In a world where uncertainties are always around, ensuring the well-being and financial security of individuals and their families becomes a paramount concern. Recognizing this need, the Government of India launched the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) as a comprehensive social security initiative. Aimed at providing life insurance coverage to the masses, PMJJBY has emerged as a beacon of hope, empowering millions of Indians to safeguard their future against unforeseen circumstances.
Through this blog, we delve into the intricacies of PMJJBY, exploring its features, benefits, and impact on the lives of beneficiaries across the nation.
Table of contents:
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Overview
- What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
- Benefits and Features of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Pro Rata Premium Calculation
- Eligibility for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- How to Find PMJJBY Form?
- How to Enrol for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme?
- How Does Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Work?
- How to Check PMJJBY Claim Status?
- PMJJBY Certificate Download: How to do it Online?
- What is Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY Renewal Process?
- Claim Settlement Process of Pradhan Mantri Jeevan Jyoti Bima Yojana
- List of Banks Providing PMJJBY Insurance Scheme
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Overview
|Scheme Name||PMJJBY Scheme|
|Launch Date||Initiated on 1st June 2015|
|Objective||Aims to provide cost-effective life insurance for financial stability|
|Coverage||Offers a yearly renewable term life insurance plan|
|Premium||Costs Rs. 330/- annually|
|Eligibility||Open to individuals aged 18 to 50 years with an active savings account|
|Sum Assured||Guarantees Rs. 2 lakhs in coverage|
|Enrollment Process||Visit designated bank branches, complete necessary forms, authorize auto-debit, and maintain the requisite balance|
|Renewable Policy||Policyholders can renew annually until the age of 55 years|
|Benefits||Provides financial security, hassle-free enrollment, and renewable policies|
What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
PMJJBY full form is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). It is a government-backed life insurance scheme that provides financial security to individuals and their families. It offers a pure term insurance policy, focusing solely on coverage for death of the policy holder.
The scheme operates on an annual basis and is to be renewed yearly. Administered by the Life Insurance Corporation of India (LIC) and other participating insurance companies, PMJJBY is available to individuals aged between 18 and 50 years with a savings bank account.
Eligible individuals can join PMJJBY by authorizing the auto-debit facility at the cost of an affordable premium of Rs. 330 per year in return for a life cover of Rs. 2 lakhs. Joint account holders can also participate in the scheme by paying the premium individually.
PMJJBY aims to provide accessible and affordable life insurance to a wide range of people, empowering them to face life’s uncertainties with confidence and peace of mind. It reflects the government’s commitment to enhancing financial inclusion and social security nationwide.
Benefits and Features of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- Inclusivity Across Ages: The PMJJBY extends its coverage to a broad age range, from 18 to 50 years, making it available to a wide demographic as long as they have a bank account and consent to automatic deductions.
- Simplified KYC Using Aadhar: The enrollment process is made more user-friendly with Aadhar acting as the primary document for Know Your Customer (KYC) requirements for your bank account.
- Annual Life Coverage That Renews: Policyholders can benefit from a yearly life cover of Rs. 2 lakhs, running from June 1st to May 31st, with the option to renew annually.
- Comprehensive Protection in All Scenarios: Irrespective of the cause, in the unfortunate event of the insured’s passing, the scheme offers a risk coverage of Rs. 2 lakhs to the designated nominee.
- Affordable Premiums: Subscribers can enjoy this policy with an economical annual premium of Rs. 436, which is conveniently auto-debited from their bank account in a single installment.
- Multiple Insurance Providers for Flexibility: The scheme is available through the Life Insurance Corporation and other willing life insurers, ensuring a range of choices for policyholders while maintaining consistent terms, approvals, and collaborations with banks.
In case you purchase the policy after the month of May, the premium amount will be adjusted according to the number of months left in the policy term. The table below outlines the pro-rata premium payments based on the month when the policy is acquired.
|June, July, and August||Rs. 436 (Full premium)|
|September, October, and November||Rs. 342|
|December, January, and February||Rs. 228|
|March, April, and May||Rs. 114|
Know more: Pradhan Mantri Awas Yojana Scheme
Eligibility for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
|Age||Individuals must be between 18 and 50 years old.|
|Savings Account||Applicants must have an active savings account with a participating bank.|
|Single Account||Even if an individual holds multiple bank accounts, they can only enroll in the scheme through one savings account.|
|Aadhaar Linkage||It is mandatory to link the Aadhaar card to the eligible/participating bank account in order to avail the benefits of the scheme.|
|Medical Certificate||Individuals who join the scheme after the initial enrollment period, which was from August 31, 2015, to November 30, 2015, need to provide a self-attested medical certificate. The certificate should confirm that the individual does not suffer from any critical illness as mentioned in the policy declaration form.|
How to Find PMJJBY Form?
- Go to the official PMJJBY website using your device.
- On the homepage, find and click on the “Forms” section.
- Choose between ‘Application Forms’ or ‘Claim Forms.’
- Select your preferred language from the available options: Hindi, English, Bengali, Gujarati, Kannada, or Telugu.
- Once you’ve chosen your language, proceed to print the form, fill it and submit it to the concerned authorities.
How to Enrol for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme?
- Confirm whether your bank supports the PMJJBY scheme, as not all banks offer it. Ensure your bank provides this scheme before proceeding with your application.
- Go to your bank’s website and log in to your account using your debit card PIN or net banking credentials, as applicable.
- Locate the “insurance” tab on the website, then navigate to “social services schemes.” From there, select the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme.
