Prime Minister Jeevan Jyoti Bima Yojana

Prime Minister Jeevan Jyoti Bima Yojana

Feinds today we will look at this government scheme “Prime Minister Jeevan Jyoti Bima Yojana” .

Every member of the family is a valuable asset. If you are an earning member of the family then the responsibility is much more.

The loss of such a family member shatters the whole family, not only mentally but financially.

The loss of a person can never be fulfilled but at least an insured amount can help the family survive.

But in the case of low-income families, there are generally fewer earning members .

So, a loss of such an earning member is very difficult for that family to handle.

To overcome this situation the government of India has come up with a few schemes in this field.

The Prime Minister Jeevan Jyoti Bima Yojana is one such insurance plans.

About Prime Minister Jeevan Jyoti Bima Yojana

The Pradhan Mantri Jeevan Jyoti Bima Yojana had been launched in the year 2015 in the month of May by our Prime Minister Shri Narendra Modi ji in the city of joy, Kolkata.

Mr. Arun Jaitley had introduced the scheme in the Budget in 2015 before officially being launched.

This insurance is under the care of the Life Insurance Corporation of India. The rules and benefits are described by this corporation only.

A sum of rupees 2 lakhs will be given to the family in case of loss of life of the insured. The premium is as low as rupees 330.

It does not come with any maturity sum. The cover is till the age of 55 years. The earliest a person can join the scheme is at the age of 18 years.

The person must hold a valid Aadhar and a linked bank account to get the benefits of the scheme.

Few features of the Yojana

Below are the features of this Prime Minister Jeevan Jyoti Bima Yojana

  • The minimum age to join is 18 years, and the maximum age to join is 50 years.
  • The enrolment period for this scheme is June 1 to June 31. If the person enrolls in any other month they shall have to pay a lump sum premium as well. The person must furnish his details along with auto-debit consent and the name of the nominee. All these are must to begin the Bima Yojana.
  • In case of demise of the insured person, there is a sum of rupees 2 lakhs which shall be given hassle-free and tax-free to the nominee of the insured person. This money will help them survive the initial days and also look for a new source of income. The low-income family will not be left to the streets to beg for daily needs.
  • The person is insured for a term of one year on the payment of the premium. And the scheme needs to be renewed each year by payment of premium. If a person wishes to discontinue they simply have to stop giving the premium. And to rejoin they will have to [rovide a health certificate and rejoin.
  • The premium is as low as rupees 330 per annum. This amount suits the pocket of the low income also as it assures a sum of 2 lakhs in case of death when the person is insured.
  • The premium paid and the amount of claim are tax-free under 80 C act of Income Tax of India.
  • The premium is auto-debited each year in the month of May. If the person wishes the discontinue they will have to give a cancellation request to the branch before the month of May to stop the auto-debit of this premium.

Benefits of the Pradhan Mantri Jeevan Jyoti Bima Yojana

Below are the benefits of this yojana.

  • In case of unfortunate death of the insured, while he is insured below the age of 55 years, a sum of rupees 2 lakhs will be given to the nominee.
  • There is no maturity sum promised in this policy. No money will be given to the insured person in case he completes the policy and is older than 55 years. The policy only gives the money in case of death, so maturity value.
  • The premium paid is tax-free under section 80C of income tax law. And if the beneficiary has submitted 15 G/H then the value of 2 lakhs will also be tax-free. Else there will be a tax of 2% on the amount to be received by the beneficiary.
  • The risk cover is for one year only. But it can be renewed each year simply by placing an auto-debit in the savings account linked. With the payment of premium the tenure if coverage is increased for the next year. The premium is paid for one year at a time, there is no option of a lump-sum payment. So the cover is one year at a time.

Eligibility criteria

  • The age of the person insured has to be between 18 years to 50 years.
  • The person must hold a savings account in any bank participating bank in India.
  • In case a person has multiple bank accounts he/ she can avail this scheme from any one account only.
  • The Aadhar number must be linked to the savings account of the insured person.
  • At the time of enrolment, a self-attested medical form has to be submitted stating that he/ she does not have any critical illness at the time of initial enrolment.

How to settle the claim

  • The sum will be released in case of the death of the insured person only. So holding a death certificate is a must.
  • The nominee will have to approach the bank of the insured person and submit a claim form along with the death certificate.
  • The filled form along with details of the account in which the sum has to be transferred and the details of the account of the insured person have to be furnished for hassle-free claim settlement.
  • The bank must then verify the death certificate, the nominee, and the account of both nominee and the insured person.
  • A total of 30 days can be taken by the bank and the insurance company to verify all the details and settle the claim.
  • This plan shall help support the family of the person who has demised and try to lessen their hardships.

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Sanjeev

Sanjeev

Hello Friends, my name is Sanjeev and I have been in the industry of education, training and mentoring for 20 years now. I love imparting what I have learnt and sharing my knowledge. I hope my articles benefit you. You can write to me at skumar@indiacareeradvice.com

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