What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
PMJJBY policy is renewed annually and is jointly managed by LIC (Indian Life Insurance Company) and other insurance entities.
This is a pure term insurance policy that makes you eligible for coverage of 200,000 rupees, with an annual premium of only 330 rupees.
What do you expect from the program?
If you are between 18 and 50 years old and have a bank account, you are eligible for this program.
There are more than 1,000 banks offering this plan, and you only need to agree to automatically deduct the annual premium from the account associated with this plan.
Make sure that you activate the automatic debit function before May 31 of the linked bank account (this is the standard annual deadline for submitting the required forms), because June 1 is the deadline for annual policy renewal.
As for the registration process, just submit the application form to your bank.
In most cases, you can enroll yourself in this program through an SMS-based process, depending on your bank.
Claim settlement is also a simple process.
This is what you need to do to receive the stipulated amount:
- Submit the following documents to the bank where the deceased has a savings account under PMJJBY:
• Fill out the claim form correctly
• Discharge receipt
• Death certificate of concerned members
• Copy of canceled check / Bank details of concerned members
- The bank is obliged to send the claim form to the insurance company within 30 days after receiving the submission.
- Similarly, the insurance company is responsible for approving the claim and disburse the money within 30 days from the receipt of the claim from the bank
What is the benefit of Pmjjby?
It is a must-have insurance policy for the lower-income groups, for sure with an affordable annual premium of only 330 rupees. It important it is to have a life insurance policy so that you and your family are protected from getting financially drained in the case of any untimely deaths.