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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) | 2018

The Pradhan Mantri Jeevan Jyoti Bima Yojana is a social security programme which was designed to provide life insurance coverage of Rs. 2, 00,000 (2 lakh) to all the subscribers on death due to any reason.

The scheme was introduced by the Honourable Prime Minister Narendra Modi along with two other social benefit insurance schemes Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana. These schemes are aimed at the poor and middle-class sections of the society.

The Objective of Pradhan Mantri Jeevan Bima Yojana (PMJJBY) is to make the insurance policies affordable to the poor and middle-class sections of the society who are unable to avail life insurance policies (especially health / accidental) due to high insurance premiums. Also as India’s younger generation don’t have any pension to take care after retirement, securing financial future of their family in their absence will be of utmost important which would be taken care under PM Jeevan Jyoti Bima Yojana.

List of Banks Participating in Jeevan Jyoti Bima Yojana

  • Canara bank
  • State bank of India
  • Bank of Maharashtra
  • Industrial Development Bank of India (IDBI) bank
  • Vijaya bank
  • Union bank of India
  • Jammu and Kashmir Bank
  • Karnataka Bank
  • Dena Bank
  • The Madhya Bihar Gramin Bank (MBGB)
  • Tamilnadu Mercantile Bank
  • ICICI bank
  • State bank of Travancore
  • Punjab National Bank
  • Punjab Gramin Bank
  • Syndicate Bank
  • Federal Bank
  • Corporation Bank
  • Jammu and Kashmir Bank
  • HDFC Bank
  • State Bank of Mysore

Click at the link to know the IFSC and MICR Code of any of these banks and their branches.

Role of the Participating Banks in Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Apart from being the master account holders, banks have some other roles to play as well such as:

  • The primary duty of the bank is to transfer the deducted amounts to the insurers.
  • They will also have to look after the enrolment forms, authorisation of auto – debit, providing declaration-cum-consent form in the exact shape that they are supposed to be done.

Features of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

  • Rs.2 Lakhs i.e. after the death of the policy holder, this amount can be claimed by the nominee.
  •  Rs.330 only excluding the service tax. And this amount would be debited from bank account of the policy holder provided the person opts for long term option. In case long term option is not chosen then subscriber will have to opt every year.
  • This policy offers one-year life insurance scheme renewable from year to year.
  • Under this scheme the policy holder can exit the scheme at any time and join the same scheme in the future.
  • Participatory banks will be the master policyholder of this scheme.
  • Nominee can be declared at the time of buying the policy. And he/she can claim the benefits after unfortunate event of the death of the policy holder.
  • The cover under PMJJBY is for death only and hence benefit will accrue only to the nominee.
  • PMJJBY provides a convenient and a subscriber friendly insurance claim settlement process.
  • In case an individual is having a life insurance policy anywhere, then such person can still enrol for PMJJBY and avail benefits.
  • Individuals who fail to join the scheme in the initial year can join the scheme in subsequent years by annual premiums and submitting a self-certificate of good health.
  • The premium amount towards PMJJBY is eligible for tax deduction under section 80C.
  •  Termination Condition of the Scheme
    • If the person is above 55 years of age
    • If the policy holder is covered through more than one bank account
    • In case of insufficient balance in savings account to keep the insurance in force.

Eligibility Criteria under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY)

  • Under this scheme, the minimum age limit is 18 years and maximum age is 50 years.
  • Cover would be available up to 55 years.
  • Should have a savings bank account. In case of a person does not have a bank account, can open a zero-balance savings account under Pradhan Mantri Jan Dhan Yojana (PMJDY).

Subscription Procedure of Pradhan Mantri Jan Dhan Yojana (PMJDY)

  • Open a savings bank account with any of the participating bank
  • Fill the application form provided from the bank
  • One can also provide a copy of Aadhaar Card as the primary Know Your Customer (KYC) document.
  • One can subscribe to this scheme every year in the month of June or they can choose a long – term subscription period where your account will be auto – debited every year.

