Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme 2023 Benefits

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme

In Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme, life cover amount of Rs. 2 lakhs is available under the Pradhan Mantri Jeevan Jyoti Bima Yojana, a social security scheme launched by the Finance Minister of India in the budget announcement of 2015-2016.

Details of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme

This Insurance Scheme provides a one-year life insurance policy, shielding against death caused by any cause. Life Insurance Corporation of India and other insurers ready to offer the product on equivalent terms with the essential authorizations and links with Banks for this purpose will manage the offer. The scheme is accessible to those aged between 18 and 50 years (with coverage available till 55 years) having a savings bank account, and those who consent to join and enable auto-debit can get the advantage of PMJJBY. This policy offers a Rs. 2 lakh life cover at an annual premium per person of Rs. 436, which is renewable every year. Joint account holders can also take part in this scheme if they meet its criteria and are willing to pay Rs.436 as a premium per person.

Features of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme

Maturity: This plan has no maturity and surrender benefits.

Enrolment: This can be joined by Master policyholders through post offices or banks. The date of start of insurance cover is the later of the 1st of June or the date of enrolment of the insured member for entering the scheme and the coverage will remain valid until the 31st of May of the following year. As selected at the time of enrolling, the premium will be deducted from the account holder’s bank/post office account in a single payment.

Exclusion: For new members enrolling in the scheme, the insurance coverage will not be available for death (other than by accident) occurring during the first 30 days from the date of enrollment into the scheme (lien period), and any claim for death (other than by accident) during the lien period will not be admissible. Under Section 80C of the Income Tax Act, the premiums for this policy are tax-deductible.

Benefits under the scheme and premium payable

Rupees Two lakhs is payable on a subscriber’s death due to any reason. The premium payable is pro-rata Premium per member depending upon the quarter he/she is joining into the scheme (w.e.f 01.06.2022) as per given chart   1. Premium for Enrolments Done thru Branches Amount in (Rs) For PMJJBY : Pro- rata basis as mentioned below


Claim Settlement under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme

The death claim will be settled by the designated Office of Insurance Company concerned. The process followed will be as under:

Steps to be taken by the Nominee

1. The nominee must approach the bank where the member had a savings account through which he/she was covered by PMJJBY, along with the death certificate.

2. The nominee must collect the claim form and discharge receipt from the bank or other designated sources, such as insurance company branches, hospitals, insurance agents, etc.

3. An applicant must submit a completed claim form, discharge receipt, death certificate, along with a photocopy of the cancelled cheque for the nominee’s bank account (if available) or bank account details to the bank where the member had the ‘savings bank account’ through which he/she was covered under PMJJBY.

Steps to be taken by the Bank

1. A bank should verify, upon receiving a death intimation, if the member’s cover was in force when he died, i.e., whether a premium for the said cover had been deducted and remitted to the insurance company on the 1st of June, prior to the member’s death. 2 Fill in the relevant fields of the claim form after verifying the claim form and nominee details from their records. 3. Bank to submit the following documents to the designated office of the insurance company concerned:
a. Claim Form duly completed
b. Death certificate
c. Discharge Receipt
d. Photocopy of cancelled cheque of the Nominee (if available).
4. Maximum time limit for the bank to forward duly completed claim form to the insurance company is thirty days from the submission of the claim to it.

Termination of assurance

The assurance on the life of the member shall terminate on any of the following events and no benefit will be payable thereunder.

On reaching the age of 55 years (age near birthday), subject to annual renewal up to that time (entry will not be possible beyond the age of 50).

Closure of account with the Bank or insufficiency of balance to keep the insurance in force.

When a member is considered covered under PMJJBY by more than one insurer and the premium is paid by another insurer, the insurance cover will be limited to $2 lakh and any premium paid for duplicate insurance(s) shall be forfeited.


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