Investment is a important part of our daily life and helps us in better planning and saving for the rest of our life after retirement from active service and income. This article explains about how to save money through Jeevan Jyoti Bima Yojana and earn benefits.
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What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
PMJJBY is a term life insurance scheme and offers life insurance cover for death because of any kind of reason. Here, upon the death of the subscriber of this policy, Rs. 2 Lakh will be paid to the beneficiary. This 2 Lakh will be gain-able even if the subscriber to this policy might be having other policy covers for themselves.
Requirements for taking part into PMJJBY policy
- The person must have a Savings back account in any nationalized bank.
- The person must be in the age group of 18 to 50 years of age.
- Having a Aadhar card is a preference as it will be considered as a primary KYC document.
To take part in the PMJJBY scheme, one can enroll up to the Initial Enrollment Period up to 31st August 2015 or 30th November 2015 (depending on locality). Provide self certified good physical fitness certificate according to the prescribe format. Check with your bank in which you hold a savings account, about which insurance companies offer the PMJJBY scheme.
Features of the Pradhan Mantri Jeevan Jyoti Bima Yojana
- This scheme will provide insurance for a period of 1 year according to date 1st June to 31st May.
- Once you join the scheme, you can opt for auto renewal every year on 31st May or after manually filling up the forms.
- You may however decide to leave the scheme in between and again rejoin after a few years. Rejoining will happen by the end of May only; although extended dates may be announced every year according to the discretion of the government. However, each time you leave in between and re-join, you will have to submit a health certificate which should be self certified.
- The insurance will be of Rs. 330 per year. This 330 comprises of premium to insurance company which will be of Rs. 289 per year; reimbursement of expenses to BC/Micro/Corporate/Agent to be Rs 30 per annum per member and reimbursement of administrative charges to be Rs. 11 per member per annum.
The PMJJBY insurance can be terminated under the following conditions
- The member reaches the maximum age limit of 55 years. Please be aware that reentry into the scheme is not possible after 50 years of age.
- If the member closes the bank account or if the bank account is not maintained at minimum balance or if the annual payment is not paid.
- In case the insurance scheme is opted through multiple savings account. Please note that even if you may have multiple savings accounts, you can avail of this scheme only through one savings accounts.
- In case of technical glitches and issues.
Applying for PMJJBY scheme
Applications for PMJJBY scheme can be done through your nearest Bank branch in which you have your savings bank account or through your insurance agent. Check out for nearest registration camps or online service and avail the benefit of PMJJBY scheme.
- Insurance rules: http://financialservices.gov.in/jansuraksha/final%20rules%20PMJJBY.pdf
- FAQs: http://financialservices.gov.in/jansuraksha/FAQs%20PMJJBY.pdf
- Claim form: http://financialservices.gov.in/jansuraksha/final%20claim%20form%20PMJJBY.pdf
- Consent cum declaration form: http://financialservices.gov.in/jansuraksha/Final%20PMJJBY%20consent%20form.pdf
- Official website: http://financialservices.gov.in/PMJJBY.asp
- 2015 Union Budget of India: http://en.wikipedia.org/wiki/2015_Union_budget_of_India
Ministry of Finance, Department of Financial Services,
3rd floor, JeevanDeep building,
Sansad Marg, New Delhi-110001
Contact person: Rajan Kumar, Economic Adviser, Department of Financial Services
For more information about the PMJJBY life insurance scheme call Toll free: 1800-180-1111