Last Updated:
A safe and accessible life insurance coverage scheme offered by the government, the Pradhan Mantri Jeevan Jyoti Bima Yojana provides life cover at cheap premiums.
How to apply for the Pradhan Mantri Jeevan Jyoti Bima Yojana.
Launched by the Indian government, the Pradhan Mantri Jeevan Jyoti Bima Yojana provides life insurance coverage to Indian citizens at cheap premiums. The scheme helps applicants receive financial assistance after their death, providing coverage of Rs 2 lakhs after paying premiums at a lower rate than the market. Eligible life insurance holders under the PMJJBY scheme just have to pay a premium of INR 436 to enjoy its benefits.
Eligibility
The applicant must be an Indian resident between the ages of 18 and 50 years and must hold a bank or post office account. The maximum maturity age of the life insurance under the PMJJBY scheme is 55 years.
Premium Amount
The premium amount set by the Indian government under the PMJJBY scheme is Rs 436. The total financial assistance as per this life insurance plan is Rs 2 lakhs, offered after the death of the applicant due to any cause. The coverage period is one year between 1st June and 31st May. To join or renew the insurance plan, applicants must submit the auto-debit option by 31st May each year.
Online Application
The applicants of the Pradhan Mantri Jeevan Jyoti Bima Yojana can fill out the enrollment form online using the net banking service provided by their banks. Here is a step-by-step guide on how to undergo the online application for the PMJJBY scheme:
Step 1: Login to Net Banking
Step 2: Click on the ‘Insurance’ tab
Step 3: Choose Social Security Plans
Step 4: Choose Pradhan Mantri Jeevan Jyoti Bima Yojana
Step 5: Pick an account you want to use for your premium payments.
Under PMJJBY, a premium of Rs 436 per month is deducted automatically from the savings bank account with a facility for auto-debit instructions.
Claim Process
The claim process is set in stone by filing the claim form offered by the Indian government under the PMJJBY. It is filled by the insured member in case of his accidental disability claim or by his nominee in case of the death of the insured member. The claimant requires identity proof, bank account details, Aadhaar number and PAN card details along with a signature on the form to undertake this process.
Bank List
Public Sector Banks
Punjab National Bank, State Bank of India and Central Bank of India.
Private Sector Banks
HDFC Bank, Kotak Mahindra Bank, Karur Vysya Bank etc.
Regional Rural Banks
Andhra Pragathi Grameena Bank, Assam Gramin Vikash Bank, Karnataka Vikas Grameena Bank, etc.
Cooperative Banks based in various states of India also offer the PMJJBY scheme.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
view comments
- Location :
Delhi, India, India
- First Published:
