PMJJBY Scheme -Pradhan Mantri Jeevan Jyoti Bima Yojana

What is the PMJJBY Scheme?

PMJJBY full form - Pradhan Mantri Jeevan Jyoti Bima Yojana

• The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme in India aimed at enhancing the financial security of citizens, particularly the economically vulnerable sections of society. Launched by Prime Minister Narendra Modi in 2015, the PMJJBY scheme is designed to provide life insurance coverage at an affordable premium, ensuring that financial support is available to the insured's family in case of their untimely demise.

Understanding PMJJBY:

• The PMJJBY is a renewable one-year term life insurance plan that offers a coverage amount of Rs. 2 lakh in the event of the policyholder's death due to any reason. This scheme is accessible to all Indian citizens aged between 18 and 50 years who have a savings bank account and give their consent to join and enable auto-debit of the premium.

Key Features of PMJJBY:

1. Affordable Premium: The PMJJBY premium is exceptionally low, set at Rs. 436 per annum. This makes it accessible to a broad spectrum of people, including those from economically weaker sections.
2. Easy Enrollment: Individuals can enroll in the PMJJBY scheme through participating banks and insurance companies. The enrollment process is simple and requires minimal documentation.
3. Wide Coverage: The PMJJBY offers a sum assured of Rs. 2 lakh, which is payable to the nominee in case of the insured’s death, ensuring financial stability for the family.
4. Renewable Policy: The policy is renewable annually, with the option for automatic renewal, ensuring continuous coverage without the need for yearly reapplication.

PMJJBY vs PMSBY:

• The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is another government-sponsored insurance scheme that complements the PMJJBY. While the PMJJBY focuses on life insurance, the PMSBY provides coverage for accidental death and disability. Individuals can subscribe to both schemes simultaneously to ensure comprehensive insurance coverage.

Comparison between PMJJBY and PMSBY:

• Coverage: PMJJBY covers death due to any reason, while PMSBY covers accidental death and disability.
• Premium: The annual premium for PMJJBY is Rs. 436, whereas for PMSBY, it is Rs. 20.
• PMJJBY age limit eligibility: Both schemes are available to individuals with a savings bank account, but PMJJBY is open to those aged 18-50 years, and PMSBY to those aged 18-70 years.

How to Enroll in PMJJBY:

Enrolling in the PMJJBY scheme is straightforward and can be done through any participating bank or insurance company. Here are the steps to enroll:

1. Eligibility Check: Ensure you meet the eligibility criteria (age between 18 and 50 years and a savings bank account holder).
2. Consent for Auto-Debit: Provide consent for auto-debit of the annual premium from your savings account.
3. Fill Enrollment Form: Complete the PMJJBY enrollment form, which is available at the bank or can be downloaded from the official websites of participating banks and insurance companies.
4. Submit Form: Submit the duly filled form to your bank branch or through online banking portals, if available.

PMJJBY Premium Amount/Sbi life PMJJBY 436 Plan Details:

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme offering coverage at an affordable premium.

• Premium: ₹436 annually, auto-debited from your linked bank account.
• Coverage: ₹2 lakh life insurance for death (any cause) for individuals aged 18-50.
• Eligibility: Must have a savings account with a participating bank like SBI.
• Renewal: Premium is auto-renewed every year.

PMJJBY Scheme Benefits:

The PMJJBY scheme offers several benefits that make it an attractive life insurance option for individuals seeking affordable coverage:

1. Financial Security: The scheme provides a significant financial cushion of Rs. 2 lakh to the nominee in case of the policyholder's death, ensuring the family's financial stability.
2. Low Premium: At just Rs. 436 per annum, the premium is highly affordable, making it accessible to a wide range of people, including those from low-income groups.
3. Government Support: Being a government-backed scheme, PMJJBY is trustworthy and reliable, with transparent terms and conditions.
4. Simple Claim Process: The claim process under PMJJBY is straightforward and hassle-free. Nominees can easily claim the insurance amount by submitting the required documents to the respective bank or insurance company.

