Pradhan Mantri Jeevan Jyoti Bima Yojana- PMJJB Yojana Registration, Eligibility Benefits

By Manorama gupta on Apr 15, 2021

 Pradhan Mantri Jeevan Jyoti Bima Yojana- PMJJB Yojana Registration, Eligibility Benefits

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a state life insurance scheme in India.the announcement came in the 2015 budget. The one-year life health insurance is renewable from year to year and provides coverage in the event of a sudden death. For a nominal annual premium of Rs.330, it offers a cover of Rs.2 lakh in the event of a policyholder's sudden death.there is no investment aspect to this policy. it is simply an insurance plan. Life I offers this programme.

What is Pradhan Mantri Jeevan Jyoti Bima Yojana?

Pradhan Mantri Jeevan Jyoti Bima Yojana is the full name of the scheme. The programme is a government-sponsored term insurance contract in India. It was first listed in Prime Minister Narendra Modi's budget speech in February 2015, and it was officially launched on May 9, 2015, in Kolkata.the main goal of this plan is to provide financial stability to the poor in the condition that the president dies.

Who is now qualified for Pradhan Mantri Jeevan Jyoti Bima Yojana ?

The scheme is open to someone between the ages of 18 and 50 who has a savings bank account.

  • Even if the person has several bank accounts, he can only enter the scheme through one of them.
  • The joint account holders are suitable to join the scheme
  • Link the Adhar Card is saving account is required.

Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana

Following are the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana.

  • Benefits of Death- Benefi Death Pradhan Mantri Jeevan Jyoti Bima Yojana, like any other term insurance scheme, provides a death benefit of up to INR 2 lakh in the instance of the policyholder's death.
  • Coverage to Risk- Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme that offers the benefits only sudden death.the ammount will be paid pursuing 45 days of death.There are no benefits available when the policy develops or is surrendered.
  • Benefit of Taxes- The payment of the premium is deductible under section 80C of the Tax Code.

 

Eligibility Criteria for Pradhan Mantri Jeevan Jyoti Bima Yojana

The policy's minimum entry age-18 years

The policy's maximum  entry age-50 years

The policy's maximum coverage age are-55 years

Requirement for a bank account-The saving account required for enroll

Coverage timetable- For a one-year period, the scheme is in effect. The initial enrollment period was from August 31st to November 30th, 2015. The present term runs from June 1st to May 31st of the following year. The same will be renewed on a yearly basis.

 

Features of Pradhan Mantri Jeevan Jyoti Bima Yojana

    Following are the features of Pradhan Mantri Jeevan Jyoti Bima Yojana.

  • It provides one year of life insurance which can be renewed every year.
  • It offers life insurance coverage of INR 2 lakh for a yearly premium of INR 330.
  • The coverage starts 45 days after the date of enrollment. However, in the event of death as a result of an accident, the sum insured amount will be charged.
  • To be eligible for this policy, the policyholder should have a savings accou

 

Procedure to Register Pradhan Mantri Jeevan Jyoti Bima Yojana

PMJJBY is eligible from the Life Insurance Corporation of India (LIC) or any other life insurance firm in India. In addition, many banks provide PMJJBY enrollment at their locations. You will join in this scheme with only one bank account, regardless of how many bank accounts you have.

1.Download the Pradhan Mantri Jeevan Jyoti Bima Yojana

     www.jansuraksha.gov.in/Forms-PMJJBY.aspx

The form is obtained in multiple languages, as a result, choose the one that is most convenient for you.

2. Submit the completed form to your bank.

3. Submit the necessary documents.

4. You will be successfully registered under the scheme upon verification.

The majority of banks also provide an SMS-based enrollment option. Check with your bank for more details and then continue with the application.

 Registration Fee Register Pradhan Mantri Jeevan Jyoti Bima Yojana

People between the ages of 18 and 50 who have a bank account can apply for the Pradhan Mantri Jeevan Jyoti Yojana. It has a Rs.330 annual premium. The Pradhan Mantri Jeevan Jyoti Bima Yojana is GST-free. The balance will be deducted from the account automatically. In the event of death due to any cause, the candidate will receive a payout of Rs. 2 lakh. this scheme will also be linked to bank accounts established under the Pradhan Mantri Jan Dhan Yojana. Initially, the majority of these accounts had no balance. Using this and similar initiatives, the government hopes to reduce the number of such zero balance accounts.

Conclusion

The Indian government is working to provide financial and health protection to the country's poor and marginalized families. One such great initiative is the Pradhan Mantri Jeevan Jyoti Bima Yojana. It provides financial protection to family members in the event of the insured person's death. In this way, the family's death benefit may be used before an alternative is found.