Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) is the government-operated life insurance scheme, the motive of this scheme is to uplift the poor and the lower section people of the society. This scheme is available for every person between the age group from 18 to 50 years. This is one of the best plans for the people for their money investment. As this scheme was operated by the government of India it offers high security for the investor, it is a risk-free investment option for any individual who are looking to invest their money either for short-term or long-term savings.
What are the Key Features of PMJJBY?
Tenure- 1-year tenure from the day of the policy enrollment and will be renewed every year till 55 years.
Enrollment Period - Enrollment starts from Every year of 1st June to the subsequent year till 31st June.
Policy Coverage - PMJJBY offers Rs 2,00,000/- coverage for the nominee (Terms Apply)
Tax Benefit - The coverage amount that comes from PMJJBY is tax-free. PMJJBY offers tax benefits under section 80C under IT Act.
Payment Mode - The only mode is through the saving bank account, the amount will be automatically debited from the respective bank account of the policyholder.
What is the eligibility of the PMJJBY Scheme?
- Minimum Age - 18 years
- Maximum Age - 50 years
- Individual having savings bank account can avail this offer (Note: Aadhaar must be linked to the respective savings account of the holder)
- Lien Period - 45 days from the date of joining the scheme.
What is the procedure to enroll PMJJBY?
- Select the bank (Public/Private sector) to enroll in this scheme
- Visit the https://www.jansuraksha.gov.in/Forms-PMSBY.aspx
- Download the PMJJBY Application form, from the site.
- Fill the PMJJBY Application Form and submit it at the respective bank.
- Along with the filled PMJJBY Application submit the KYC documents (Aadhaar, PAN, Voter ID, etc.)
- Once the verification is done, you are enrolled for this scheme.
What is the Procedure to Claim the PMJJBY?
Procedure for the Beneficiary-
- Download the PMJJBY Claim Form
- Fill the form and submit in the bank along with the cancelled cheque and other detail to the bank.
- Once verified the beneficiary must collect the amount from the bank.
Procedure for the nominee to claim-
- If the insured person had an unfortunate demise, the nominee must visit the bank and submit the death certificate.
- The nominee must get the claim form of PMJJBY, fill, and submit it to the bank.
- Along with the claim form the nominee must submit the beneficiary's death certificate, discharge receipt, cancelled cheque, bank details of the policyholder, etc.
- Once verified, the nominee must collect the claimed amount from the bank.
Benefits of PMJJBY:
- Tax Benefit
- Death Benefit
- Risk-Free Investment Option
- Easy application Procedure.