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Pradhan Mantri Jeevan Jyoti Bima Yojana is basically a term insurance policy which was introduced by the government of India. It was first launched in Kolkata on 9th May 2015 by Prime Minister Narendra Modi.
The aim of the plan is to provide financial security to the needy section and underprivileged on the loss of a family member especially the sole earner. The life cover starts from 1st June of every year until 31st of May of the next year and you can renew the same every year.
|Minimum entry age||18|
|Maximum entry age||50|
|Maximum coverage age||55|
|Policy term||1 year|
|Compulsory bank account||Yes|
|Coverage period||1st June to 31st May|
|Sum assured||INR 2,00,000|
Under PMJJBY, the cover period is the 1st June to 31st may of the subsequent year. To avail in the same, consumers have to send the consent for auto debit by 31st May 2018. Those joining subsequently would be able to do so with payment of full annual premium for prospective cover.
As of May 14, 2018, around 5.35 crore people had already registered themselves under PMJJBY, and the total number of claims received till date were nearly 1,02,849.
PMJJBY is available for all those who fall in the age group of 18 to 50 years ( life cover up to age 55) and owns a savings bank account who give their consent to join and enable auto-debit.
Under PMJJBY scheme, life cover of Rs. 2 lakhs is available at a premium of Rs.330 per annum per member and he/she can renew the same every year. In the case of a joint account, all holders can join the policy.
This is how the break-up of the premium works -
You can get PMJJBY through LIC and several other life insurance companies. You can also contact your banks for the easy enrollment. NO matters how many bank accounts you hold, you would be liable to get yourself registered under this health insurance plan with a single account only. You can renew your policy every year. However, the renewal date will remain June 1 for all of the subscribers.
It's better to join as early as possible to get the cover for the entire year. If you had quit the scheme at any point, you may still re-join the scheme by paying the annual premium.
The enrolment process is very simple and easy. To register yourself, you can download the form and submit it to your banker. Some banks have also started an SMS-based enrolment process too. You can do the same through net banking also.
All the death claims will get settled by the designated office of the insurance company. The process will be:-Steps To Be Taken By The Nominee
1. The beneficiary has to approach the bank wherein the member holds a 'savings bank account' through which he/she was covered under PMJJBY, along with the death certificate of the member.
2. beneficiary have to collect claim form, and discharge receipt, from the bank or any other source such as insurance company branches, hospitals, insurance agents etc., including from designated websites.
3. The nominee have to provide a completed claim form, 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 to the bank wherein the member was having the 'savings bank account' through which he/she was covered under PMJJBY.Steps To Be Taken At The Designated Office Of Insurance Company
1. Check that the claim form is complete in all respects and all the relevant documents have been attached. If not, take up with the Bank concerned.
2. If the claim is admissible, the designated office of the insurer shall check whether the member's coverage is in force and no death claim settlement has been effected for the member through any other account. In case any claim has been settled, then the nominee shall be intimated accordingly with a copy marked to the bank.
3. In case the coverage was in force and no claim has been settled for the said member, payment shall be released to the nominee's bank account and a communication shall be sent to the nominee with a copy marked to the bank.
4. Maximum time limit for the insurance company to approve claim and disburse money is thirty days from the receipt of the claim from the bank.
In the case where the claim form is directly submitted to the insurance company, then the insurer will make sure to pass it on to the concerned bank of the deceased account holder instantly to get necessary verification etc. done from the bank concerned. The bank branch will pass it on to the designated office of the insurance company for processing the claim.