The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance program designed to protect the economically weaker sections of society. Launched on May 9, 2015, the PMJJBY scheme provides insurance coverage for one year, after which it must be renewed annually.

Benefits of PMJJBY

The PMJJBY provides coverage in case of death by natural causes, accidental death or permanent disability. The policyholder's nominee can claim the sum assured on the policy in the event of the policyholder's death. The amount of coverage under the policy is Rs. 2 lakhs.

Eligibility for PMJJBY

The PMJJBY scheme is open to all Indian citizens between the ages of 18 and 50 who have a savings bank account. Persons who are availing of life insurance schemes from the government, employers or any other insurance company are also eligible to participate in this. The policyholder must have a savings bank account, and the premium for the policy will be automatically debited from the account.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)


Procedure for Enrolling in PMJJBY

The policy can be enlisted by individuals through their bank accounts by filling out an application form and submitting it to their bank. The premium for the policy is Rs. 330 per annum, which can be directly debited from the policyholder's savings bank account. The coverage period is from June 1 to May 31 of the following year. The policyholder can renew the policy every year by authorizing the bank to renew the policy and debit the premium.

Claiming Benefits from PMJJBY

In case of the policyholder's demise, the nominee must submit an application claiming the sum assured on the policy along with the necessary documents such as death certificate and discharge summary. The claim amount will be credited to the nominee's bank's savings account.

Criticism for PMJJBY

The Pradhan Mantri Jeevan Jyoti Bima Yojana scheme has been criticized as being inadequate, given the low sum assured. Additionally, since the premium is automatically debited from the policyholder's savings bank account, there is a risk that if the savings account does not have sufficient funds, the policy may lapse. Furthermore, the scheme has also been criticized for not providing coverage for critical illnesses, which is a crucial aspect of any life insurance policy.

In conclusion, while the PMJJBY provides valuable protection to the economically weaker sections, it is important to recognize the limitations of the policy and its need for improvement.

What is the benefit of PMJJBY?

Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY is an affordable life insurance scheme launched by the Government of India. The benefit of PMJJBY is that it provides financial protection to the nominees of the policyholder in case of the policyholder's untimely death. The scheme's premium is very low, making it accessible to people from all walks of life. Additionally, PMJJBY also provides coverage against some disabilities, which can help to ease the financial burden on the policyholder’s family during times of crisis. Overall, PMJJBY is a great scheme that provides affordable life insurance coverage to millions of people in India.

How do I claim PMJJBY?

To claim PMJJBY, the nominee or legal heir of the policyholder must follow these steps:

  • Inform the bank or insurance company immediately after the death of the policyholder.
  • Obtain the claim form from the bank or insurance company for PMJJBY.
  • Fill up the claim form and attach the necessary documents such as the policy copy, death certificate of the policyholder, and identity proof of the nominee.
  • Submit the claim form and documents to the bank or insurance company.
  • The claim process is initiated by the insurer, and the nominee or legal heir is kept updated on the claim status.
  • Once the claim is processed and approved, the nominee or legal heir receives the claim amount directly in their bank account.
  • It is advisable to keep the policy documents and nominee details updated to avoid any hassles during the claim process.

Who is eligible for PMJJBY

PMJJBY or Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme launched by the Government of India. The eligibility criteria for PMJJBY are as follows:

  • The PMJJBY scheme is available to individuals between the ages of 18 and 50 years.
  • The individual should have a savings bank account with any of the participating banks.
  • The individual should provide a self-attested declaration of good health and absence of any pre-existing disability.
  • The Pradhan Mantri Jeevan Jyoti Bima Yojana scheme is applicable only to Indian citizens. NRIs are not eligible for the PMJJBY scheme.
  • The individual should have a valid Aadhaar card number linked to their bank account.

It is important to note that the scheme cannot be availed by individuals who already have a life insurance policy. Additionally, the scheme is renewable on a yearly basis, and the individual needs to enroll every year to continue availing its benefits.

FAQ

Q: What is the claim period for PMjjBY?

Ans: PMjjBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) is 30 days from the date of the policy's purchase.

Q: Is Pradhan Mantri Jeevan Jyoti Bima Yojana compulsory?

Ans: No

Q: What is the age limit for 330 RS insurance scheme?

Ans: The scheme is available to individuals between the ages of 18 and 50 years.

Q: What is the premium amount for the PMJJBY scheme?

Ans: The premium for the policy is Rs. 330 per annum, which can be directly debited from the policyholder's savings bank account.