- Choose the bank account that you want to link to your PMJJBY policy, as this account will be subject to annual auto-debit for premium payments.
It is advisable to join the PMJJBY scheme as early as possible to avail the full 12 months of coverage. If you have previously exited the scheme, you can still rejoin by paying the annual premium. Ensure you follow the instructions provided by LIC or your participating bank for a smooth enrollment process.
How Does Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Work?
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) operates with an easy claim settlement process. Here’s how it works:
Steps for the Nominee:
- Contact the bank where the deceased member had the savings bank account associated with PMJJBY.
- Obtain the claim form and discharge receipt from the bank or designated sources like insurance company branches, hospitals, or insurance agents.
- Fill in the claim form, attach the death certificate of the member, and provide a Xerox copy of the cancelled cheque of the nominee’s bank account (if available) or bank account details.
- Submit the completed claim form, death certificate, discharge receipt, and relevant documents to the bank where the member had the PMJJBY savings bank account.
Steps for the Bank:
- Verify if the PMJJBY coverage was active on the date of the member’s death by checking if the premium for the cover was deducted and remitted to the respective insurance company.
- Verify the claim form and nominee details from available records and fill in the relevant sections of the claim form.
- Submit the completed claim form, death certificate, discharge receipt, and other required documents to the designated office of the insurance company.
How to Check PMJJBY Claim Status?
- First, log in to your internet banking account on your bank’s official website.
- Go to the PMJJBY section and provide your bank account number.
- Next, input your PMJJBY application number and click on ‘submit’ to view the status.
Note: The availability and specific steps for checking your PMJJBY policy status online may vary from bank to bank, as only a select few banks offer this scheme. It is recommended to refer to your bank’s official website or contact their customer support for the most accurate and up-to-date instructions.
PMJJBY Certificate Download: How to do it Online?
The steps for PMJJBY certificate download may differ slightly based on the bank you’re using. However, the following steps serve as a general guideline:
- Visit your bank’s official website and log in to your internet banking account.
- Look for the “insurance” or similar tab in the dropdown menu and select “social security schemes.” From there, choose the “Pradhan Mantri Jeevan Jyoti Bima Yojana” scheme.
- Choose the appropriate transaction type. For instance, select “UID” and provide your Aadhaar number for verification.
- Enter your personal details such as your name, account number, nominee information, and other required information. Don’t forget to check the box indicating “Declaration of Good Health.”
- After successfully registering your PMJJBY certificate, you will be redirected to a page where you can access and view all the details of your policy.
What is Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY Renewal Process?
For first-time subscribers of the Pradhan Mantri Jeevan Jyoti Bima Yojana, the PMJJBY renewal process involves completing the designated application form and submitting it at the bank where their savings account is maintained. It’s worth noting that some authorized banks now facilitate enrollment through mobile banking or internet banking.
PMJJBY renewal is applicable exclusively to regular beneficiaries and is executed through an automated debit from their savings bank account. To ensure a successful renewal, subscribers should ensure that the renewal payment is deducted from their accounts by the 31st of May.
Claim Settlement Process of Pradhan Mantri Jeevan Jyoti Bima Yojana
- Notify the bank or post office within 30 days after the insured member’s death. The nominee, or a legal heir if there is no nominee, should fill out a claim-cum-discharge form.
- If the death occurs within 45 days of enrolling or rejoining the policy (except due to an accident), the claim won’t be paid.
- Ensure you have the following documents:
- Proof of the insured member’s death.
- Aadhaar and PAN numbers of the deceased and nominee/legal heir.
- KYC documents for the nominee/legal heir.
- Bank/post office account details of the nominee/legal heir.
- Proof of death of the nominee if they’ve passed away.
- Proof of being a legal heir if the claimant is not the nominee/appointee.
- An advance receipt for claim discharge.
- The bank or post office will help complete the claim form and check account details, premium payments, and nominee information.
- Within seven days, the bank or post office will electronically send claim documents to the insurer.
- The insurer verifies premiums, the insured’s inclusion in the policy, and checks for duplicate claims.
- The insurer processes the claim within seven days.
- Approved claim amounts are deposited into the nominee’s or legal heir’s bank/post office account.
- In case of no nominee or a deceased nominee, legal heirs receive the claim amount with a Succession Certificate or Legal Heir Certificate.
- The insurer notifies the bank/post office and the nominee/legal heir via email/app and sends a text message alert.
- The bank/post office has seven days to forward the claim form to the insurer, who must approve and disburse the claim within seven days.
- If the bank/post office fails to remit premiums in time, they become responsible for the claim, and the claim form goes back to them for settlement, with notice to the claimant.
- Special provisions for proof of death due to the pandemic are valid until 30th November 2021 or any earlier revisions and pending claims can be settled accordingly.
- An appointee is named when the nominee is a minor.
- An accident must be sudden, unforeseen, and caused by external, violent, and visible means for a claim within 45 days.
- Documents for proof of death can be death certificates, hospital records, or certificates from medical practitioners or district officials.
- Similar documents are required for death due to accidents, along with an FIR or post-mortem report.
- Providing identity documents (Aadhaar, PAN, etc.) for the nominee/legal heir is desirable but not mandatory.
List of Banks Providing PMJJBY Insurance Scheme
Here is a list of banks that offer the PMJJBY scheme:
- HDFC Bank
- ICICI Bank
- State Bank of India
- Axis Bank
- Bank of Baroda
- AU Small Finance Bank
- Yes Bank
- IndusInd Bank