PM Jeevan Jyoti Bima Yojana 2 Lakh Rs Coverage for just ₹436 annually: Friends let us be aware about various schemes provided by the govt. to the people of India in various sectors. Government has played in insuring the life of individuals by providing Pradhan Mantri Jeevan Jyoti Bima Yojana which is known as PMJJBY is nothing but a life insurance program that provides coverage for death for one year. This PM Jeevan Jyoti Bima Yojana 2 Lakh Rs Coverage scheme has various options but one of them is you can renew this annually. It will come under pure term insurance policy.
Term insurance means it only covers death without any investment aspect. It is available to individuals aged 18 to 50 who hold accounts with participating banks or post offices. And for your kind information note that this PM Jeevan Jyoti Bima Yojana program is managed by life insurance companies including LIC. It allows banks to collaborate with any insurance provider that meets the necessary requirements to offer this coverage to their customers. This PM Jeevan Jyoti Bima scheme has launched in way back May 09TH of 2015 BY Prime Minister Narendra Modi.
Objectives: PM Jeevan Jyoti Bima Yojana 2 Lakh Rs Coverage for just ₹436 annually
- The PMJJBY scheme has been designed to secure life of individuals through life insurance coverage no matter the reason for death.
- It is renewable on yearly basis and also it allows the policyholders to hold their insurance as long as they want it to hold.
- It aims at providing financial support to families facing unexpected losses by securing a place in their financial planning.
- The target audiences are the families who are coming under EWS and if the insured person passes away suddenly then this policy will help the families by offering coverage of Rs. 2 Lakhs to the nominee.
PM Jeevan Jyoti Bima Yojana Eligibility [PMJJBY Eligibility]
- To apply for the under this PM Jeevan Jyoti Bima Yojana age of the applicant plays an important role. They should be of 18 to 50 years of old.
- The claimants must have their saving accounts with a bank or must possess a account in post office.
- Aadhaar plays as a key determinant as it is required for KYC. So linking up of Aadhaan with PAN is mandatory.
Pradhan Mantri Jeevan Jyoti Bima Yojana Features
- The starting date of PMJJBY Insurance coverage is on 1st of June or the registration date whichever is later. And the coverage lasts until May 31st of the next year.
- At a time the amount of premium will be deducted from the policy holder’s bank account.
- The waiting period for the new member is of 30 days after application if it is non-accidental death coverage.
- The premiums which are paid by the policy holders are coming under section 80C of the Income Tax Act.
- Getting the thorough knowledge regarding premium and its coverage is necessary.
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PM Jeevan Jyoti Bima Yojana 2 Lakh Rs Coverage for just ₹436 annually
- In case of the policy holder’s death the benefit will be given of RS. 200000.00 And it has to be paid to the chosen nominee.
- This policy covers all types of possibility of death that is natural disaster along with accidental coverage and from suicidal death.
- The duration of the coverage is for one year and after that it will be renewed annually.
- The premium amount is Rs.436.00 per year. This premium amount will be debited automatically from the account holder’s bank account if he or she is a policy holder.
- For renewal the policyholder must be set his account on auto- debit mode before 31st of May for easy process.
- There are two key players apart from the policy holder. They are the participating banks and the collaborated insurance companies.
| respective collected premiums from the policy holders | 1st Quarter i.e. June, July, August | 2nd Quarter i.e. Sept,Oct,Nov | 3rd i.e Dec, Jan, feb | 4th i.e. March, April, May |
| Total premium collected | Rs.436/- | Rs.342/- | Rs.228/- | Rs.114/- |
Pradhan Mantri Jeevan Jyoti Bima Yojana 2025 Application Process
- You have to visit your local branch in which you have your account with proper documentation.
- After giving the proof of identity you have to fill the application form by giving accurate personal information and the name of the nominee.
- Then give the permission to authorize the auto-debit option of the deduction of premium from your bank account.
- After doing this you will receive your policy document which is your confirmation enrollment proof in the name of “Acknowledgement slip cum certificate of Insurance”.
PMJJBY Claim Settlement Process
- As we know that PMJJBY scheme is managed by LIC and other insurance players of India. So to claim the benefit the nominee can contact their respective insurance company for further procedure.
- The nominee can approach the bank to get the settlement by providing the death certificate of the policy holder.
- Fill the claim form along with deposit all the proof of nomination, bank account details and identity proof to the bank.
- Once the documents get verified the bank can help you to claim the insurance amount by following the insurance company which is associated with, such as LIC or another participating insurer.
- After the approval the amount of RS. 200000.00 will be directly transferred to the bank account of the nominee.
- The amount will be disbursed by the insurance company after 30 days of claim application.
There are certain limitations. In the case of suicide death, it will not be counted if it will be done by the policy holder within the one year of joining the policy. The liable period is at least 45 days. So any deaths caused by existing health issues are not covered in the first 45 days of the coverage period.