In a country as diverse and extensive as India, guaranteeing financial security for its citizens, particularly the financially struggling, is a crucial undertaking. Therefore on 9th May 2015, the Government of India initiated Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). The main objective was to provide affordable life insurance coverage for the large population of the country. This scheme is part of the broader financial inclusion agenda of the government, aimed at providing financial security and support to poor families in times of emergency.
| Aspects | Description |
|---|---|
| Scheme Name | Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme |
| Launch Date | 1st June 2015 |
| Objective | Provide affordable life insurance coverage to individuals for financial security. |
| Coverage | Renewable one-year term life insurance plan. |
| Premium | Rs. 330/- |
| Eligibility | Individuals aged 18 to 50 years with an active savings bank account. |
| Sum Assured | Rs. 2 lakhs |
| Enrolment Process | Visit participating bank branches, fill out the form, provide auto-debit consent, and maintain balance. |
| Renewable Policy | The policy can be renewed annually until the policyholder reaches the age of 55 years. |
| Benefits | Financial security, easy enrolment, renewable policy. |
Key Objectives of Pradhan Mantri Jeevan Jyoti Bima Yojana
Apart from providing basic life insurance to citizens below the poverty line, there are other Objectives covered under PMJJBY. Such as:
- Provide financial security to the family by offering a safety net to families during the policyholder’s death.
- Generating awareness among people about life insurance and educating people among low-income groups
- Increasing the reach of insurance to serve in remote areas, thereby fostering greater financial inclusion.
Other Schemes:- Pradhan Mantri Suraksha Bima Yojana(PMSBY) | Pradhan Mantri Ujjwala Yojana
Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana
Below we have mentioned some of the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
Reasonable Premiums: With a mean of 330 rupees per financial year the plot seems to be an incredibly accessible life cover plan for disadvantaged individuals.
Basic Enrolment: Involvement in any particular bank as they are responsible for the administration of the policy and collection of premiums required for enrolment.
Monetary Assurance: In case of premature death, this program provides financial security for family members of policyholders enabling them to tackle various kinds of economic hurdles
Expanded Availability: By leveraging the broad organization of banks, Pradhan Mantri Jeevan Jyoti Bima Yojana guarantees that indeed people in inaccessible ranges can get protection services.
Improved Money-related Consideration: The conspire advances more noteworthy budgetary consideration by joining protection items into the managing an account framework and coming out to underserved populations.
Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility Criteria
Following Criteria availing of the PMJJBY policy.
- To be qualified for this policy, applicants must be in the 18-50 year age bracket.
- But typically, coverage goes on until you are 55 years old. A bank account or a post office account can be used to auto-debit your policy premium, and an Aadhaar card is essential for KYC purposes.
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Pradhan Mantri Jeevan Jyoti Bima Yojana Enrolment Process
You can go through the following steps to apply for a PMJJBY scheme online.
- The first thing to do is make sure that your bank supports the PMJJBY scheme before you think of applying for it.
- With your account by debit card’s PIN or net banking credentials (as applicable) visit the bank’s website and log in.
- Now click on the tab “insurance”, select social services schemes; and here choose Pradhan Mantri Jeevan Jyoti Bima Yojana scheme.
- Finally, choose which account will be connected with the PMJJBY policy.
How to check PMJJBY policy status online
You can follow these straps to check your PMJJBY policy status online.
Step 1: Go to your bank’s official website and log into the online banking account.
Step 2: Navigate toward the PMJJBY section and provide your bank’s account number.
Step 3: Thereafter, enter your PMJJBY application number in the fields provided and then click on the submit button to see its status.
Steps to Download my Pradhan Mantri Jeevan Jyoti Bima Yojana Policy Certificate Online
How to download the Pradhan Mantri Jeevan Jyoti Bima Yojana policy certificate? This may vary slightly from one bank to another but here is the general procedure.
Step 1: Visit the website of your bank and access your online banking account.
Step 2: Hover on the insurance menu, and select “social security schemes”, followed by selecting Pradhan Mantri Jeevan Jyoti Bima Yojana plan.
Step 3: Pick your transaction category. You may select Aadhar and input your Aadhar numbers for checkup.
Step 4: After that, you have to fill in the details such as your name, account number, nominee details, etc. Then tick the box which states ‘Declaration of Good Health’.
Step 5: Once you’ve registered for PMJJBY successfully, you will go back to a page that has all the information about your policy.
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Online PMJJBY Claim Registration and Settlement Procedure
As a nominee under this PMJJBY scheme, claiming cash benefits can be done by following these simple procedures.
Step 1: In case of the death of the PMJJBY account holder, you will have to go to the website of the bank where the policy is linked to their account and upload the death certificate.
Step 2: Collect the claim form from the bank or download it and complete it.
Step 3: Attach other documents including a death certificate, bank account details, canceled cheque, etc.
When you initiate a claim request, the bank verifies all the documents you submitted and sends them to the insurance company for approval. After that, the insurer will verify that they are legitimate. Once everything is verified, the money will be transferred to your bank account from the insurance company.
How to cancel a PMJJBY policy
Methods you can use to cancel a PMJJBY policy.
Method 1: To deactivate the PMJJBY auto-debit process for premium annually, one can visit any bank branch that is linked to this scheme and request to have it done. If the monthly charge fails to go through before the due date, the policy will automatically end.
Method 2: Another option is transferring all the money in your bank account as a result there would no longer be enough balance in the account making it impossible for auto-debiting to happen thus ending up canceling out your PMJJBY plan.
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Challenges and Considerations
Mindfulness and Outreach: Despite its reasonableness, coming out to the target populace and raising mindfulness around the conspire remains a challenge, particularly in country areas.
Claim Settlement: Guaranteeing a smooth and productive claim settlement preparation is significant for keeping up belief in the conspire. Delays or complications in claims can influence the adequacy of the program.
Recharging Compliance: The method for programmed restoration necessitates that the user’s bank service must remain active and sufficient funds must be available for premium deductions. Not renewing the policy could lead to an end of coverage.
Scope Restrictions: The amount guaranteed is quite significant but some people may still need higher amounts that PMJJBY doesn’t offer. Full coverage can call for some other insurance policies.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a significant step towards enhancing financial security and insurance penetration in India. Through providing an affordable and accessible life insurance choice, the scheme aims to shield poor families from the financial effects of unexpected events.
FAQ’s:-
Q1. What is the amount of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
Obtain a life insurance policy worth Rs. 2 lakhs for an annual premium of Rs. 330, renewable yearly under the PMJJBY plan.
Q2. How to stop the deduction of Rs 436 from my bank account?
In case of any challenges related to the Pradhan Mantri Jeevan Jyoti Bima Yojana, you can opt out of your bank account’s automatic debit system intended for yearly autopay. To proceed, you must visit the designated branch of your bank which has an affiliation with the PMJJBY scheme.
Q3. What is PMJJBY renewal?
The PMJJBY scheme refers to a renewed plan for insuring lives under the policy of annual term insurance that pays out Rs. 2,00,000 in the event of death within one year from an individual’s insurance policy date at very minimal prices starting from as low as Rs. 330 per annum.
