What is Pradhan Mantri Jeevan Jyoti Bima Yojana? – PMJJBY 2022

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Pradhan Mantri Jeevan Jyoti Bima Yojana

What is Pradhan Mantri Jeevan Jyoti Bima Yojana?

Pradhan Mantri Jeevan Jyoti Bima Yojana is a type of insurance scheme and this insurance scheme only covers death and the benefits will be provided to the nominee.

Pradhan Mantri Jeevan Jyoti Bima Yojana is the best one-year scheme you can easily renew this scheme annually and this scheme is a pure term insurance policy.

Period of Enrolment

The period of cover varies from 1st June to 31st May every year, subscribers who want to enroll can give their consent of auto-debit by 31st May for the period of cover from 1st June 2022 to 31st May 2023.

 In Pradhan Mantri Jeevan Jyoti Yojana ₹2,00,000 of life cover is available just for ₹330 per annum premium and you can easily renew that every year. If any person has a joint account they can also apply for this scheme by meeting the eligibility criteria and paying the premium subscription.

Eligibility criteria

Below given is the eligibility criteria required to apply for Pradhan Mantri Jeevan Jyoti Bima Yojana

  • To apply for PPradhan Mantri Jeevan Jyoti Bima Yojana the minimum age requirement is 18 years and the maximum age requirement is 50 years.
  • The person who is applying should have a bank account.
  • If in any case, a person has more than one bank account the person can easily apply for Pradhan Mantri Jeevan Jyoti Yojana if they have one saving account in any bank.

The premium payment structure of Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana

The premium payment structure of Pradhan Mantri Jeevan Jyoti Bima Yojana has been revised by the Ministry of Finance on 1st September 2018 according to the ICICI Bank website, below given is the premium payment structure of Pradhan Mantri Jeevan Jyoti Bima Yojana

  • For March, April and May the premium is available for just ₹86.
  • For February, December, and January the premium is available for just ₹172.
  • For November, September, and October the premium is available for just ₹258.
  • For August, June, and July the premium is available for just ₹330.

Explanation of the new structure-For any person who has applied for the scheme ofPradhan Mantri Jeevan Jyoti Bima Yojana on 31st august in that scenario the annual premium will be available for ₹330 and it would be applied to the person for one year.

But on the other side if any person has applied for Pradhan Mantri Jeevan Jyoti Bima Yojana on 1st September the premium amount will be available for just ₹258 and it would be applied to the person according to the revised structure.

Mode of payment

The premium amount will be automatically deducted from the bank account and for the renewal policy, it would be deducted between the period of 25th May to 31st May. Automatically debating facility is also applicable to post office accounts.

Waiting period

For the new members who are applying for Pradhan Mantri Jeevan Jyoti Bima Yojana, the risk would be covered after 30 days of applying which means that the insurer doesn’t have to claim anything within the 30 days of applying.

Applying Process

LIC administrator Pradhan Mantri Jeevan Jyoti Bima Yojana scheme. Anyone can easily apply by sitting there local banks which are tied up with these insurance companies.

Anyone can easily renew the scheme or join the scheme if they have submitted the whole premium amount. But if you want to renew the scheme the details 1st June for every insurer.

The process of applying for Pradhan Mantri Jeevan Jyoti Yojana please very simple. Below given the steps through which you can easily apply for Pradhan Mantri Jeevan Jyoti Yojana-

  • Visit the official website and download the official form.
  • Fill out the form with correct details and submit it to your nearby or releted bank.
  • You can also apply for this scheme by SMS process.

Maturity benefits

As you already know that Pradhan Mantri Jeevan Jyoti Bima Yojana is a pure term policy. So, there will be no maturity benefits.

Settlement of claim

The settlement of the claim will be done by the designated insurance company. Below given are the steps that the nominee should follow to claim the death claim-

  • Nominee has to visit the bank account in which the person was having its saving account under the scheme of Pradhan Mantri Jeevan Jyoti Yojana.
  • The nominee should have the death certificate of the person.
  • Nominee has to claim the claim form and the receipt of discharge from the bank.
  • Submit the filled-up claim form, death certificate, and discharge receipt with dog cancel check photocopy to the bank and the person was having their saving account.

Steps which should be taken by the bank

Below given are the steps which should be taken up by the bank-

  • Bank has to verify the documentation which has been submitted by the nominee.
  • Below given are the documents which should be submitted by the bank insurance company-
  • Claim form.
  • Certificate of death.
  • Cancelled cheque photocopy.
  • Receipt of discharge.

The maximum time given to the bank to forward all the documents which have been submitted by the nominee is of 30 days from the date of submission.

Steps which should be taken by the insurance company

Below given other steps which should be taken by the insurance company-

  • The insurance company has to make sure that the form is filled and all documents have been attached.
  • If the claim was done in force, the claim amount will be direct to the nominee’s bank account.

The maximum time given to the insurance company to distribute the claim to the respective person is of 30 days.

Conclusion

Insurance has become one of the most important assets in the life of a human being, insurance safeguards the life of a person and its family members and the Pradhan Mantri Jeevan Jyoti Yojana scheme is also one of its kind.

Pradhan Mantri Jeevan Jyoti Yojana is an insurance scheme that covers only death benefits, it is a type of pure term insurance policy, and no maturity benefits are provided it is a one-year insurance scheme and you have to renew this scheme annually and it only covers up morality and there is no sort of investment.

Frequently asked questions

What is Pradhan Mantri Jeevan Jyoti Yojana?

Pradhan Mantri Jeevan Jyoti Yojana is a type of insurance scheme and this insurance scheme only covers death and the benefits will be provided to the nominee.

What type of scheme Pradhan Mantri Jeevan Jyoti Yojana is?

Pradhan Mantri Jeevan Jyoti Yojana is a one-year life insurance scheme and you have to renew this scheme yearly. It only covers up death benefits and it is a type of pure the term insurance policy and it does not cover any sort of maturity benefit.

What is the waiting period for Pradhan Mantri Jeevan Jyoti Yojana?

For the new members who are applying for Pradhan Mantri Jeevan Jyoti Yojana, the risk would be covered after 30 days of applying which means that the insurer doesn’t have to claim anything within the 30 days of applying.

Are maturity benefits covered up under Pradhan Mantri Jeevan Jyoti Yojana?

As you already know that Pradhan Mantri Jeevan Jyoti Yojana is a pure term insurance policy and it does not cover any kind of maturity benefit.