PM Jeevan Jyoti Bima Yojana: Nowadays, having an insurance policy is essential. Many people avoid purchasing insurance because they find policies too expensive. To address these concerns, the Central Government has launched a special insurance scheme. If you haven’t availed the benefits of this scheme yet, do not delay any further. Launched in 2015, this scheme has already attracted crores of subscribers. It offers life insurance coverage of up to ₹2 lakh for an annual premium of ₹436.
We are referring to the PM Jeevan Jyoti Bima Yojana. Under this scheme, you can secure life insurance coverage of up to ₹2 lakh for your family. A key feature is that anyone can join the scheme, which caters to both the poor and the wealthy. Let us explore the details.
What is the PM Jeevan Jyoti Bima Yojana?
The Central Government launched the PM Jeevan Jyoti Bima Yojana on May 9, 2015, to ensure a secure future for low-income families. The primary objective was to extend the benefits of life insurance to poor and needy families. The scheme provides life insurance coverage of ₹2 lakh to the general public for a nominal premium. Any citizen of the country can purchase this insurance policy by paying ₹436 annually.
What is the objective of the scheme?
The main objective of the PM Jeevan Jyoti Bima Yojana is to make life insurance facilities available to every citizen at a low cost. It aims to secure the future of families who cannot afford expensive insurance premiums.
What are the key features of the PM Jeevan Jyoti Bima Yojana?
It offers life insurance coverage of ₹2 lakh for an annual premium of ₹436. It covers individuals aged between 18 and 50 years. The scheme aims to extend life insurance facilities to the underprivileged sections of society. In the event of death, the nominee receives ₹2 lakh. The insurance claim is payable regardless of whether the death is accidental or due to natural causes. Benefits under this insurance scheme are not limited to cases of death alone.
The scheme’s operational year runs from June 1st to May 31st. Coverage validity depends on the quarter in which you join the scheme; for instance, if you join in September, coverage applies only until May 31st. If the policy is purchased in October, benefits are available through the following June.
Eligibility for PM Jeevan Jyoti Bima Yojana
To be eligible for the PM Jeevan Jyoti Bima Yojana, the applicant must be between 18 and 50 years of age. Additionally, the bank account must be linked to an Aadhaar card, and consent for auto-debit must be provided. An individual can avail the benefits of only one such insurance policy.
How to Apply for the Scheme
To apply for the PM Jeevan Jyoti Bima Yojana, you must fill out the application form with your details as well as the nominee’s complete information, including their name and address. You must also grant the bank permission for the auto-debit of the premium.
Documents Required for PM Jeevan Jyoti Bima Yojana
Essential documents for the PM Jeevan Jyoti Bima Yojana include an Aadhaar card, bank passbook, and an auto-debit consent letter. You cannot apply for the scheme without these documents.
How to File a Claim under Jeevan Jyoti Bima Yojana?
Only the person named as the nominee in the policy can file a claim. For example, if the wife is the nominee, she must visit the bank or insurance company to fill out the claim form and submit all necessary supporting documents along with it.
Certain documents are required to file a claim, such as the policyholder’s death certificate, a copy of the identity proof, the bank passbook, and details including the policyholder’s name, account number, and insurance policy number. The claim amount is disbursed to the beneficiary within 30 days.