Pradhan Mantri Jeevan Jyoti Bima Yojana


Pradhan Mantri Jeevan Jyoti Bima Yojana

The Prime minister of India, Mr. Narendra Modi is taking an initiative to get the unbanked population of the country exposed to the mainstream banking systems and therefore have begun Jeevan Jyoti Bima Yojana for those employed and dealing in unorganized sector.

One such scheme recently launched is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), which offers a renewable insurance coverage cover of Rs 2 lakh with merely a premium of Rs 330. Any Indian resident inside age bracket of 18 to five decades is eligible to avail the scheme, provided she or he has a saving banking account with which the scheme can be attached.

Pradhan Mantri Jeevan Jyoti Bima Yojana

Specifics of Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana is an insurance scheme that needs to be renewed on yearly basis using a cover for the commencing year at any time of your convenience. The scheme covers death on account of any reasons. The main administrator with the scheme could be Life Insurance Corporation in addition to hardly any other insurance providers who are able to give a similar product beneath the scheme.

Any Indian resident whoes age is eighteen to fifty years is entitled to join the scheme. If someone has multiple saving accounts in a number of banks, the concerned will only be able to join one scheme that might be attached with any of the saving accounts.

Duration of Enrollment for Jeevan Jyoti Bima Yojana

The cover period for first initiative of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) comes from 01st of June 2015 to 31st of May 2016. All the candidates are required to give approval to the concerned bank before 31st of may, 2015. The government might pull out the duration of enrollment till 31st of august, 2015.

However, those joining after 31st may still have to make full payment of these premium amount so that you can avail the cover throughout the said period.

Advantageous facts and Enrolment Modalities about Jeevan Jyoti Bima Yojana

The premium within Pradhan Mantri Jeevan Jyoti Bima Yojana can be paid via an auto debit that might be linked to the saving account of the subscriber. Since 2015 is actually the beginning year for the scheme, extra time of three to six months will be offered to the ones who actually need to join this scheme following the due date.

However, in case the people who are joining the scheme following the last date must pay the full premium for the complete year so that they can get their hands on the coverage for that year. A fitness certificate would be required to present before getting linked up with the scheme. In case a person drops the scheme at any time, the concerned could rejoin the same by paying the entire premium for that year together with submitting a health certificate.

In accordance with the rules under Pradhan Mantri Jeevan Jyoti Bima Yojana, the insurance for death comes to a total cash of not more than two lakh. This comes out with a fact that an amount of two lakh can be offered to the nominee of the dead.

Premium for Jeevan Jyoti Bima Yojana

The premium for Pradhan Mantri Jeevan Jyoti Bima Yojana is Rs 330 per year to be auto-debited from the subscriber’s saving account once in a year. This money can be debited before or on 30th of May within the provided fiscal year.

A one-time full payment of the premium is also probably provided by the subscriber together with a health certificate by a proficient medical practitioner. While, the government entities would do their utmost never to raise the amount of premium in the upcoming years, the premium nonetheless, is susceptible to revision every year.

Eligibility criterions for Jeevan Jyoti Bima Yojana   

Given below are the eligibility criterions for getting the hold of life insurance coverage under the Pradhan Mantri Jeevan Jyoti Bima Yojana:

  • the age limit to get linked up with this Bima policy is eighteen to fifty years.
  • The subscriber must have a functioning saving account with any bank located in the premises of India.
  • The subscriber should give you a written consent the premium can be auto-debited from his/her saving account yearly and that he/she’d maintain the required minimum balance during the time of auto-debit
  • People that join the scheme after the last date of the scheme would have to pay full premium along with a fitness certificate.
  • A declaration must be generated by the concerned person that he or she is not struggling with any acute and critical medical status at the time of getting registered to the Pradhan Mantri Jeevan Jyoti Bima Yojana.

The termination of assurance under PMJJBY   

In any of the below mentioned aspects, the advantages and assertions that fall under the Pradhan Mantri Jeevan Jyoti Bima Yojana should be right away concluded. In addition to this, no cash amount will be offered to the nominee or the subscriber:

  • The assurance can be concluded in case the concerned person (subscriber) attains the 55 years of age. In point of fact, trying to get yourself linked with the scheme after crossing 50 years of lifespan is not feasible anyway.
  • The declarations and advantages can be concluded in case the saving account of the subscriber gets shut. This is because the auto-debit of the concerned person has to be guided by this account.
  • The pension cover will be concluded will all apart from any one account in case the candidate owns multiple saving accounts and also in the situation if he or she holds multiple Bima policies on those accounts. The government has allowed the one policy per person under the rules of Jeevan Jyoti Bima Yojna.
  • The Jeevan Jyoti Bima Policy can be concluded in case the subscriber is unable to maintain the minimum required balance in the saving account.

The scheme though, may be restored after the complete payment for the premium is made. Along with this the subscriber also has to provide a health certificate obtained from a professional medical practitioner.

Premium under the Jeevan Jyoti Bima scheme   

The below mentioned is the appropriation of Rs 330 that has to be paid as the premium cash amount under Pradhan Mantri Jeevan Jyoti Bima Yojana:

  • An amount of 289 will be charged as the annual insurance premium by each member of life Insurance Corporation of India.
  • A sum of Rs 30 has to be paid by the subscribers for refund of expenditures to Corporate, Agents, BC, Micro.
  • A total of Rs 11 would be required to pay for the Administrative Reimbursement Expenses on the banks doing the scheme.

As per the scheme, it is the absolute responsibility of the concerned bank to pull together the required annual premium in one-go from the concerned account holder on or before the given due date.  The concerned authorities will be provided with a choice of paying a one-time mandate for the auto-debit of required premium amount from their respective accounts.  The projected date of commencement of Pradhan Mantri Jeevan Jyoti Bima Yojana was 01st of June this year (2015) and all the renewals will take place subsequently on 01st of June on a yearly basis.

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