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What is Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme (PMJJBY)?

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What is Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme (PMJJBY)?

About PMJJBY Policy 

The full form of the PMJJBY Scheme is Pradhan Mantri Jeevan Jyoti Bima Yojana. This scheme was launched by Finance Minister Arun Jaitley in his 2015 budget. This scheme is a Renewable Scheme which has to be renewed every year. This Scheme Saving Account Holder has been launched to offer an annual Life Insurance Cover offer of up to Rs 2 lakhs so that if the Savings Account Holder dies due to any reason, they will be provided Life Insurance Cover of up to Rs 2 lakhs. Jeevan Jyoti Bima Yojana was launched with two other Insurance Scheme Pradhan Mantri Suraksha Bima Yojana and the Atal Pension Yojana Scheme.

The way in which PMSBY Scheme was covered only for Accidental Insurance, in this way, only accidental insurance is not covered in this scheme, but if the Subscriber dies due to any reason, then Subscriber's Nominee will be entitled to Death Cover As insurance coverage is provided. However, if the subscriber does not die in the PMSBY scheme, but becomes partially disabled then he is given Rs 1 lakh in the form of an insurance cover but only if the subscriber dies due to any reason in the PMJJBY scheme. Insurance Cover will be provided, in addition to any condition, insurance cover will not be provided. Meaning, Benefit is available only when death in this scheme.

Key Features of PMJJBY Scheme

In this policy, the account holder is provided for Risk Coverage for only one year, which is from June 1 to next year of 31st May. Like if a subscriber has deposited Premium Amount in this scheme in June or thereafter, the same will also be covered by the date on which the scheme has been deposited with the premium from the date of 31st of the year till 31st May.

This scheme is a Renewable Scheme. This means that it is mandatory to renew the scheme again every year, otherwise you can not make any kind of debate on the bank. However, if you want, you can also take the scheme for long periods, in which you will not have to renew the scheme every year, but you will be charged Premium Deduct from Scheme of Yojna through Linked Bank Account through Auto Debit Facility.

Any individual can ever exit the Plan Scheme and in the future, if you want, you can join the scheme anytime.

If the subscriber's age has exceeded 55 years or the subscriber is receiving the cover from one bank through one or more, or there is not enough balance in the bank account to keep the scheme as smooth, or the subscriber has not If you have closed Linked Bank Account then you will be terminated with this scheme and you will not receive any Death Cover.

The main implication of this scheme is that Death Coverage is 2 lakh rupees in this scheme, which is given to Nominee in the form of an insurance cover on death due to any reason for the insured account holder.

Eligibility for PMJJBY Scheme

In this scheme, participating banks can join this scheme if there is a Saving Bank Account Holder whose minimum minimum age is 18 years and maximum age is 50 years.

Even if an applicant has more than one bank account, then the applicant can subscribe only through a Bank Account in this scheme.

The scheme should have your Aadhar Card Link. If you have not added Aadhaar Card Link to the Bank Account at the time of opening Saving Bank Account Open, it is mandatory to submit Aadhaar Card Photo Copy with this Scheme while submitting the application form otherwise you can not get the benefits of this scheme.

In the PMJJBY Scheme, you have to deposit Premium Premium Amount @ 330 per year. Premium Amount will be automatically debited from your scheme with a Linked Saving Bank Account in a single installment. If you have a Saving Bank Account in more than one bank, then this Amount will be deducted from the Bank Account which you had participated in Scheme by linking the Bank Account with the Scheme.

Benefits of PMJJBY Scheme

In case of death due to any reason of Subscriber under this scheme, 2 lakh rupees are given to the beneficiary of Account Holder or Nominee as insurance cover.

This scheme is completely Term Insurance Plan. Therefore, there is no maturity period of this scheme.

Deduction can also be taken under Section 80C of the Income Tax Act, 1961 of the Premium Amount to be deposited in this scheme.

Termination of Assurance

If the age of Subscriber is 55 years, then the insurance scheme is terminated for it and it becomes terminate with this scheme.

The day on which the scheme has to deposit through the Auto Debit facility, and if there is not enough balance in your Link linked bank account on that day, then you terminate this scheme and this insurance scheme is for you.

Under this scheme, only one account can get the cover of up to Rs 2 lakh and you get the cover through the Multiple Account under this scheme and other insurance cover will be terminated and the premium Deposit will be seized.

We have discussed about this in our article being terminated from PMJJBY's Features, Benefits, Eligibility and Scheme. We will discuss about our Article Fact and Similarities PMSBY Scheme and the PMJJBY Claim Process of PMJJBY in PMJJBY Scheme and Claim Settlement Process of PMJJBY.

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