Pradhan Mantri Jeevan Jyoti Bima Yojana

In India, The government initiated the scheme Pradhan Mantri  Jeevan Jyoti Bima Yojana. It was first brought up in February 2015 during the budget speech given by the late Arun Jaitley ,who was the finance minister at the time. Prime Minister Narendra Modi publicly introduced it in Kolkata on May 9.

The Pradhan Mantri Jeevan Jyoti Bima Yojana is open to everyone with a bank account who is between the ages of 18 and 50. An yearly premium of ₹436 (US$5.50) is required. Under the Pradhan Mantri Jeevan Jyoti Bima Yojana, there is no GST.

Pradhan Mantri Jeevan Jyoti Bima Yojana

Because life is unpredictable, buying life insurance can give your family financial stability in the event that you pass away. Conventional policies, however, can be costly. Exists a less expensive choice? Let’s investigate! We will examine the various facets of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) program in this post.

Pradhan Mantri Jeevan Jyoti Bima Yojana

PMJJBY is a government-sponsored life-insurance policy that provides coverage for a low annual premium. This project recognizes that standard life insurance may not be compatible with the budgets of families suffering financial difficulties.

Pradhan Mantri Jeevan Jyoti Bima Yojana Attribute

The PMJJBY’s features are listed below.

Sum Assured on Death: Should the unlucky insured person pass away, a sizeable lump sum of Rs. 2 lakhs would be paid to the nominee(s) that the insured person nominated while purchasing the policy.

Annual Coverage Period: The policy is in effect for a full year, starting on June 1st of the current year and ending May 31st of the following year. In addition, the policy has an option for yearly renewal, which allows benefits to continue until the policyholder is 55.

Verification of Your Aadhaar Card: Your Aadhaar card is the most important document to have for the required KYC verification process.

Account Limitation: It’s important to remember that you can only apply for the PMJJBY life insurance policy using a single account, even if you have many savings bank accounts.

Pradhan Mantri Jeevan Jyoti Bima Yojana Enrollment Procedure

Use the steps given below to submit an online application for a PMJJBY scheme.

Step 1: The PMJJBY program is not supported by all banks. Before considering an application, please confirm if your bank offers it.

Step 2: Go to the website of your bank and use your net banking login information or your debit card pin (if applicable) to access your account.

Step 3: Choose the Pradhan Mantri Jeevan Jyoti Bima Yojana program from the social services schemes section by clicking on the “insurance” link.

Step 4: Choose the account (which will have an annual auto-debit) that you want to attach to the PMJJBY insurance.

How to view the online status of PMJJBY policies?

You can use the procedures listed below to verify the status of your PMJJBY policy online.

Step 1: Visit your bank’s official website to log in to your online banking account.

Step 2: Enter your bank account number in the PMJJBY area.

Step 3: Next, to view the status of your PMJJBY application, enter your application number and click submit.

Pradhan Mantri Jeevan Jyoti Bima Yojana Online certificate 

Bank to bank variations may exist in the procedure for obtaining a Pradhan Mantri Jeevan Jyoti Bima Yojana policy certificate. But here’s how it usually works in general.

Step 1: Visit the website of your bank and sign into your net banking account

Step 2: From the insurance drop-down menu, choose “social security schemes”. Next, choose the Pradhan Mantri Jeevan Jyoti Bima Yojana program under that.

Step 3: Decide on the kind of transaction. For instance, choose UID and verify by entering your Aadhaar number.

Step 4: You then need to provide information such as your name, account number, nominee information, etc. Next, choose the checkbox labeled “Declaration of Good Health”.

Step 5: You will be taken to a page where you can view all of the information of your policy after successfully registering your PMJJBY certificate.

Payment of premiums on a pro rata basis

If you purchase the policy after May, the premium will be reduced based on the number of months remaining in the policy term. The table below displays the pro-rata premium payable based on the month of policy purchase.

MonthsAmount of premium payable
The months of June, July, and AugustRs. 436 (Full premium)
September, October and NovemberRs. 342
December, January and FebruaryRs. 228
March, April and MayRs. 114

 Pradhan Mantri Jeevan Jyoti Bima Yojana Cancel Policy

Here are the two options for canceling a PMJJBY insurance.

Method 1: Go to the branch office of the bank affiliated with the PMJJBY scheme and request that the PMJJBY premium annual auto-debiting process be stopped. If the money is not received on time, the policy will be automatically cancelled.

Method 2: Alternatively, you can empty your associated bank account by moving its funds to another account. As a result, auto-debiting will fail due to insufficient money, and the policy will be cancelled.

Finishing Up

Implementing a powerful and impactful system for checking PMJJBY insurance status will empower policyholders by offering transparent, easily available information. The proposed web portal, shortened registration procedure, comprehensive policy status inquiries, seamless communication channels, and mobile application integration would all work together to provide policyholders with a user-friendly and efficient experience.

This structure intends to maximize the benefits of the PMJJBY plan and encourage financial stability for individuals and their families by helping policyholders to stay informed about their coverage, premium payments, and claims.

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