of a death of the subscriber due to any reason.
How to Claim Insurance Amount under Jeevan Jyoti Insurance Scheme
This insurance program covers the person for natural as well accidental deaths. To claim the insurance coverage, the nominee has to contact the administering bank. The document required for the settlement of the claim is the copy of the death certificate. The nominee will get the claim form from the bank and discharge receipt.
The duly filled claim form and supportive documents will complete the procedure. However, the scheme is not declared as tax exempted under 80 C so far. This can be one reason why the scheme is not very popular. But indeed Pradhan mantri jeevan jyoti bima yojana is a great solution for those in need of affordable life insurance coverage. Keep visiting 7thpaycommission.co.in for details on other schemes launched by the government. The newer schemes will be updated from time to time.