PM Jeevan Jyoti Bima Yojana: A scheme was announced by the Central Government during the budget of the year 2015-16. The name of this scheme is Pradhan Mantri Jeevan Jyoti Bima Yojana. Under this scheme, cover is provided in case of death. If you do not know about this scheme then stay with us. We are providing you all the information related to the scheme.
The scheme was started in the year 2015
The government is running many types of schemes for the economic and social security of the citizens of the country. There is a similar scheme for the common citizens of the country, Prime Minister Jeevan Jyoti Insurance Scheme (PM Jeevan Jyoti Bima Yojana). Every class gets benefits through this insurance scheme. Under this insurance scheme, a very small amount has to be paid once a year to purchase the policy. Jeevan Jyoti Insurance Scheme was started by the government in the year 2015. Citizens of the country can buy this policy by paying every year and avail the benefits of insurance.
Insurance premium is auto debited from the account holder’s account.
In case of death due to any reason under the scheme, Rs. 2 lakh and premium of Rs 436/- per year will be insured. Insurance premium will be auto debited from the account holder’s account. Prime Minister Jeevan Jyoti Insurance Scheme ,PMJJBY) is an insurance plan that provides life insurance cover in case of death due to any cause. This is a one year cover, which can be renewed every year. This scheme is offered by banks/post offices and is published through life insurance companies.
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People of this age limit can be included in the policy
All citizens having savings account whose age is between 18 years to 50 years can join this scheme. If there is a person who has savings accounts in more than one bank, he can join the scheme from only one account. The policy period under the scheme is from 1st June to 31st of the next year.
What will be the enrollment system?
The account holder can enroll for PMJJBY through any of the following systems.
- going to the branch
- by going to bc
- Bob World through Internet (Internet Banking)
How does insurance expire?
- Subject to annual renewal on death at age 55 (around birthday) (however, entry will not be possible at age 50)
- In case of closure of bank account or insufficient balance to continue the insurance.
- In case of multiple coverage under the plan, the insurance cover will be Rs. Will be limited to Rs 2 lakh and premium can be confiscated.
Maintain sufficient amount in account for auto debit premium
If an accident occurs, it is desirable to submit your claim within 30 days of the accident. Customers already enrolled in the scheme should maintain sufficient balance in their account by 31st May of every subsequent year to avoid cessation of insurance coverage subject to eligibility as per the scheme guidelines. That means there should be money in your account for auto debit premium.
