Who should buy this insurance? Why should anyone buy?
पीएम जीवन ज्योति बीमा योजना – लाइफ कवर
Pure term insurance plan (टर्म इंश्योरेंस स्कीम ), with low premium option can help many families in difficult times. If one doesn’t have any other life insurance policy, if one cannot afford a premium over Rs. 350/- a year, have income less than Rs. 15,000 a month, can begin with this term life insurance policy, as this insurance will cover 1 year salary incase of any unforeseen events. This is an Indian government initiative.
Have you asked your driver, cook, maid, caretaker, security guard, office peon if they have insurance? Its never too late – help as many as you can, take an effort – choose to walk them to nearest bank branch if required.
Covid19 pandemic has caught the whole world off-guard, more so for people at lower income and people with a lot of financial obligations. People who are financially fit, will find it easier to sail through the tough time, they always do.
Every one needs an insurance, but due to expensive premium and complex procedures, it wasn’t possible until year 2015. In the year 2015, government of India launched 4 important financial product aiming at financial inclusion.
– PMJDY – Pradhan Mantri Jan Dhan Yojana
– Atal Pension Yojana
– PMJJBY – Pradhan Mantri Jeevan Jyoti Bima Yojana
– PMSBY – Pradhan Mantri Suraksha Bima Yojana
Under Jan dhan se Jan suraksha program, Prime Minister launched this in May 2015. This is under government’s social welfare schemes. In this post, will discuss about the Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana. Both these insurance products are aimed at including all sections of society. These insurance products are affordable in all big private and public sector Banks, listed here in the post. Lets get to the details first.
प्रधानमंत्री जीवन ज्योति बीमा योजना
PMJJBY – Pradhan Mantri Jeeevan Jyoti Bima Yojana – is life insurance scheme, a protection plan, renewable from year to year, offering coverage for death due to any reason and is available to people in the age group of 18 to 50 years. Important for every working member of the family. For enrolment banks have tied up with insurance companies. Participating Bank is the Master policy holder.
Important points –
Life cover of Rs. 2 lakhs is available for a one year period stretching from 1st June to 31st May at a premium of Rs.330/- per annum
One can enter at the age between 18 years to 50years, renewable upto 55 years
A person can join PMJJBY with one Insurance company with one bank account only
Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self-declaration of good health
It offers tax deduction benefit under Income tax section 80C
Exclusion – Suicidal death is not covered under this scheme
Note – This scheme doesn’t offer any maturity benefit, insurance without any savings or investment component. It only covers death benefit of the policy holder in during the policy term uptill 55 years. The amount of Rs.2 lakh will be passed on to nominee on such unfortunate situation, helping the family through the tough times with financial support.
Links
Form of application and claim settlement is available here in Hindi, Bangla, Gujarati, English Kannada, Telegu, Tamil, Oriya Marathi – https://www.jansuraksha.gov.in/Forms-PMJJBY.aspx
Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility – Any Indian citizen who is between 18- 50 years old and has a savings account can enroll for this scheme through the participating banks. (List of Banks listed below)
One must have an Aadhaar Card
How to enroll to Pradhan Mantri Jeevan Jyoti Bima Yojana?
PMJJBY is managed by LIC and other private life insurance companies. One may apply through their Banks – Public sector Banks, Private sector banks, co-operative Banks, as per LIC website, about 1000 banks are associated with PMJJBY as nodal agency or Banking partners
Ask your Bank they offer if they offer PMJJBY or check online, will put a list of big Banks who does offer the scheme
You need to mention nominee (wife/ children/any other legal heir)
How to claim the insurance amount? कैसे उठाएं प्रधानमंत्री जीवन ज्योति बीमा योजना का लाभ?
Claim can be made by nominee incase of death of the policy holder.
Nominee has to approach the Bank, referring to the savings account which is attached with the Jeevan Jyoti Policy
Nominee needs to collect the claim form
Submit the claim form duly filled along with – Death certificate, cancelled cheque of the nominee’s bank account,
In next steps, Bank will verify the claim form. Along with the aforesaid documents of nominee, Bank will forward the claim to insurance company within 30days of submission.
Insurance company will verify all the documents of the policyholder, nominee details, within 30 days of receiving the claim, Insurance company needs to disburse the claim amount in favour of the nominee.
List of Bank partners
State Bank of India
Punjab National Bank
Union Bank of India
Bank of Baroda
Canara Bank
HDFC Bank
Federal Bank
ICICI Bank
South indian Bank
Allhabad Bank
Many other Banks are partnering in this scheme. Please speak to your home Bank branch or nearest Bank to get more details. If you have any observation, suggestion or queries do share in the comment box.
Look forward to come back with a informative blog post.
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