The two schemes that the government of India has launched are APY and NPS in which you have to give some money from your salary to the government and at the age when you are going to retire your honourable government will give you huge sums as your retirement bonus but this is not like that. The scheme is explained by its name which says Jeevan Beema means life insurance. Under this scheme, the government will give a certain amount of money to the family when the person gets died.
Brief Description of Project
|Name of Scheme||Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY)|
|Scheme Benefits||To provide financial support to the family after the death of a person.|
|Objective||To create awareness regarding the insurance policy.|
Table of Contents
- When the scheme was launched
- Rashtriya Madhyamik Shiksha Abhiyan Yojana 2022 Key Highlights
- Who are the beneficiaries of Pradhan Mantri Jeevan Jyoti Beema Yojana?
- Eligibility Criteria
- What is Premium
- How to pay the amount in Pradhan Mantri Jeevan Jyoti Beema Yojana?
- How to get this insurance of Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY)?
- How to Enroll in this scheme?
- Claim Process of this scheme
- Key Features of the scheme
- How Successful the scheme remain
When the scheme was launched
PMJJBY scheme was launched in the year 2015 under the ministry of finance. Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY) is offered by LIC (Life Insurance Company). Involvement of LIC means that under this scheme LIC company will take care of the insurance policy of that person. But now all the volunteer banks who want to be part of this scheme are included also in SBI Life (State Bank of India), HDFC Life (Housing Development and Finance Corporation Limited), etc.
Rashtriya Madhyamik Shiksha Abhiyan Yojana 2022 Key Highlights
|Portal||Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY)|
|Launched by||Mr Narendra Modi|
|Ministry Control||Ministry of Finance.|
|Process||Offline and Online Both|
|Objective||To create awareness regarding the insurance policy.|
|Benefits||To provide financial support to the family after the death of a person.|
|Beneficiary||Nominee of the dead person.|
|Official Website||Click Here|
India is a type of country where people are very less aware of life security or any insurance policy, Though many government schemes are launched every year and many of them get failed due to a lack of awareness. So every policy comes with certain aims and objectives which it has to be covered during the active period of thw scheme. Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY) also launched with the aims given below
- To enhance the level of insurance penetration in the country
As I already told you the Indian people are less aware of the insurance policy or claims so the major aim of this policy is to increase the penetration of insurance in the country so that more and more people become aware of insurance.
- Social Security
Providing social security is also the basic aim of this policy as when a person has security that when he/she dies then their family get something in terms of financial support and his/her will not suffer. So a person can live with a free mind.
- To activate the Jan Dhan accounts
As the government launched the Pradhan Mantri Jan Dhan Yojana due to which more than 35 crore savings account got opened with zero balances. So to activate those accounts the government launched this scheme as this scheme has an auto-debited process so the accounts remain active.
Who are the beneficiaries of Pradhan Mantri Jeevan Jyoti Beema Yojana?
In my opinion, the best part of the scheme is that every common people whether he is rich or poor or even underprivileged is the beneficiary of this scheme.
- The age group to apply for this scheme is lying from 18 years to 50.
- You must have a savings bank account; if the person has multiple savings accounts, he can choose only one.
What is Premium
In many pension schemes, there is a premium account under which a person can deposit a certain amount for getting a pension and he can also increase the value of the premium account and can deposit extra money also. But in the case of this Pradhan Mantri Jeevan Jyoti Beema Yojana you can’t increase the value of the premium account. In this scheme, the premium value is fixed,
If you want to claim insurance under this scheme then you have to pay 330 rupees per year which is approximately 1 rupee per day in my opinion, this amount of money is very low and everyone can afford it.
If the person gets died due to any reason then the nominee written on the application form will get 2 Lakh rupees.
Note: Under this scheme, the money will only be provided in the case when the person get died not in the case of an accident or other tragedy that happened to him.
How to pay the amount in Pradhan Mantri Jeevan Jyoti Beema Yojana?
The money will be auto-debited from the bank account which you have selected and the money will be directly transferred to the insurance company’s bank account. There is no other method to pay for this scheme.
How to get this insurance of Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY)?
You can get this insurance scheme directly through the Bank either private or government, insurance agents, and also directly from the insurance companies. The best way to get this insurance scheme is to link your bank account with this scheme and you will get the benefit of this scheme through the bank.
How to Enroll in this scheme?
You can enrol in the Pradhan Mantri Jeevan Jyoti Beema Yojana on three ways:-
- Offline Form
You can apply for this scheme by just filling out a simple form available in all the banks whether it is the main branch or sub-branch and whether it is government or private bank.
- Online Net Banking
You can also fill the details through the website of any bank in which your saving account is present and also through the mobile app of that bank.
- SMS Service
You can also apply for this scheme by sending an SMS to the bank in which you want to open the scheme.
For example, if you have an account in HDFC bank and want to apply for this scheme then just type PMJJBY YES and sent it to the number 5676712.
H2 = Document
The best part of this scheme is that it doesn’t require a lot of documentation. This scheme just requires your Adhaar Card and passport-size photo only and that is enough. You don’t have to bring any other document to apply for this scheme.
Claim Process of this scheme
The claim process of PMJJBY is very simple when the person get died due to any unpredictable reason then the nominee can contact the bank in which the person had opened his/her scheme policy.
Then the nominee must take the Claim Forum and Discharge Receipt from the bank and then the nominee must fill out both the form and submit it to the bank. With the submission of both forums, the nominee must also submit the death certificate, Adhar card, and bank details of the dead person and also the nominee must give the bank details and Adhaar card of the person.
After this, it is the duty of the bank and the insurance company to give the money to the bank account of the nominee within 30 days of the application.
Key Features of the scheme
- Pradhan Mantri Jeevan Jyoti Beema Yojana will provide coverage for one year, which means you have to submit the cost of 330 rupees every year till the age of 55. Don’t get confused you can apply for this scheme till the age of 50 years starting from 18 but you can get the money up to 55 years as after the age of 55 years many health issues take place for the person.
Note:- The nominee the person will get the money only up to the age of 55 years of that person not above it.
- The cover period under this scheme is the 1st of June of each year and the 31st of May of the subsequent year.
- Risk Cover will be applicable only after 45 days of enrollment in the scheme.
Note:- Risk Cover means when the person fall in the risk of life means he/she get died due to any unpredictable reason.
- The best feature that this scheme contains is that the person can walk out of the scheme at any time by giving a simple application to the bank and can also join it again in the future.
- There is no maturity benefit of this scheme which simply means that the person will get the money after a certain period of time, the money will only be given to the nominee when the person gets died.
How Successful the scheme remain
As of April 2018 more than crore 35 lakhs people have joined this Pradhan Mantri Jeevan Jyoti Beema Yojana. Out of this figure, more than 1 lakh claims had been given and more than 92000 had been approved.
I hope after reading this article you will get a lot to learn about this scheme and all your major doubts will get solved as we have given a lot of time and research to this scheme so that the update and genuine information is provided to you. But if you still have any doubts then please let us know in the comment box as your doubts are very beneficial for us and also for the next readers. All the data that we have taken is totally for informational purposes.