This is an Insurance Scheme launched by our Prime Minister in 2015 according to this the policyholder will get life insurance coverage for death due to any reason. This is an annual policy that is to be renewed every year and individuals can take the benefits of this scheme from LIC and other insurance companies who were engaged in this scheme. Also, the person who wants to have Pradhan Mantri Jeevan Jyoti Bima Yojana Life Insurance should have a savings bank account. The amount of the policy will be directly debited from their account on the renewal of the policy.
Eligibility criteria for this insurance Scheme: Any Indian individual having an age group between 18 to 50 years and having a savings bank account is eligible for this scheme. Every individual should have an Aadhar card as KYC documents.
Environment period for the Pradhan Mantri Jeevan Jyoti Bima Yojana: Every individual should have to fill up the Insurance form between 1st June 2016 to 31st May 2017.
Enrolment modality: The insurance coverage will be for the one year between the time period 1st June to 31st May for which there are many options to pay the premium that are auto-debit from the individual bank account or can be directly paid to the Insurance office.
Any individual who is not able to pay the insurance amount and leave the Insurance Scheme can also rejoin the scheme but the exclusion of insurance benefit during the period when he has left the scheme will also be applied.
Any individual who joins the scheme for the first time after 1st June 2016 will not be eligible to avail the insurance cover for death other than accident for the first 45 days from the death of enrollment in the scheme if the person met to the death between this 45 days then claim would not be admissible.
Benefits of the Life Insurance: The nominee will get the amount of rupees 2 lack after the death of the individual who has taken the insurance.
Terms and condition:
- The insurance benefits of the life of the member would be not provided in any of this event will happen.
- If the account closed due to insufficient balance and the renewal of the insurance cannot be done.
- In the case of a member covered under Pradhan Mantri Jeevan Jyothi Bima Yojana from more than one company, in this case, the insurance will be terminated.
- After attaining the age of 50 the insurance period will be ended and the nominee will not get any amount after the death of the individual.
Yearly premium: Yearly premium will be Rs.330/- per annum. The Premium amount will be directly debited from the bank account.
Pradhan Mantri Jeevan Jyoti Bima Yojana
This Insurance Scheme is mainly for the peoples to get interact with the insurance at very nominal rates so that the peoples under the poverty line can also take the benefits of this scheme. It will also raise the government fund that will be used for various works. Every Indian individual should have to enroll in this scheme so that they can get benefits and also can help our government in raising funds.
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