Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance plan for every Indian. If a person dies after investing in Pradhan Mantri Bima Yojana (PMJJBY), then his family gets 2 lakh rupees. The Modi government has PMJJBY on 9 May 2015 of the Center to provide benefits of Bima for every person in the country.
The term plan of an insurance company means protection from risk. The insurance company pays the insurance amount only after the death of the policyholder in the term plan. If the person taking the policy stays well even after the completion of time, then he does not get any benefit.
Brief Information of Pradhan Mantri Jeevan Jyoti Bima Yojana
The cover period is 1st June of each year to 31st May of the subsequent year. For the cover period 1st June 2018 to 31st May 2019, subscribers are required to enroll and give their auto-debit consent by 31st May 2018. Those joining afterward would be able to do, so with payment of full annual premium for expective cover.
On May 14, 2018, approximately 5.35 crore people had enrolled under PMJJBY, and the total number of claims received to date was nearly 1,02,849.
Risk cover under the scheme is applicable only after the first 45 days of enrolment. In other words, insurers do not have to settle claims pending the first 45 days from the date of enrolments. However, deaths due to accidents will be immune from the claim section and will still be paid.
PMJJBY is conducting through LIC and other Indian private life insurance companies. One may also contact their bankers as for the process of enrolment banks have tied up with insurance companies. Incase, one person held on multiple bank accounts held by an individual in one or different banks. The person would be eligible to join the scheme through one bank account only.
The Eligibility Details of the policy
- Eligible candidates aged between 18- 50 years having a saving bank account can join this scheme through performing banks.
- Even if you have multiple bank accounts, you can signup to this scheme by only one saving bank account.
- In order to advantage of the benefits offered by the policy, it is compulsory to link your adhaar card to the participatory bank account.
- Insurance buyers joining the scheme after the primary enrolment period ranging from 31st August 2015- 30th November 2015 will have to submit a self-attested medical certificate as a proof that he/she is not suffering from any health illness declared in the policy acknowledgment form.
Benefits of Scheme
- The plan provides security to the family of the insured to cover any eventuality.
- The plan has the simplest process of enrollment and switching.
- With minimum premium rates offered by the policy, any individual, who is eligible, can subscribe to this policy without any inconvenience.
- With all these benefits and features offered by the policy, this is certainly one of the best plans to purchase for the low-income section of the society.