Difference between PMSBY and PMJJBY

Feature Pradhan Mantri Suraksha Bima Yojana (PMSBY) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Age limit 18 – 70 years 18 – 50 years
Assured Sum 2,00,000 2,00,000
Premium (Annual) Rs. 12 Rs. 330
Cover ceasing age 70 55
Death Benefit (Not by accident) NIL 2,00,000
Death Benefit (By accident) 2,00,000 2,00,000
Disability of both eye, both hands, both legs or one eye and one limb 2,00,000 NIL

 

Disability of one eye or one limb 1,00,000 NIL
Maximum Cover 2,00,000 (From any one of bank account) 2,00,000 (From any one of bank account)
Risk Period 1st June to 31st May every year on deduction of premium 1st June to 31st every year on deduction of premium
Mode of Payment Auto debit from bank account Auto debit from bank account

Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana

  • Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
  • Premium: Rs.330 per annum.  It will be auto-debited in one instalment.
  • Risk Coverage: Rs.2 Lakh in case of death for any reason.
  • Who Will Implement this Scheme? All the banks and insurance companies who are willing to participate in PMJJBY.

PMJJBY Claim Settlement

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) was introduced on 2015 budget by Finance Minister Arun Jaitley. This scheme is a renewable insurance scheme which offers coverage of death due to any reason. As the cover of PMJJY is for death only, the benefits will be provided to the nominee only.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers death coverage of Rs. 2, 00,000 (2 lakh) which will be offered to the nominee of the insured person.

Risk coverage under the scheme is normally for 1 year, which can also be renewed after 1 year.  If somebody wishes to opt for a longer duration, their savings account will be auto debited by the bank every year. Also, the risk cover will be applicable only after the first 45 days of enrollment. Hence, the subscribers are not required to settle the claims during the first 45 days from the date of enrollment. However, deaths due to accidents will be exempt from the clause and will still be paid.

This scheme is available for people in the age group of 18 to 50 years where they are required to pay the premium of Rs. 330 per year or less than 1 rupee per day.

If you wish to enrol yourself in Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) you can do that with the help of an insurance company.  Public life insurance companies like Life Insurance Corporation of India (LIC) or other general insurance providers are offering this scheme by collaborating with banks. In fact, participating banks will choose insurance companies in order to provide the scheme to the subscribers.

Insurance Claim Settlement Procedure under PMJJBY

The insurance company through you have invested in this scheme will settle the death claim. Read below to know the claim settlement process under PMJJBY.

Steps to be taken by the Nominee

  • If you are the nominee, you will have to pay a visit to the designated bank where the member had their savings bank account through which he / she was covered underthe Also, the nominee will have to provide the death certificate of the member.
  • Collect the claim form and discharge receipt from the bank or any other designated source such as hospital, insurance company branch etc. You can also collect the claim form from designated website.
  • Fill the claim form properly and submit to the bank where the member had their savings bank account through which they were covered underthe You will also have to provide the following documents such as discharge receipt, death certificate along with a photocopy of the cancelled cheque of the nominee’s bank account (if available) or the bank account details.


Steps to be taken by the Bank

  • Once the bank gets to know about the death of the insurer, they should check whether the cover for the said member was in force on the date of his death.
  • The bank is also required to verify the claim settlement form filled by the nominee of the insurer and to fill in the relevant columns of the claim form.
  • Banks are suppose to forward the following documents to the insurance companies for further procedure:
    • Claim form duly completed
    • Death Certificate
    • Discharge Receipt
    • Photocopy of cancelled cheque of the nominee (if available)
  • The banks are required to forward the above mentioned documents within 30 days of the submission of the claim.

Steps to be taken by the Insurance Company

  • After receiving the claim form from the bank, the insurance company is required to verify the claim form and all the attached documents
  • In case there is some dispute in the form or on the documents, they should send it back to the bank. And if the claim is acceptable the designated officer should cross check if the insurer is and no death claim settlement has been effected for the member through any other account
  • If the coverage is in force, payment should be released to the nominee’s bank account. And a notification will be sent to the nominee intimating the same with a copy marked to the bank.
  • Once the insurance company receives the claim form from the bank, they have 30 days to disburse the insured amount.
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