Pradhanmantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance plan, renewable year by year, with coverage in the event of death. Coverage under PMJJBY is death only and therefore the benefit will be granted only to the nominee. PMJJBY is a pure insurance policy, which only covers mortality without an investment component.
Enrolment period of Pradhanmantri Jeevan Jyoti Bima Yojana
Pradhanmantri Jeevan Jyoti Bima Yojana 2021: The coverage period runs from June 1 of each year to May 31 of the following year. Between June 1, 2018 and May 31, 2019, subscribers must register and authorize direct debit by May 31, 2018. From now on, anyone joining can do so by paying a premium. with full annual coverage fee. As of May 14, 2018, about 5.35 million people have subscribed to PMJJBY, and the total number of requests received was about 1.02,849.
Jeevan Jyoti Bima Yojana 2021
The PMJJBY is available to people between the ages of 18 and 50 (life insurance up to 55) – this is a savings bank account that agrees to join and includes automatic debit. PMJJBY has a lifetime coverage of Rs. 2 lakh per member is available at a surcharge per year and is renewed annually. In the case of a joint account, all its holders can join the scheme if they meet the eligibility criteria and Pay a premium of Rs.30 per person.
PMJJBY has lifetime coverage of Rs. 2 lakhs per member per year are available at a surcharge and renewed annually. In the case of a joint account, all account holders can join the scheme if they meet the eligibility criteria and pay a premium of Rs. 30 per person.
This is how premium separation works –
- Insurance premium for insurer: Rs 289 per member per year;
- Reimbursement of expenses to the agent / bank: Rs. 30 per year per member;
- Reimbursement of administrative expenses to the participating bank: Rs.11 Per member per year.
Waiting period for claims
PMJJBY risk insurance is only applicable after the first 45 days of registration. In other words, insurers are not required to reimburse losses within the first 45 days of registration. However, accidental deaths will be exempt from the warranty and will continue to be paid.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Objective
PMJJBY is operated by LIC and other private life insurers in India. You can also ask bankers about the process of registering banks with insurance companies. In case an individual has several bank accounts in the same or different banks, that person will be eligible to join the scheme through one bank account.
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For those who want to join the scheme, I can now do so. You can join or renew the scheme any time of the year by paying the full premium rather than a prorated amount. However, the renewal date will remain June 1 for all subscribers. it is benificial to apply now and get full coverage for 12 months. If you leave the program at any time, you can register again by paying an annual fee.
PMJJBY Online Registration Form Pdf
The registration process is simple and easy. To register, you can download the form and send it to the banker. Some banks have also initiated an SMS-based application process. This can also be done through online banking. To join / pay a debit from the individual bank account specified in the established forms, it will be required to be submitted by 31 May of each year.
CLAIM SETTLEMENT – Jeevan Jyoti Bima Scheme
The death claim will be made at the designated office of the concerned insurance company. The process will be as follows:
Steps to be taken by the candidate
1. Designated to contact the bank in which the member held the “savings account” through which he was insured by PMJJBY, along with the member’s death certificate.
2. The denomination must obtain a claim form and statement from a bank or any other specified source such as branches of insurance companies, hospitals, insurance agents, etc., including the websites specified.
3. The applicant must submit a duly completed application form, an extract receipt, a death certificate, along with a photocopy of the canceled check from the applicant’s bank account (if any) or the details of the bank account at the bank where the participant had a “savings bank account” through which he / she was insured by PMJJBY.
Steps to be taken by the Bank
1. Upon receipt of the notice of death, the bank must verify that the member’s coverage was in effect on the date of death, that is, whether the premium was deducted on the annual renewal date, that is, June 1, and sent to the insurer prior to the member’s death respectively.
2. The bank checks the application form and the applicant’s data in the available records and fills in the appropriate columns of the application form.
3. The bank must submit the following documents to the specified institution of the respective insurer.
- Completed application form
- Death certificate
- Download receipt
- Photocopy of the candidate’s canceled check (if available).
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4. The maximum period within which the bank can send a duly completed claim form to the insurer is 30 days from the date of the claim.
Measures to be taken at the office designated by the insurer
1. Make sure the application form is complete in all respects and has all the required documents attached. If not, contact the appropriate bank.
2. If the claim is acceptable, the institution appointed by the insurer must verify that the insured’s insurance coverage is in effect and that the claim for the death of the insured has not been settled by another invoice. If any claim is upheld, the applicant should receive a labeled copy for the bank.
3. If the coverage was in effect and the claims for that member were not satisfied, payment will be made to the applicant’s bank account and the applicant will be sent a message with a copy marked with the bank.
4. The maximum period during which the insurer can approve the claim and pay money is thirty days from the date of receipt of the bank’s claim.
If the claim form is sent by the claimant directly to any of the insurer’s offices, the insurer’s office will immediately forward it to the appropriate bank of the deceased account holder for the required verification, etc., made by the relevant bank. … The relevant bank branch will send the claim form to the office designated by the insurer to process the claims.