Life is unpredictable, and no one knows what challenges may arise. That’s why everyone should be prepared for unexpected situations. Health insurance, term insurance, and life insurance can provide support to families during difficult times. However, their premiums are often expensive, making it difficult for poor and needy people to afford them.
Affordable Insurance: Save Just ₹36 per Month
Under the PMJJBY, if the policyholder passes away, their family will receive a financial benefit of up to ₹2 lakh. This can be a huge support for the family during difficult times. The annual premium for this plan is ₹436, which breaks down to about ₹36 per month. Even people earning ₹5,000 to ₹10,000 per month can easily afford this scheme.
Eligibility for the Scheme
- Age Limit: Anyone between 18 and 50 years of age can buy this insurance.
- Coverage Period: The coverage period is from 1st June to 31st May. You can buy the plan at any time of the year, but the coverage will last only until 31st May. It will need to be renewed by 1st June each year.
Automatic Renewal and Bank Account Requirement
To avail the benefits of PMJJBY, you must have a bank account. If you opt for automatic renewal during registration, the annual premium of ₹436 will be automatically deducted from your bank account every year between 25th May and 31st May.
No Medical Tests Required
No medical test is required to enrol in this scheme. However, you must declare if you have any specific diseases mentioned in the policy. If your declaration is found to be incorrect, your family may not receive the benefits. You can also benefit from tax exemption under Section 80C of the Income Tax Act on the premiums paid for this insurance.
How to Apply for PMJJBY
- Obtain the Form: You can get the form from the bank where you have an account.
- Consent Form: The form will ask for your consent to deduct the premium from your account.
- Net Banking & SMS Facility: Some banks provide the option to register for PMJJBY through net banking or SMS.
Documents Required for Registration
To apply for PMJJBY, you will need the following documents:
- Aadhar card
- Identity card
- Bank account passbook
- Mobile number
- Passport-sized photo
You must also link your bank account with Aadhar for identity verification.
Policy Terms and Benefits
Single Bank Account: You can only avail the benefits of PMJJBY through one bank account. The policy cannot be linked to multiple accounts.
Coverage After 45 Days: The insurance cover is available only after 45 days of taking the policy. However, this condition is not applicable if the death is due to an accident.
How the Nominee Can Make a Claim
If the policyholder passes away, the nominee must file a claim at the bank where the policy was purchased. The following documents will be required:
Death certificate
Discharge receipt
Other necessary documents
The claim must be made within 30 days from the date of death.
