Tuesday, October 18, 2022

Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri
Jeevan Jyoti
Bima Yojana

On May 9, 2015, Prime Minister Narendra Modi launched three schemes

Namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY). common man.

Of these, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is effective from 1 June 2015. It is an attractive renewable insurance plan which provides adequate social security to the citizens on payment of an annual premium of only Rs.330. Premium payment is also very convenient. This premium is automatically debited directly from the customer's bank account. Pradhan Mantri Jeevan Jyoti Bima Yojana is a progressive step towards increasing insurance awareness and coverage in the country.

Through the Pradhan Mantri Jeevan Jyoti Bima Yojana, the central government aims to bring insurance to all sections of society. At present 80-90% of the total population of the country does not have any kind of insurance cover.

Under this scheme, a life insurance cover of Rs 2 lakh is given for one year in case of the death of the subscriber due to any reason. Savings account holders in the age group of 18-50 can get renewable life insurance this year by paying an annual premium of Rs 330 per subscriber. If a person has more than one savings account in one or different banks, he can still avail of PMJJBY, but in that case, he can join the scheme with only one savings account.

How to start Pradhan Mantri Jeevan Jyoti Bima Yojana:-

Via SMS-

An SMS is sent to the eligible customers applying for this scheme to which they have to reply by typing PMJJBY <space> 'Y' in English. If the subscriber sends PMJJBY<space> as 'Y' then he joins the plan and another SMS is sent to him that he has been included in the plan.

This scheme depends on the banking system for smooth operation. The details of his/her relationship with the nominee/applicant and date of birth etc. are captured only from the information available in the savings account through the scheme.

The application for PMJJBY is not processed unless the name of the nominee is entered in the bank records.

The annual premium for the policy is paid from the savings account through auto-debit mode and if the premium is not paid for any reason, the insurance cover of the plan member is terminated.

Through Net Banking -

The customer can click on the 'Insurance' tab after logging in through Net Banking. And then they have to choose the PMJJBY as well as the account through which the premium is to be paid. Also, they can keep the nominee in the existing savings account status or nominate a new one of their choice.

They will have to declare their health and submit a self-signed certificate. On completion of this process, the system will display the complete details of PMJJBY. After clicking on the 'Confirm' button, they will receive a form submission receipt in the form of a unique reference number which can be downloaded and kept for future reference.

A premium of Pradhan Mantri Jeevan Jyoti Bima Yojana:-

PMJJBY can be renewed year after year. The member of this plan has to pay a premium of Rs 330 per year which means he has to deposit less than Re 1 per day and Rs 2.5.5 per month. This amount is deducted in one installment from the account holder's savings bank account through the 'auto debit' facility. Hence, customers need to deposit the required amount in their bank account and renew the policy every year.

The annual installment under this scheme is paid during each annual coverage period before 31st May. If the annual installment cannot be paid before this date, the policy can be renewed by paying the entire annual premium in a lump sum with self-declaration of good health. For their convenience, the scheme member may be ordered to make a self-debit at the same time every year during the plan period.

Eligibility criteria: -

All citizens of India who are between 18 to 50 years of age and have an account in any of the banks recommended for the scheme can apply for the scheme and the minimum amount can be deposited in the scheme. The premium should be enough to pay Rs 330. Also, the applicant should have an Aadhar Card which will be considered as the main KYC (Customer Information) of the candidate for that bank account. The applicant is required to provide the name of the nominee and the details of his/her relationship with him/her. In addition, the applicant must submit a self-declaration of good health in the well-filled application.

The scheme is administered and offered in collaboration with the participating banks which are master policyholders, including the Insurance Corporation of India (LIC) and other life insurance companies. LIC / the chosen insurance company, in consultation with the participating bank, shall implement a simple and customer-friendly administration and claim settlement.

The Insurance Company shall implement a simple and customer-friendly administration and claim settlement process in consultation with the participating bank. Truth be told, the choice of including any Life Insurance Company in the execution of this plan for its clients will be at the tact of the taking part banks. They will bear the obligation of recuperating the yearly premium in one portion, at the choice, from the record holders preceding the due date through the 'auto charge' measure. They will send the expenses each year to the insurance agencies when they are gotten.