How Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme benefits you?

How Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme benefits you?

How Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme benefits you? You will get the answer right here!! Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme in India, launched by Prime Minister Narendra Modi on 9th May 2015. The Union Finance Minister, Shri Arun Jaitely got encouraged by Pradhan Mantri Jan Dhan Yojana project and decided to work on a project that aims at upliftment of poor and under-privileged societies.

Pradhan Mantri Jeevan Jyoti Bima Yojana is a Life Insurance plan by LIC of India that covers accidental as well as natural death risk for the age group 18-50. Government assures maximum of 2 lakhs rupees under this scheme, the premium of which will vary from Rs. 1 to 330/- per year. Government of India wants other life insurance providing companies to engage with this scheme. Private Life Insurance companies have to tie up with government banks to offer this scheme. So, if you are thinking to connect with this scheme in the scheme in the coming year 2017 or already have applied for it, there are some points that you should know, take a look at below given details.

How Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme benefits you?

Pradhan Mantri Jeevan Jyoti Bima Yojana features:

What Is The Premium Amount?

The insurer has to pay a premium of Rs. 330 per year payable in one installment which will be auto-debited.

Who Can Apply?

Any individual account holder of participating LIC banks of India falling in the age group of 18 to 50 years will be entitled to join Pradhan Mantri Jeevan Jyoti Bima Yojana. In case an individual is having multiple bank accounts in one or different banks that person would be eligible to join the scheme through only one bank account.

What is the Enrollment period?

For the enrollment period, 1st June 2016 to 31st May 2017, subscribers are required to enroll and give their auto-debit assent by 31st May 2016. The one who wants to join afterwards, would be able to do so with payment of full annual premium for the amount cover.

What Are The Terms Of Risk Cover?

For subscribers enrolling for the first time on or after 1st June 2016, insurance cover shall not be available for death (other than due to accident) occurring during the first 45 days from the date of enrolment into the scheme and in case of death during lien period, no claim would be admissible..

What are required documents?

As per government rules, a copy of your Aadhar card is sufficient to subscribe to PMJJBY scheme.

Nomination facility is available or not?

Yes, nomination facility is available. The nominee will get all the death benefit in case of unfortunate death of policy holder.

Who will implement this Scheme?

Jeevan Jyoti Bima scheme will be offered by Life Insurance Corporation of India. The private banks have to tie up with government banks like SBI in order to stick with this scheme.

Will Government contribute to this scheme?

Various Ministries can co-contribute premium for various low grade categories of their recipient out of Public Welfare Fund or other reserves created out of unclaimed money

Termination of assurance with no benefit payable:

  • On attaining age 55 years subject to annual renewal up to that date
  • In case the insurer is unable to pay off his premium, account will be closed by the bank with a legal notice.
  • If an individual is a holder of more than one bank account and is covered under PMJJBY with LIC of India or other company and premium is received by LIC or other company twice unintentionally, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited for duplicate insurance(s).
  • If the insurance cover is terminated due to any technical reasons like insufficient balance on due date or because of any administrative issues, the amount can be given back at the time of receipt of full annual premium.

Important Note:

Only one saving account is required by an individual to be a part of this scheme.

Key factors:

Entry Age
  • Minimum – 18 years
  • Maximum – 50 years
Scheme Period One year (Renewable from year to year).
Premium  Rs. 330 per annum plus service tax as applicable.
Premium Payment Mode Directly Auto-debited by the bank from the scheme holder’s account in one instalment.
Risk Coverage  2 Lakhs in case of death for any reason.
Primary KYC Aadhar number.
Tax benefits Premium paid towards this scheme is eligible for tax deduction under section 80C.

Appropriation of Premium

1) Insurance Premium to LIC or any other insurance: Rs.289/- p.a. per member

2) Repayment of Expenses to BC/Micro/Corporate/Agent: Rs.30/- p.a. per member

3) Refund of Administrative expenses to participating Bank: Rs.11/- p.a. per member. The Annual renewal date shall be each successive 1st of June in subsequent years. The scheme is liable to be cease prior to commencement of a new future renewal date.

Secure Your Future With Pradhan Mantri Jeevan Jyoti Yojana!!!!

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