In our last article we have discussed about Pradhan Mantri Suraksha Bima Yojan, accidental death and disability coverage @ Rs 12 per year. In this article we will let you know about Pradhan Mantri Jeevan Jyoti Bima Yojana, life insurance coverage of Rs 2 laksh by paying Rs 330 per year
Pradhan Mantri Jeevan Jyoti Bima Yojana or PMJJBY offers life insurance coverage of Rs.2 Lakhs on member’s death due to any reason on payment of Rs 330 per annum per member. This scheme will be a one year cover, renewable from year to year.
Irrespective of your age, the premium amount for this scheme is fixed at Rs. 330 for a life cover of Rs. 2 lacs.
Pradhan Mantri Jeevan Jyoti Bima Yojana scheme would be offered or administered by the Life Insurance Corporation (LIC) and other life insurance companies like SBI, ICICI etc. Participating banks like SBI, ICICI, UBI, UCO, HDFC, BOB, PNB, Canara Bank are free to engage any such life insurance company for implementing the scheme for their subscribers.
Who are eligible
All savings bank account holders in the age of 18 to 50 years in participating banks will be entitled to join Pradhan Mantri Jeevan Jyoti Bima Yojana. If you have more than one saving bank accounts in one or different banks then the person would be eligible to join the scheme through one savings bank account only.
To join or participate in Pradhan Mantri Jeevan Jyoti Bima Yojana the saving bank account holder is required to give their consent to enable auto-debit facility to your bank that you have chosen.
Period Covered by Pradhan Mantri Jeevan Jyoti Bima Yojana and Last date to participate
The cover shall be for the 1 year period stretching from 1st June to 31st May for which option to join or pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year.
If auto debit consent has been given by 31st May 2015 then the cover period is 1st June 2015 to 31st May 2016. Late enrolment for prospective cover will be possible up to 31st August 2015, which may be extended by Government of India for another three months, i.e. up to 30th of November, 2015.
Individuals who join after the initial enrollment period extending up to 31st August 2015 or 30th November 2015, as the case may be, will be required to give a self certification of good health and that he or she does not suffer from any of the critical illnesses as mentioned in the applicable Consent cum Declaration form as on date of enrollment or earlier.
Members may also give one-time mandate for auto-debit every year till the scheme is in force
The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option given, on or before 31st May of each annual coverage period under the scheme.
Delayed enrollment with payment of full annual premium for prospective cover may be possible with submission of a self certificate of good health.
Individuals who exit the scheme at any point may re-join the scheme in future years by submitting a declaration of good health in the prescribed proforma.
In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription shall be able to join while the scheme is continuing, subject to submission of self-certificate of good health.
Termination of Pradhan Mantri Jeevan Jyoti Bima Yojana
The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable there under:
- On attaining age 55 years (age near birth day) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
- Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
- In case a member is covered under PMJJBY with LIC of India or other company through more than one account and premium is received by LIC or other company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited. 4).
- If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium and a satisfactory statement of good health.