The central government of India has propelled another life insurance scheme, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), for the development of poor people and low-income area of society. As an unadulterated term protection policy, the pm Jeevan Jyoti Bima Yojana is accessible for individuals between the age group of 18-50 years.
PMJJBY is a renewal term protection policy that, gives a yearly life coverage scope of Rs. 2,00,000 if the insured dies, and at the most reasonable premium rate of Rs. 330 per year. In case you are not able to comprehend the English version of the policy and the scheme then you also get complete details in the Pradhan Mantri Jeevan Jyoti Bima Yojana in Hindi version.
Traits of Pradhan Mantri Jeevan Jyoti Bima Yojana
- The policy renders life coverage for one year.
- The insured can revamp the policy annually.
- Based one’s own preference, the assured can leave the scheme at any time, in addition, to rejoin it in future.
- The policy presents a highest sum assured of Rs2 lakh.
- In comparison with other term insurance policy, this particular plan provides a yearly very less premium rates i.e. Rs. 330. Furthermore, the premium rate is identical for all age groups ranging from 18 to 50 years.
- The claim settlement procedure provided by the policy is very easy as well as subscriber friendly.
The few cases in which the death benefit provided by the policy is ceased are
- If the insured person is more than 55 years.
- The policyholder is assured thru different bank accounts.
- If the assured has insufficient balance in saving bank account to maintain the insurance in force.
If you neglect to buy the plan in the underlying years you can join the strategy in the ensuing years by paying the yearly premiums and presenting a self- attested health certificate.
Tax benefit under PM Jeevan Jyoti Bima Yojana
The premium paid towards the policy is qualified for tax deduction under section 80C of Income Tax Act. If the policyholder fails to present form 15 G/15 H then any life coverage proceeds over and above Rs. 1, 00,000 will be taxable by 2%.
PMJJBY gives risk coverage for 1 year. By the by, as this is sustainable approach it can be renewed yearly. Additionally, the policyholder can likewise settle for a longer duration over a year via auto debit option connected to your saving bank account.
Eligibility Criteria for Pradhan Mantri Jeevan Jyoti Bima Yojana
- Any individual who is between 18-50 years having a saving bank account can join this plan thru participating banks.
- Even if you have multiple bank accounts, you can buy this plan through single multiple bank accounts.
- If you want to avail the advantages offered by the scheme, it is obligatory to link your Aadhaar card to the participatory bank account.
- Insurance purchasers joining the plan after the primary enrollment time frame extending from 31st August 2015-30th November 2015 should present as a self-attested medical certificate as evidence that he/she isn’t experiencing any basic ailment mentioned in the policy declaration form.
Link Aadhaar with participating bank to subscribe
Pradhan Mantri Jeevan Jyoti Bima Yojana is an extremely useful plan that can be bought by merely linking your Aadhaar card with the participating bank account. This plan was open for membership from first June 2015-31st May 2016. The endorsers can select themselves after this date too if payment of full yearly premium is made and health credential is submitted.
Key benefits under Pradhan Mantri Jeevan Jyoti Bima Yojana
As a government supported protection policy with the base premium rates this plan is extremely profitable for those people who have a low income. The arrangement proficiently secures the money related future of the individual and gives a support with the goal that they can fight any sort of contingency. There are three key highlights that make this policy exceptionally advantageous –
- The plan renders protection to the family of the insured to cover any possibility.
- The plan has the most uncomplicated procedure of enrollment and changing.
- With least premium rates presented by the policy, any person, who is entitled, can subscribe to this policy devoid of any troubles.
Participating Banks will be the Master policyholders. A basic and subscriber-friendly organization and claim settlement process might be finalized by LIC/other insurance agency in discussion with the participating bank.
Waiting time for claims
Risk cover under PMJJBY is applicable merely after the initial 45 days of enrollment. As it were, back up plans do not need to settle claims amid the initial 45 days from the date of enrollment. Nevertheless, deaths because of accidents will be excluded from the lien statement and will yet be paid.
Enrollment in PM Jeevan Jyoti Bima Yojana
PMJJBY is regulated through LIC and other Indian private life insurance organizations. One may likewise approach their bankers concerning the procedure of enrollment as certain banks have tied up with insurance agencies. On account of numerous bank accounts held by a person in one or different banks, the individual would be qualified to join the plan merely through one account.
For the individuals who wish to join the plan now may, in any case, do as such. You can join or renew the plan anytime during the year by paying the full premium and not the proportionate sum. Nevertheless, the renewal date will remain June 1 for all the subscribers.
The enrolment procedure has been kept basic as well as simple. To enlist, you can download the form and submit it to your banker. A few banks have started an SMS-based enrolment process as well. It should be possible through net banking as well. To join/pay via auto- debit from the assigned individual bank account on the recommended forms will have to be given by 31st May of consistently.
With every one of these advantages and highlights offered by the policy, this Pradhan Mantri Jeevan Bima Yojana is absolutely extraordinary compared to other plans to buy for the low-income segment of the society.