- Affordable Premium: Get life coverage of ₹2 lakh for only ₹436 per year.
- Easy Application: Simple enrollment process through your bank or post office.
- Claim Process: Quick claims available through designated banks after verifying necessary documents.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government initiative aimed at providing financial security to the families of policyholders. This scheme is tailored to offer life insurance coverage of ₹2 lakh for just ₹436 annually. The scheme is designed to be accessible to all individuals between the ages of 18 and 50 who hold saving accounts with participating banks or post offices. It is a pure term insurance that secures lives without any investment aspect, ensuring comprehensive coverage for one year.
Objectives of PM Jeevan Jyoti Bima Yojana
- The primary aim of PMJJBY is to safeguard the lives of individuals by providing insurance coverage that can be availed regardless of the cause of death.
- This scheme is renewable annually, allowing policyholders to maintain coverage as needed.
- It seeks to offer financial assistance to families in case of unexpected loss, thereby incorporating a safety net within their financial planning.
- This insurance primarily targets economically weaker sections of society, ensuring that families receive ₹2 lakh in coverage to support their financial needs in the unfortunate event of the insured’s passing.
Eligibility Criteria for PM Jeevan Jyoti Bima Yojana
- Applicants must be between 18 to 50 years old.
- They must possess a savings account either with a bank or at a post office.
- Aadhaar is essential for Know Your Customer (KYC) purpose, and linking it with PAN is mandatory.
Features of PM Jeevan Jyoti Bima Yojana
- The coverage period begins on June 1 or the date of registration, lasting until May 31 of the following year.
- Premium amounts are deducted automatically from the policyholder’s bank account.
- There is a 30-day waiting period for non-accidental death coverage for new members.
- Premiums qualify for deductions under Section 80C of the Income Tax Act, making it a tax-friendly option.
- Awareness regarding the premium structure and its coverage is crucial for policyholders.
Application Process for PM Jeevan Jyoti Bima Yojana
- Visit your local bank branch where your account is held, equipped with necessary documentation.
- Provide proof of identity and fill out the application form, ensuring accurate personal information, including the nominee’s details.
- Authorize the auto-debit option for your premium deductions.
- Upon completion of the process, you’ll receive an Acknowledgement slip cum certificate of Insurance as confirmation of enrollment.
Claim Settlement Process
- To claim benefits, the nominee must contact the insurance company managing the PMJJBY scheme.
- Submission of the death certificate along with the claim form is essential.
- Provide necessary proof of nomination, bank account details, and identity verification documents to the bank.
- After document verification, banks assist in facilitating the insurance claim through the relevant insurance provider.
- Eligible nominees will receive ₹2 lakh directly to their bank account following the approval process.
- Claim approvals are generally completed within 30 days of application.
Important to note that deaths by suicide are not covered if they occur within one year of the policy’s initiation. A liability period of at least 45 days also applies to any deaths from existing health conditions.
For further detailed information, please visit bharti-axagi.co.in.