Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)- Detailed Guide
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.
Features of the Scheme:
- 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.
Scheme Benefits:
- 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.
Premium Rates:
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:
- Second Quarter: INR 342/-
- Third Quarter: INR 228/-
- Fourth Quarter: INR 114/-
Eligibility and Conditions:
- 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.
Toll-Free Numbers:
- PMJJBY Toll-Free Number: 1800-180-1111 / 1800-110-001
Required Documents:
For enrollment:
- Aadhaar Card of the applicant
- Proof of Residence
- Email ID
- Mobile Number
- Bank account details
- Passport-size photos
- PAN Card
For claim submission:
- Aadhaar Card (of the nominee)
- PAN Card (of the nominee)
- Proof of Residence (of the nominee)
- Email ID (of the nominee)
- Mobile Number (of the nominee)
- Bank account details (of the nominee)
- Passport-size photos (of the nominee)
- Death Certificate of the policyholder
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.
Registration Process:
- 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.
Claim Process:
- 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.
Important Points:
- The scheme’s duration is one year.
- Insurance cover is from June 1st to May 31st.
- If the premium is not paid by May 31st, the insurance cover will lapse.
- You can exit the scheme at any time.
- If you exit the scheme, no refund will be given for the amount invested.
- You can rejoin the scheme at any time after exiting.