Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Complete Details

The government of India introduced a Pradhan Mantri Jeevan Jyoti Bima Yojana for the welfare of Indian citizen. This is a Life insurance plan announced by the Finance Minister Arun Jaitley in the 2015 Budget speech. Jeevan Jyoti Bima Yojana came into existence after the declaration of Prime Minister Narendra Modi on 9 May in Kolkata. According to the survey, only twenty percent of Indian population has used any kind of insurance policy, now the government of Indian wants to spread benefits of Jeevan Jyoti Bima Yojana into large extent so that maximum people can utilise its benefits.

People between the age group of 18 and 50 years can take the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana. For using the benefits of this scheme one has to pay only 330 rupees per year as a premium excluding service tax, which is more than fourteen percent of the premium. A premium amount of Rs. 330 will be automatically deducted from the account. In a case of sudden death of Jeevan Jyoti Bima Yojana candidate due to any cause, the nominee of the account will receive an amount of two lakh Rupees.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is directly connected with Pradhan Mantri Jan Dhan Yojana scheme because bank account that will be needed in insurance scheme opened under the Jan Dhan Yojana scheme. This account had initially started with zero balance therefore to reduce the number of such zero balance accounts government linked it with the insurance program.

Pradhan Mantri Jeevan Jyoti Bima Yojana
Pradhan Mantri Jeevan Jyoti Bima Yojana

Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana

Death Benefit:

In the sudden death of the assure candidate during the period of cover, the assured sum will be paid.
The death welfare for a candidate under Pradhan Mantri Jeevan Jyoti Bima Yojana cannot be more than Rs. 200,000 even in case the member has multiple bank accounts or through many insurers. At that moment, the claim will be payable for the first application and the premium on the subsequent covers is responsible for being relinquished.

Maturity/ Surrender Benefit:
There is no maturity or surrender benefit under this plan.

Subscription:

The date of opening of an insurance policy is the date of debit of premium from the insured candidate’s account for joining the scheme and the insurance policy will be up to 31st May of the successive year. Thereafter, the policy can recommence on the 1st of June every year by debiting the premium to your bank account. The premium is subject to change as stated by the Government of India from time to time.

In case candidate wishes to join the Jeevan Jyoti Bima Yojana post 1st of June, he/ she can do so with the payment of full year’s premium and submit required documents/declaration, if any, as declared by policy’s rules. The subscription rules would be changed by the Government of India from time to time

Prohibition:

For new candidates who enrol into the Jeevan Jyoti Bima Yojana programme the risk will not be covered during the first 45 days from the date of registration into the programme and in the case of death during this period, no claim would be permissible.

Tax Benefits:

Pradhan Mantri Jeevan Jyoti Bima Yojana is beneficially in Income Tax as per the applicable income tax laws in India, which are subject to change certain period of time. For more details consult your tax advisor.

Condemnation of Pradhan Mantri Jeevan Jyoti Bima Yojana

Many banks have complained that revenue is not generated up to the mark from Jeevan Jyoti Bima Yojana. Some bankers have claimed that amount they are receiving is not enough to cover the service costs. Since this is a group insurance scheme, banks have not received order regarding cases where excessive claims are in a year. Insurers have also pointed out that no health certificate or information of previous existing disease is required for joining.

Some Important Notes about Pradhan Mantri Jeevan Jyoti Bima Yojana

Age

Minimum: Eighteen years (18 Yrs)
Maximum: Fifty years (50 Yrs)

Maximum Maturity Age – Fifty-Five years

Policy Term – Candidate should renew his/her policy every year

Sum Assured – Two Lakh Rupees

Premium Amounts – Rs. 330 /-

Lien Period – Forty-five days from the date of enrolment into the scheme

Conditions for Enrollment in Pradhan Mantri Jeevan Jyoti Bima Yojana

For taking the advantage of Pradhan Mantri Jeevan Jyoti Bima Yojana, the customer should not involve in the Pradhan Mantri Suraksha Bima Yojana with any other Savings Bank Account. In case the same is found, no claims would be paid to the candidate.

The Jeevan Jyoti Bima Yojana will start from the 1st of the month, successive to the date of enrolment
Customer will have to pay full annual premium amount even if he/she take the scheme after the opening of the Group Policy.
A member can take the benefits of Jeevan Jyoti Bima Yojana as long as he / she paid premium amount until the age of 70 years as on Annual Renewal Date.

The policy will not start if the candidate does not fill accurate details in bank account form. So in order to star your policy earlier, fill true and appropriate information in the form. To have a different nomination, please enrol for the scheme at the branch.

The customer response received through their registered contact number will be considered as their approval for auto-debit from their savings bank account. The Savings Bank account will be debited on or before the date of 31, May 2015, which is extendible up to May 2016. For the Savings Bank account holder, joining after 31 May, the policy will end on May 31, 2016.

The savings account will be debited with Twelve rupees per month plus Service Tax, if applicable, and on or before the date of 31st May every year until further instructions to the contrary of Rupees Twelve or a revised amount that may be decided with instant intimation to us.

If any wrong information is provided by the customer then scheme shall be cancelled from the date of joining the policy and all premium paid in respect thereof shall stand relinquishment.

Termination of Affirmation:

When account holder attains age of 55 years
Closure of account with the Bank or insufficient balance in the account for debiting premium,
In the case of more than one coverage under the policy, the cover will be limited to Rs.2 lakhs and other insurance policies are terminated and premium shall be forfeited.

How to Apply for Pradhan Mantri Jeevan Jyoti Bima Yojana

Firstly interested candidates need to download the application form from the official site of Pradhan Mantri Jeevan Jyoti Bima Yojana

  • Fill all the required details in the formally
  • Filled form has to be submitted at the bank branch
  • Maintained the sufficient balance in your bank account

How to Download the Application Form

To download the PM Jeevan Bima Yojana Application Form & Claim Form in your Desired Language, you need to visit the official site of PMJBY.

Enrollment Procedure for Jeevan Jyoti Bima Scheme

The Jeevan Jyoti Bima Scheme started from 1st June to 31st May and amount is automatically deducted from savings bank account.

Features of Pradhan Mantri Jeevan Jyoti Bima Yojana

In order to use the benefits of Jeevan Jyoti Bima Yojana, one has to pay only three-hundred-thirty rupees, that means less than one rupee per day and Rs 27.5 / month

The amount of premium will be deducted from the bank account of a candidate in a single instalment, so it is important to maintain sufficient amount in the account.

If the case of unfortunate death for any reason, candidate’s wife will receive Two Lakh rupees under this scheme

The Pradhan Mantri Jeevan Jyoti Bima Yojana will be provided by Life Insurance Corporation and all other life insurance company who are interested in joining this programme and tie-up with banks for this purpose.

The policyholder should renew that policy each year

While joining the Jeevan Jyoti Bima Yojana scheme, the candidate needs to provide the nominee name and details about the relationship.

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