प्रधानमंत्री जीवन ज्योति बीमा योजना का लाभ कैसे उठाये ?
The Govt of India has launched Prime Minister’s Jivan Jyoti Bima Yojana (PMJJBY) in 2015 and has covered 7.46 crore persons (Sept 2020). The PMJJBY is administered by Life Insurance Corporation of India through participating banks
The salient features of the PMJJBY are as under:
1. Eligibility : Entry Age 18 to 50 years, must have Aadhar Card and an SB account (PMJDY A/c also called Zero Bal a/c holders are also eligible –) in a participating bank.
2. Sum Insured : Rs. 2 lakhs on the death (natural or accidental) of the insured person
3. Initial Premium Amt: Rs. 330/- per year to be debited from the bank account. There is no GST on PMJJBY premium.
4. Renewal Premium Amt: Rs. 330/- per year to be debited from the bank account for which the applicant must give auto-debit authority to debit the premium every year and maintain sufficient balance at the time of renewal. If the sufficient balance is not available in the account, policy will not be renewed. The premium is debited between 25th May to 1st June every year. The Policy will not be renewed after 55 years of age. If for any reason, the policy is not renewed for a particular year, the applicant can re-join the PMJJY before the age of 55 years after submitting fresh application and Auto-debit authority.
5. Period of the insurance : from 1st June to 31st May irrespective of the date of payment of premium.
6. Nature of Insurance Policy: Term Insurance Policy which covers only mortality ( in simple words, except in sad event of death of the insured, the applicant will not receive any money even after the policy period is over. The policy has neither any maturity value nor any surrender value).
7. Enrollment Period: Applicant can join PMJJY on any date. The amt of premium payable will as under:
Premium on fresh PMJJBY will be charged on pro-rata basis as under:-
For all fresh PMJJBY done during the months of:-
Period and amt of premium Amount :
· June To August Rs 330.00
· Sep. To Nov: Rs 258.00
· Dec To Feb: Rs 172.00
· March To May: Rs 86.00
· All policies fall due for renewal on 31st May every year and the Renewal Premium will be Rs. 330.00.
8. Medical examination / Certificate for joining PMJJY : not required.
9. Role of BCA / CSP / Bank Mitra : They can also open the PMJJBY of their customers.
10. A person might have more than one SB a/c but can take the PMJJBY cover only from one SB account. Insurance premium paid from more than one SB account will be forfeited.
11. A person having other life insurance policy can also enroll for PMJJBY cover
12. Claim Procedure: In the unfortunate eventuality of the death of the insured, nominee has to approach the bank branch and submit the Claim Form, Death Certificate, Discharge Receipt (signed across 1 Rupee Revenue Stamp) in token of receipt of payment of the claim, a blank unsigned cancelled cheque / copy of Bank Passbook pages giving details of the Bank Account of the nominee’s account, etc to the bank branch. It is advisable to obtain the acknowledgement from the branch in token of having received the dully filled claim form. Under usual circumstances, the claim will be settled by the insurance company within 30 days after receipt of all the required papers from the branch.
13. Pre-existing disease, if any, does not affect the claim adversely.
14. Deaths resulting from natural calamities (e.g. flood, earthquake, etc) are also covered.
15. The subscribers enrolling for the first time on or after the 1st of June 2016, insurance cover will not be available for death (other than due to an accident) occurring within the first 45 days from the date of enrolment into the scheme.
16. Nomination facility is available. A minor can also be a nominee. Nominee’s signature or ID proof is not required while making nomination.
17. In case of a joint account, all holders of the said account can join the scheme provided they satisfy the eligibility criteria.
18. A person can join PMJJBY and also PMJSBY (Prime Minister’s Jivan Suraksha Bima Yojana) simultaneously if otherwise eligible under respective policy norms.
19. NRI, if otherwise eligible, can also join he PMJJBY. However, the claim will be paid in Indian Rupees only.
20. Norms are subject to change, with or without notice, by the authority.
Are you covered under PMJJBY? If not, join today. It is easy and cheap. Contact our BCA (Bank Mitra) today.
Providing necessities of life to dependents in the family is the prime responsibility of the bread winners which they discharge to their best ability. However, the more important responsibility of planning for the providing the same in their absence is lost sight of by large section of the society in our country. Our 84% of the people are engaged in unorganized sector where there is no institutional arrangement for compulsory savings for future.
Though the data on how many individuals in India have life insurance is not available, it can be said that about 25% working population in urban area and hardly about 5% in rural area is covered. No doubt the average household income in rural area is low but still they can have sufficient life insurance cover if they divert, to life insurance premium, their only half of frivolous expenses spent on addictions.
We are much concerned about our so-called life after death but less concerned about the life of our beloved ones after our death. In order to provide some succor to bereaved family, Govt of India has, through PMJJBY, made Life Insurance also a one of the components of popular Financial Inclusion Programme.
(The blogger can be contacted at gnpatel@gujaratinfotech.com).
"Disclaimer: The information given in the blog is only for general awareness and must not be construed as a professional advice. Readers are advised to consult the official documents / resources in any subject matter of the blog before acting on the information discussed in the blog. The readers who are acting otherwise are doing so at their own risk."
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