PMJJBY Scheme (Pradhan Mantri Jeevan Jyoti Bima Yojana): Know All Details

Insurance Info / By

Complete Guide on PMJJBY Scheme:

Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme Details, Benefits and Features
 

 

Pradhan Mantri Jeevan Jyoti Bima Yojana, or PMJJBY in short form, is a Central government sponsored insurance plan that has made life insurance easy and accessible to millions of Indians citizens. This Scheme has Launched on 9th May 2015 by Prime Minister Narendra Modi ji, it offers a death benefit of ₹2,00,000 payable on death of the policy holder due to any reason for a premium of ₹436 per annum. It is particularly targeted at the low income group of families, with simple terms and an easy-to-access structure so that affordable insurance reaches the section of people where it is very much needed.

Official Link https://www.myscheme.gov.in/schemes/pmjjby#details

 

How  does PMJJBY Works
 
PMJJBY is designed around a simple model:
  • Affordable Low Premium: The annual premium of ₹436 will provides PMJJBY the status of one of the most economical premiums for any insurance policy in India.
  • Death Benefit Amount: The assigned nominee will receives ₹2,00,000 in case of the death of the policyholder during policy period.
  • Automatic Renewal Process: The Renewal Premium will be deducted from the policyholders account automatically, with no need to renew it at all.
  • Availability: We can get the Policy from all major government and all private banks easily by visiting your nearest bank branch.
  • Eligibility: Anyone aged between 18 to 50 can enroll into this scheme. it covers those enrolling below the age of 50 years up to 55 years.
 

 

Why PMJJBY is Important 

Assured of critical financial support at bereavement, which is usually acute in cases where a family has only one breadwinner, something quite common among low-income families in India. In the case of death, the following is provided for under PMJJBY:
  • Emergency Money Need: The insurance policy pays the essential requirements, clears debt, or educates a child.
  • Affordable premium: The cost of the Scheme is very low enough to take even a low income family.
  • Simple Process: The PMJJBY eliminates unnecessary steps, hence making the process of life insurance easy to understand and get.
 

 

Real Life Examples on this Scheme

Consider Ramesh, the daily wage earner. When he died, his family received ₹2,00,000 from PMJJBY for urgent expenses his wife had to meet, and ‘to see the children through transition phase’.
 
Eligibility and Enrollment
 
The requirements for PMJJBY are basic:
  • Age: 18–50 years.
  • Bank Account: It will be mandatory to maintain a running savings account.
  • Medical Fitness Certificate: Thereafter, at the time of admission, applicants are required to make only a self-declaration of good health in nature.
 
Enrollment Process
 
You can join PMJJBY easily, whether online or in person:
  • Approach the Bank or Bank Online: You can approach your bank branch or log on to the bank’s online portal.
  • Fill in the Form: A simple form might be needed, which would possibly take in a health declaration or so.
  • Setup Auto Debit: This ensures that deducting the premium amount automatically every year.
 
Premium Details and Coverages
 
This is a policy that is available to the widest possible population because of its affordability and automatic deduction of premiums.
  • Annual Premium: ₹436
  • Sum Insured: ₹2,00,000 on the event of death due to any cause
  • The amount of premium is auto-debited every year from his bank account per the policyholder’s request for rounding off any gap in coverage.
 
Exclusions
 
Though PMJJBY provides broad coverage, certain exclusions apply:
  • Exclusion Of Suicide: It shall not pay for a death that is a result of suicide within 45 days from the date of enrolment.
  • Nonpayment: When there is an insufficient balance, the auto-debit fails; consequently, the coverage would lapse, and the policyholder would remain uninsured.
 
Scheme Benefits
 
Nominees, on the death of the policyholder, will be entitled to claim benefits in accordance with a very simple procedure:
  • Enrolling Bank: The nominee should go to the bank where nominal membership in PMJJBY was enrolled.
  • Required Documents : PMJJBY Scheme Death claim form, Policyholder Death certificate, Nominee ID proof.
  • Verification and Settlement of Claim: The bank verifies the claim documents and disburses ₹ 2,00,000 to the nominee after process completed.
 
Impact of PMJJBY in the Real Sense
 
The PMJJBY comes to the aid of many Indians, mostly from low-income groups, to help them through financially stressful periods. Rekha is from a small village where she had lost her husband, who was the sole provider of the family. The ₹2,00,000 she received from the PMJJBY helped her repay her loans and continued the education of her children, enabling her to restart her life.
 

FAQs on PMJJBY

  • Multiple Policies: It would not be possible for a person to get multiple PMJJBY policies, irrespective of whether he or she has one or more bank accounts.
  • Opting Out: You have a choice to cancel the auto-debit and also intimate the same to your bank.
  • Death: All deaths are to be covered under PMJJBY except those on account of suicide in the first 45 days.
  • Missed Premiums: If the premiums lapse because of no funds, re-enrollment is necessary.
  • Re-subscription: Subscription can be reassumed from the date of cancellation and after making a new declaration of health.
 
Final Takeaway: Is PMJJBY Right for You?
 
The PMJJBY is an important plan meant to act as a safety net in insurance cover of basic life, especially for low-income families who need financial security without the complications that come with private insurance policies. At the same time, PMJJBY may not replace all other plans, but it certainly does offer a very important, inexpensive alternative toward securing one’s family’s future.

Related Posts

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top