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Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme for the poor. It was launched by Prime Minister Narendra Modi in May 2015.
The scheme provides Rs 2 lakhs cover to the beneficiary in case of death due to any reason. The beneficiary will get this amount in a lump sum without any deduction.
The government has announced that all those who are between 18 years and 50 years of age are eligible for this scheme.
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Introduction to Prime Minister Jeevan Jyoti Bima Yojana
Prime Minister Jeevan Jyoti Bima Yojana is the latest social security scheme launched by Indian Prime Minister Narendra Modi.
The scheme was launched on January 1, 2015, and it aims to provide financial protection to the people in case of death. The scheme is also known as “life insurance for all” because it provides life insurance cover for all bank account holders in India.
This article will discuss what this scheme is, how it works and who can avail of this benefit.
What PMJJBY Provides?
PMJJBY is the world’s first government-backed personal accident insurance policy. The scheme is open to all Indian residents between 18 and 55 years of age, irrespective of their employment status.
PMJJBY provides financial protection in the event of death with a lump sum amount, which is paid in case of death to the nominee appointment as part of the filing under the scheme.
How does Prime Minister Jeevan Jyoti Bima Yojana Works?
Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme that provides Rs. 2 Lakhs of coverage for each year up to 50 years for an annual premium of Rs. 330 per year, irrespective of the age of the beneficiary. The money will be auto-debited from their savings account annually once. The coverage is for every year till 31st May.
The PMJJBY is available to all Indian citizens aged 18 to 55 years who are not covered under any other social security schemes like Employees’ Provident Fund Organisation (EPFO), Employees State Insurance Corporation (ESIC), General Provident Fund (GPF), or National Pension Scheme (NPS). The beneficiaries can use the money to fulfill their needs in case they die prematurely due to any natural cause.
Who Can Apply for Prime Minister Jeevan Jyoti Bima Yojana Scheme?
The Prime Minister Jeevan Jyoti Bima Yojana Scheme is a government of India scheme that provides an insurance cover for the death of the breadwinner.
The Prime Minister Jeevan Jyoti Bima Yojana Scheme is available to all Indian citizens who are employed or self-employed.
The scheme is available to all Indian citizens who are employed or self-employed, and their spouse and children below the age of 18 years.
List of documents required for PMJJBY to submit claim request
- Duly filled claim intimation form (Click here to download the form)
- Death Certificate of the member.
- Bank account details of the nominee (Passbook/bank statement/Cancelled cheque copy) with account number and beneficiary name printed on same.
- Photo ID proof of the nominee.
Waiting period for claims for PMJJBY and if any exemption period is there
Risk cover under the insurance is only the first 45 days of enrolment. This means in case of untimely death in the first 45 days after enrolment they will not be covered under the insurance.
In case of claims under natural death, there is a waiting period of 45 days before claims are settled but in case of an accident, it is paid immediately.
Conclusion
The Prime Minister Jeevan Jyoti Bima Yojana Scheme is a government of India scheme that provides an insurance cover for the death of the breadwinner.
You may also be interested in Pradhan Mantri Awas Yojana (PMAY), please click here to check.
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