Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a hope for those who have lost their family members to Covid – 19 and are eligible for Rs 2 lakh insurance.
pradhan mantri jeevan jyoti bima yojana (PMJJBY) benefits.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance scheme that pays Rs 2 lakh to the nominee after the insured dies for any reason.
For a family that loses a family head, this program can provide some financial stability in the Middle Ages, especially at a time like this when the corona virus has had a major impact on life.
The deadly covid – 19 epidemic has wreaked havoc and has devastated our normal lives as many people have lost their loved ones. Health costs and the high cost of survival underscore the importance of life insurance policies so that people can receive financial assistance to cope with any untimely death.
The insurance plan is available to people between the ages of 18 and 50 and holds a savings bank account.
Life coverage up to 55 years. Such depositors must have agreed to join the scheme and have allowed the bank to automatically deposit the premium.
This policy is administered by the Life Insurance Corporation of India (LIC) and other insurance companies and is renewable on an annual basis.
If a person died due to covid -19, bought PMJJBY in the financial year 2020-21, candidate/heir can apply for the claim.
An individual can purchase the policy at any time of the year, but the premium payable will vary depending on the date of registration.
The premium is paid on a pro rata basis, which is w.e.f. Policy Year 2018-19.
|June, July and August||Rs 330|
|September, October and November||Rs 258|
|December, January and February||Rs 170|
|March, April and May||a quarterly premium of Rs 86 is payable.|
The eligibility will be terminated for the below reasons.
- If the person reaches the age of 55.
- The account will be closed in the bank if there is not enough balance to deposit the premium.
- If the person has insurance from different banks, the security will be capped at Rs 2 lakh. The insurance of other banks will be frozen and the premium will be confiscated.
- If you have a joint account, both parties can register by submitting a separate registration request.
Individuals leaving the program have the option to rejoin by paying an annual premium and submitting a declaration of good health.
Claim insurance under PMJJBY by following steps.
Before going into the steps to apply let’s see the documents required.
Documents required to claim PMJJBY benefit.
All important documents such as
1. claim form.
2. refund receipt.
3. discharge receipt from the bank and other designated sources must be kept ready by the candidate.
Important documents also include designated websites, like branches of
1. insurance undertakings.
3. primary healthcare centers.
4. insurance companies and others.
Death certificate of the member is required to claim the sum assured.
Steps to claim insurance under PMJJBY.
1. Candidate must contact the bank where the insured person covered under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
2. The candidate should ensure that the relevant insurance companies guarantee that the forms are available.
3. Properly filled claim form, discharge receipt, death certificate, and photocopy of the nominee’s canceled bank account and all relevant bank details should be sent to the bank.
4. The candidate should ensure that all the claim forms and required fields are verified by the banks and that the nominee’s information from the documents is duly filled and made available to them.
5. Banks must send all duly completed claims to the insurance company within 30 days from the date of submission.