PMJJBY Certificate Download:

After enrolling in the PMJJBY scheme, policyholders can download the PMJJBY certificate as proof of their insurance coverage. The certificate can be obtained through the following steps:

1. Visit the Bank’s Website: Go to the official website of the bank where you have enrolled for the PMJJBY.
2. Log In: Log in to your account using your credentials.
3. Navigate to PMJJBY Section: Find the section dedicated to PMJJBY and select the option to download the certificate.
4. Download and Print: Download the certificate and print it for your records.

FAQs:

What is the Full Form of PMJJBY

• The full form of PMJJBY is Pradhan Mantri Jeevan Jyoti Bima Yojana.

What are the benefits of PMJJBY?

• The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides a one-year term life cover of ₹ 2.00 Lakh to subscribers aged 18-50 years. It covers death due to any reason. The premium is ₹ 436 per annum per subscriber and is auto-debited from the subscriber's bank or post office account.

What is the benefit of PMJJBY 436?

• The benefit of PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) with a premium of ₹436 per annum is a life cover of ₹2 lakh for death due to any reason. This affordable premium provides substantial financial support to the nominee in case of the subscriber's untimely demise.

What are the eligibility criteria for PMJJBY?

• The scheme is open to all Indian citizens aged 18-50 years who have a savings bank account and give their consent to join and enable auto-debit of the premium.

Can I enroll in both PMJJBY and PMSBY?

• Yes, individuals can enroll in both PMJJBY and PMSBY to ensure comprehensive insurance coverage for life and accidental death/disability.

Why is 436 deducted from my account?

• Under PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana), the premium is ₹436 per annum per subscriber. For those enrolling for the first time during the middle of the policy period, a pro-rata premium is allowed:
• Enrolment in June, July, and August: Full annual premium of ₹436 is payable.

This scheme ensures that subscribers can get enrolled at any time while adjusting the premium accordingly.

Is PMJJBY refundable after cancellation?

• Yes, The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) policy allows for a refund if canceled within the free-look period, which is 15 days after the policy is purchased. During this period, you can review the policy terms and cancel it if you are not satisfied.

How do I check my PMJJBY status?

To check the status of your PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) application, follow these steps:

• Log in to Your Bank's Website: Sign in to your internet banking account.
• Navigate to PMJJBY Section: Locate and enter the PMJJBY section.
• Enter Bank Account Number: Input your bank account number.
• Enter Application Number: Provide your PMJJBY application number.
• Submit: Click the submit button to view the status of your application.

What happens if the premium is not auto-debited due to insufficient balance?

• If the premium is not auto-debited due to insufficient balance, the policy will lapse. It is essential to maintain sufficient funds in the savings account to ensure continuous coverage.

Can NRIs enroll in PMJJBY?

• Yes, Non-Resident Indians (NRIs) holding a savings bank account in India can enroll in PMJJBY, provided they meet the eligibility criteria.

How is the claim process under PMJJBY?

• In case of the policyholder's death, the nominee needs to submit the death certificate, claim form, and discharge receipt to the bank or insurance company to initiate the claim process. The claim amount is usually settled within a few weeks after verification.

Is the PMJJBY premium subject to change?

• The premium amount of Rs. 436 per annum is subject to periodic review by the government and may change based on various factors, including the claims experience.

What are the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana?

• PMJJBY offers a one-year term life cover of Rs. 2.00 Lakh to all subscribers in the age group of 18-50 years. It covers death due to any reason.

What is the premium amount of Pradhan Mantri Jeevan Jyoti Bima Yojana?

• The premium payable is Rs. 436 per annum per subscriber. For those enrolling under PMJJBY for the first time during the middle of the policy period, payment of pro-rata premium is allowed as follows:
  a) For enrolment in June, July, and August – A full annual premium of Rs. 436 is payable.

How do I stop RS 436 deducted from my bank account?

• Visit the branch office of the bank linked to the PMJJBY scheme and request to stop the PMJJBY premium annual auto-debiting process. If the payment is not made on time, the policy will automatically be canceled.

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