Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance plan, renewable from year to year, providing coverage for death.
Coverage under PMJJBY is for death only, so the benefit will accrue only for the nominee. PMJJBY is a pure term insurance policy, covering only fatalities without any investment component.
The coverage period is June 1 of each year to May 31 of the following year. For the coverage period from June 1, 2021, to May 31, 2022, subscribers must register and consent to the automatic deduction before May 31, 2021. Those who join later will be able to do so by paying a full annual premium for potential coverage.
PMJJBY is available to people in the age group 18-50 (life coverage up to 55) who have a savings account who consent to join and enable automatic debit.
In case a person has multiple accounts at a bank or a different bank, they will be eligible to join the scheme with a single savings account.
Under the Pradhan Mantri Jeevan Jyoti Bima Yojana, the prior life coverage of Rs. 2 lakhs is available with a premium of Rs 330 per year per member and is renewable every year. In the case of the joint account, all the aforementioned account holders can join the plan as long as their eligibility criteria are met and the premium is paid at the rate of Rs 330 per person per year.
According to the ICICI Bank website, as of September 1, 2018, the Ministry of Finance has reviewed the annuity payment structure on a quarterly basis based on the account holder's application date in the scheme. The modified structure is as follows:
June, July, and August: Annual premium of Rs 330 will be paid
September, October, and November: Rs 258 premium to pay
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December, January, and February: premium of Rs 172 to be paid
March, April, and May: Rs 86 premium to pay
The new premium structure can be explained as follows: Suppose the account holder has applied for the PMJJY plan on August 31, 2018. In this case, the annual premium of Rs 330 will be applied throughout the year. Although the account debit will be completed in September.
On the other hand, if the account holder applies for the PMJJY scheme on September 1, 2018, a prorated premium of Rs 258 will apply based on the revised structure.
Make sure your mobile phone number is current in bank records. The policy will not be issued if the mobile phone number in the savings account is updated.
The bank will automatically deduct the premium from the account holder's savings account at the bank. For the renewal of the policy, it will be automatically debited between May 25 and 31, unless the client sends a cancellation request to the bank.
The Pradhan Mantri Jeevan Jyoti Bima Yojana low-risk coverage does not apply until after the first 45 days of registration. In other words, insurance companies do not have to resolve claims within 45 days from the date of registration. However, fatalities from accidents will be exempt from the concession clause and will continue to be paid.
PMJJBY is managed through LIC and other private life insurance companies in India. You can also contact your bank regarding the registration process that banks have associated with insurance companies.
For those who want to join the scheme now they can. One can join or renew the scheme at any time during the year by paying the premium in full and not the proportional amount. However, the renewal date will remain June 1 for all subscribers.
Better to join now and get coverage for the full 12 months. If you ever left the program, you can still rejoin by paying the annual premium.
The registration process was kept simple and easy. To register, you can download the form and send it to your bank. Some banks have also started an SMS-based registration process. This can also be done through net banking. To join/pay by automatic debit from the individual bank account selected on the selected forms, it is required to present before May 31 of each year.
Click here for the application form
The death claim is resolved by the office of the corresponding insurance company. The process to follow will be as follows:
In the event that the claimant submits the claim form directly to any office of the insurance company, the office of the insurance company will forward it to the bank in the question of the deceased account holder immediately to obtain the necessary verification, etc. Of the interested. Bank. The relevant bank branch will send the claim form to the designated office of the insurance company to process the claim.
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