Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)- Detailed Guide

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7 months ago

Scheme Name: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Beneficiaries: Citizens of all castes and religions in India.

Benefits: Financial assistance of INR 2 lakhs provided after the policyholder’s death.

Objective: To provide life insurance coverage to citizens.

Application Method: Online.

Objective of Pradhan Mantri Jeevan Jyoti Bima Yojana:

Provide life insurance coverage of INR 2 lakhs to economically weaker families at a low premium.
Protect citizens from financial risks.
Ensure that families do not face financial difficulties due to the sudden death of a family member.
Offer insurance protection of INR 2 lakhs for a nominal amount.
Provide insurance coverage to economically weaker families in the country.

A reliable insurance scheme initiated by the central government.
No medical tests required for purchasing the insurance.
The maturity age for the policy is set at 55 years.
The insurance amount is credited to the beneficiary’s bank account through DBT (Direct Benefit Transfer).
The premium amount under the scheme is automatically deducted from the policyholder’s bank account via ECS, so there’s no need for the policyholder to worry about paying the premium.
The scheme is operated in collaboration with banks and the Life Insurance Corporation of India (LIC).
Individuals who exit the scheme can rejoin on or after June 1st of any year.
The enrollment process under the scheme is swift and straightforward.
No medical examination is required for the policyholder.
The premium is payable annually on May 31st, and the insurance cover starts from June 1st.

If the policyholder dies for any reason under PMJJBY, their family will receive financial assistance of INR 2 lakhs.
The family’s financial stability is safeguarded in case of an unfortunate event.
It provides insurance coverage of INR 2 lakhs at a very low premium, making it accessible even to poor families.
Helps in protecting the family from financial hardships.

Under PMJJBY, an annual premium of INR 436 is charged per member.

Premium: INR 436/-
Amount to LIC/Insurance Company: INR 395/-
Commission to Business Correspondents/Agents: INR 30/- (Only for new enrollments)
Administrative Charges to Participating Bank: INR 11/-

For renewals:

The insurance company pays the insurance amount to the nominee only after the death of the policyholder.
The applicant’s minimum age should be 18 years, and the maximum age limit is 50 years.
Annual renewal is required under the scheme.
An administrative fee is charged by the bank on the insured amount.
The claim must be submitted within 30 days of the policyholder’s death.
GST is applicable on the scheme amount.
If a policyholder has paid the premium for PMJJBY in multiple banks, the family will only receive INR 2 lakhs in the event of death.
The insurance cover under PMJJBY starts from the day the premium amount is deducted from the bank account.
An individual can only take PMJJBY from one insurance company or one bank.
The insurance cover under the scheme ceases once the policyholder reaches 55 years of age.
To avail the benefits of PMJJBY, the applicant must have a bank account.
Excluding accidental death, no claims are payable if death occurs within 45 days from the policy start date or rejoining the policy (if exited earlier) or delayed renewal.
Insurance cover under the scheme is for one year, from June 1st to May 31st.
For new enrollees, no insurance cover is provided if death occurs within 30 days from enrollment, excluding accidental death. Claims will not be accepted during the waiting period.

For enrollment:

For claim submission:

Supporting documents for death proof may include:

Death Certificate issued by the Registrar of Births and Deaths appointed by the state government for the local area.
Hospital discharge summary or certificate mentioning the deceased’s name, father’s/husband’s name, address, date, time, and cause of death.
Certificate issued by the last attending registered medical practitioner detailing the name, father’s/husband’s name, address, date, time, and cause of death, countersigned by a gazetted officer of the central or state government, or an authorized official of the policyholder’s bank or any public sector bank, or any public sector insurance company.
Certificate from the District Magistrate / District Collector / Deputy Commissioner or any authorized executive magistrate (Additional District Magistrate, Sub-Divisional Magistrate, Tehsildar/Talukdar, etc.) concerning the deceased, in the prescribed format for claim settlement.

For accidental death claims, the supporting documents may include:

Any one of the documents listed for death proof, along with either (a) FIR Panchnama or (b) Post-Mortem Report.
Certificate from the District Magistrate / District Collector / Deputy Commissioner or any authorized executive magistrate, concerning the deceased, in the prescribed format for claim settlement.
In cases like snake bites, falls from trees, etc., causing accidental death, the death report and hospital records should mention the name of the deceased, father’s/husband’s name, address, date, time, and cause of death.
Identification documents of the nominee, such as Aadhaar Card, Voter ID, MGNREGA Card, Driving License, PAN Card, or Passport.

The applicant must first visit the bank where they have a savings account.
Obtain the PMJJBY application form from the bank.
Fill out the form with the required details and attach the necessary documents, then submit it to the bank.
After submission, INR 436 will be deducted from your bank account, making you eligible for the benefits under this scheme.

In the event of the policyholder’s death, the nominee should visit the concerned bank.
Obtain the claim form for PMJJBY from the bank.
Fill out the form with the required details, attach the necessary documents, and submit it to the bank.
After verification, the bank will process the claim, and the insurance amount will be credited to the nominee’s account.