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The PMJJBY policy was announced as a one-year plan of pure risk term insurance that can be bought from banks at cost-effective rates.
|The policy offers Life Coverage of INR 2 lakh
|PMJJBY renewal is done on yearly basis
|The term of the policy is one year
|The policy is available at reasonable PMJJBY premium amount
|The process of enrolling into the policy is simple and swift
|The policy is an initiative of government of India
Here are some primary Pradhan Mantri Jeevan Jyoti Bima Yojana benefits:
1. Death Benefit – During the 1-year period of the policy term if the insured dies in an unfortunate event, the policy pays the death benefit of INR 2 lakh to the nominee as mentioned in the plan details.
2. Tax Benefits – The PMJJBY account allows policyholders to enjoy tax exemptions to the policyholder as per the existing income tax laws in India.
3. Maturity Benefits – Being a pure term insurance plan, PMJJBY does not allow any maturity benefit. The policyholder can renew the plan after the 1-year policy duration is over to stay in the plan.
1. Policy enrolment – The policy enrolment for PMJJBY takes place as soon the premium amount for the plan is auto-debited from the bank account of the policyholder. The plan stays active until May 31 of the next year and can be renewed on June 1 to extend coverage for another year by paying the full premium.
2. Premium Amount – The premium amount for the plan is fixed at INR 330 per annum and has to be paid at one go.
3. Line period – This is the period of first 30 days of the policy duration from the enrolment date during which the policy doesn’t cover the insured. So, if the insured dies during this period, the nominee doesn’t get any benefit.
4. Free-look period – The PMJJBY policy doesn’t offer any free-look period.
5. Grace Period – The plan comes with a grace period of 30 days from the date of renewal that is 1st June. Hence, during this one-month period, the insurance remains active. However, if the policy is not renewed within that time, it will lapse.
6. Revival of Policy – To revive a policy after the grace period, the policyholder needs to pay the premium in full and submit a good health certificate along with other documents.
|Min – 18 years, Max – 50 years
|Maturity Age (Maximum)
|1 year (renewed annually)
|June 1 to May 31
|Premium payment option
|Single pay (auto-debited)
|INR 330 per annum
|INR 2 lakh
To apply for the policy, an individual has to go through their bank in which they have a savings account. All they need is to get in touch with the concerned bank and pay the premium to avail the policy. Once they make the payment of the premium in full, the policy become active. If a policyholder has exited the plan, he/she can join the plan back by paying the premium.
The cover terminates in case of the below mentioned events:
In the event of demise of the policyholder during the policy duration, the claim will be settled by the insurer.
Here are the steps to follow:
The bank verifies the policy to check if it is active and if the premium has been paid in full. The bank will then verify nominee detail and claim form. After that the bank will fill the required details and submit the form to the concerned department of P&GS office at LIC within 30 days.
Once the papers reach the LIC office, they will verify if there are any death claim already made in the name of the policyholder through any other account. If they find the details correct, they will release the death benefit.
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You can apply for PMJJBY:
Through offline process by visiting the nearest branch of your bank
Through online means by using internet banking or phone banking
The premium paid towards PMJJBY is deducted from the bank account of the policyholder via auto-debit option. However, the consent for the same has to be given by the policyholder.
Yes, for joint account, all the members of the account can be a part of the scheme as per the eligibility criteria and pay the premium per annum per person.
The best part about PMJJBY is that it covers death caused due to any and all reasons.
PMJJBY can be activated through your bank account of any bank. All you need to do is to:
Login to the net banking option of your bank and click on the tab of ‘Insurance’
Now, choose the scheme
Choose the bank account for premium payment
Select details like policy coverage money, nominee details, premium etc.
Now, submit the details and click on ‘Confirm’ tab to activate the plan
Download the acknowledgement paper as well as the reference number for future purpose .
Pradhan Mantri Jeevan Jyoti Bima Yojana
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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