Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme backed by the Government of India. This scheme was launched in Kolkata in 2015 by the Honorable Prime Minister of India Narendra Modi. This insurance scheme was run for the development of the poor and low-income group of the society. Any citizen can get insurance up to two lakhs by paying just Rs 436 annually. As a pure term insurance plan, Pradhan Mantri Jeevan Jyoti Bima Yojana is available for people in the age group of 18 to 50 years.
You will have to pay money every year for insurance
To buy the policy of Jeevan Jyoti Bima Yojana, you will have to pay Rs 436 every year. In 2022, Rs 330 had to be paid to buy the policy. But the government later increased it to Rs 436. This premium is valid for every year, whose time limit is from 1 June to 31 May. You can take the policy through this scheme by visiting any bank branch or sitting at home through your bank’s net banking. The maturity age of this scheme is 55 years. This term has to be renewed every year. If the premium is not deposited in any year, then there will be no benefit of this scheme and your scheme will be considered closed.
Eligibility for insurance plan
- To avail the benefit of this scheme, he must be a citizen of India and must have a savings bank account.
- The age of the applicant should be between 18 to 50 years.
- The applicant should not have any other life insurance.
- The applicant has to save some amount in his savings bank to pay the premium.
Benefits of Jeevan Jyoti Insurance Scheme
- The premier benefit of this plan is Rs 330 per annum which makes it affordable for every individual and their family’s future is secure.
- After the death of the policy holder, his family gets the insurance sum and this amount helps in securing the future of the policyholder’s family.
- The enrolment process for this scheme is hassle-free and anyone can simply visit the bank and get enrolled.
- No person is required to undergo any medical examination at the time of enrolment under this scheme.
- The premium paid in this plan is eligible for tax benefits under Section 80C of the Income Tax Act.
Exclusions of Jeevan Jyoti Bima Yojana
- New members are not covered for non-accidental death within the first 30 days of enrolment. Non-accidental death claims cannot be accepted during this period.
- Drug abuse, suicide attempts, and deliberate self-harm are not included in this.
- Breaking the law, whether with or without criminal intent, is also not included.
Jeevan Jyoti Insurance Scheme Application Process
- To apply for Jeevan Jyoti Bima Yojana, go to your nearest bank branch and apply there.
- To apply, you will have to fill the form. In this, you will have to provide information like your name, bank account number, email ID, address, savings etc.
- Self-attested copies of required documents have to be submitted along with the application.
- After application, the bank or post office official will give you the acknowledgement slip and insurance certificate.
How to download the policy of this scheme online
- Visit the official website of your bank or insurance provider and log into your account.
- After this go to the insurance section.
- After opening the Insurance section, go to Social Security Scheme, then select Pradhan Mantri Jeevan Jyoti Bima Yojana.
- Select transaction type like UID and enter Aadhaar number for verification.
- Then depending on the bank, these details can be your name, date of birth, nominee, Aadhaar number, bank name, account number etc.
- After registering your PMJJBY certificate, you will be redirected to a confirmation page where you can download your PMJJBY certificate.
Documents required for this scheme
- Death certificate of the insured.
- Original PMJJBY certificate downloaded from the bank’s website.
- Identity proof of the nominee/legal heir.
- Bank account details of the nominee/legal heir.
- Filled Discharge Form: The nominee/legal heir has to sign the discharge form and get it attested by the bank manager or a gazetted officer.
How to cancel the plan policy
There are two ways to cancel the Pradhan Mantri Jeevan Jyoti Bima Yojana policy.
- The first way is to go to your bank’s branch office and request to stop the annual auto-debiting of Pradhan Mantri Jeevan Jyoti Bima Yojana. If the payment is not made, the policy will be automatically cancelled.
- The second way is to transfer the entire amount from your linked bank account. This will fail the auto-debiting and the policy will be cancelled.
Some things related to Jeevan Bhima Policy
- The process for cancellation of the policy should be initiated during the free-look period. This period is within 15-30 days after the policy is added.
- Necessary forms have to be filled for policy cancellation which includes policy details, date of receipt of policy documents, insurance agent details, reason for cancellation of policy, and bank account details for refund.
- The insurer may deduct certain charges from the refund—like medical examination fees or stamp duty.
- Canceling the policy may impact future insurability or premium rates.