One can, go to a large extent, believe that financial security and social welfare-oriented programs make a lot of difference in citizens’ lives. One such initiative related to this is the Pradhan Mantri Jeevan Jyoti Bima Yojana—a government-backed insurance scheme that provides life insurance coverage at an affordable premium. Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY) was launched to ensure financial stability and security for all. The following article discusses in detail how Pradhan Mantri Jeevan Jyoti Bima Yojana has affected citizens, along with its features, benefits, and eligibility criteria, and the overall difference it has brought about in the lives of its beneficiaries from one end of the country to the other.
Introduction to Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
The Government of India launched the Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY) on 9 May 2015 under the able leadership of Prime Minister Narendra Modi. This scheme provides life insurance coverage at an affordable premium to all citizens of India, more so to the economically vulnerable sections of society.
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Objectives of PMJJBY:
The key objectives of Pradhan Mantri Jeevan Jyoti Bima Yojana, in this context, are:
- Life Insurance at Affordable Premium Rate: Providing life insurance at an affordable premium rate to citizens.
- Monetary Support: Ensuring that the family of the insured persons gets monetary support after death, thereby providing some amount of financial security.
- Facilitating Financial Inclusion: Facilitating financial inclusion by giving insurance coverage to people who can usually neither afford nor access these other forms of insurance products.
Features of Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY):
The Pradhan Mantri Jeevan Jyoti Bima Yojana has some exclusive features that make this scheme easily accessible to the targeted section. The major features of this scheme include:
- Life Coverage: Under PMJJBY, life insurance coverage of Rs. 2 lakh in the event of death of the insured person for any reason including accidents is available.
- Affordable Premium: With a premium of only Rs. 330 annually per member, PMJJBY is quite affordable. In other words, it is one of the cheapest insurance plans operated within the country.
- Age Eligibility: Any person between the ages of 18 to 50 years can join PMJJBY. The coverage shall remain in force till the insured person reaches the age of 55 years.
- Renewal: The insurance coverage under Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY) is annual. Therefore, the premium shall be debited from the account of the beneficiary automatically without any prompting to ensure continuity of coverage under the scheme.
- Process of Enrolment: Any person willing to join the PMJJBY may simply enroll using his bank account. The scheme is available from participating banks linked to the individual beneficiary’s savings bank account.
- Easy Claim Process: In the sad event of the death of the Insured, the nominee or beneficiary will have to fill in a simple claim form along with the death certificate and claim the insurance money.
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PMJJBY Eligibility Criteria:
The following are the eligibility conditions to join the Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY):
- Age: 18 years completed – 50 years (age next birthday)
- Bank Account: The person should have a savings bank account. That bank account should preferably be linked to Aadhaar, and he should provide his consent to join and enable auto-debit.
- Premium Payment: A subscriber needs to ensure that the premium is paid annually well on time. The premium gets automatically deducted from the linked bank account.
How PMJJBY Works?
The mechanics of PMJJBY are simple:
- Enrolment: Any person willing to join Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY) needs only to fill in the application form and consent to auto-debit the annual premium from his linked savings bank account.
- Premium Payment: An annual premium of Rs. 330 is auto-debited from the insured person’s bank account on or before June 1st of every year.
- Period of Insurance: It shall be from 1 June to 31 May of the following year.
- Renewability: The insurance coverage shall be renewable on an annual basis. Participants shall at all times maintain sufficient funds in their bank accounts for auto-debit of premium.
- Claim Settlement: In the event of the death of the insured person due to any reason, a claim form accompanied by the certificate of death shall be sent to the bank by the nominee or beneficiary. The same shall be verified and, upon approval, the sum assured of Rs 2 lakhs is paid to the nominee.
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Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY):
PMJJBY has the following benefits for the insured and their family members:
- Financial Security: The scheme provides financial security to the families of the insured by paying a sum assured amount of Rs. 2 lakhs on the death of an insured person.
- Affordable Premium: With merely an annual premium of Rs. 330, PMJJBY makes sure that life insurance coverage is affordable even to economically weaker sections of society.
- Easy Enrolment: All that one needs to do for enrollment into Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY) is facilitated through participating banks, thereby making it very easy to reach large sections of people all over the country.
- Renewable Coverage: The product is with an annual renewable feature. The subscriber under the scheme shall have the option to renew the coverage every year by timely paying the premium amount.
- Nationwide Reach: PMJJBY is implemented throughout the country via participating banks, making the scheme accessible to all persons in rural as well as urban areas.
What is the process to apply to PMJJBY?
Here is the step-by-step process to apply-
- Eligibility Check: You should be between 18 and 50 years of age and have a savings bank account linked with Aadhaar.
- Participating Bank: Go to the bank branch where you maintain your savings bank account. Check with them whether they are participating in Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY).
- Application Form: Get the PMJJBY application form from the bank or download it from their website.
- Fill Up the Form: Fill up the application form with the correct information including your details and your Aadhaar number.
- Consent to Auto-Debit: Give consent for auto-debit of annual premium of Rs. 330 from your linked Savings Bank Account.
- Submit Form: Submit the filled-up form with required documents, such as a copy of the Aadhaar Card, to the Bank.
- Confirmation: After verification and acceptance of your application form, the Bank will confirm your enrollment to PMJJBY.
- Premium Payment: Keep sufficient funds in your savings bank account at least by June 1st of every year, for auto-debit of premium.
- Renewal: Insurance coverage automatically continues every year subject to premium payment on time.
- Insurance Coverage: On enrolment, you will be entitled to life insurance coverage of Rs. 2 lakhs commencing from June 1st to May 31st of the following year and renewable every year thereafter.
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Conclusion:
PMJJBY is one such scheme through which India showcases its commitment to growth with inclusivity and provides financial security to all. Since Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY) offered cheap life insurance coverage to citizens of this country, it has taken huge strides in bridging the gap of financial inclusion and empowering families. It remains at the base of a host of social welfare schemes and strategies that have been continually innovating and expanding their reach so that each Indian may adequately protect himself against the basic adversities.
FAQ’s:-
1. Who is not eligible for the PMJJBY?
Ans. The insurer’s age should not be more than 55 years.
2. Can we close PMJJPY?
Ans. Yes, you can exit and rejoin the PMJJBY easily.
3. How to renew the policy?
Ans. To renew the policy the insurer has to pay an annual policy premium and a self-good health declaration.
