Pradhan Mantri Jeevan Jyoti Bima Yojana- Features, Eligibility, Application Process

This is an insurance plan that provides life insurance coverage for any cause of death. The PMJJBY is available to people between the ages of 18 and 50 who have a bank account and agree to join / enable auto-debit. PMJJBY is a term insurance renewal policy that provides a yearly life insurance coverage of Rs.2,00,000 in the event of the insured person's death at the most affordable premium rate of Rs.330 per annum. We have discussed some of the policy's key features and benefits to help you learn more about it.

Features-

• The enrollment period for the Pradhan Mantri Jeevan Jyoti Bima Yojana is from June 1st to May 31st of the following year. If the insurance buyer wants to purchase the policy after June 1st, they must pay the policy year's premium as a lump sum from the month of joining.
• It provides coverage of Rs.2 lakh to the scheme's nominee in the event of the insured person's untimely death.
• It has an easy-to-use claim process.
• This yojana is valid for one year from the date of signing. The PMJJBY is a term life insurance policy that can be renewed every year until the insured reaches the age of 55.
• It provides insurance coverage for a minimum annual premium of Rs.330.
• The premium paid for the PMJJBY scheme is tax deductible under the Income Tax Act.

Eligibility-

• Any individual between 18 to 50 years of age
• Even if you have multiple bank accounts, you can participate in this scheme with just one savings account.
• To take advantage of the policy's benefits, you must link your Aadhaar card to your participatory bank account.
• Insurance buyers who join the scheme after the primary enrolment period, which runs from August 31st to November 30th, will be required to submit a self-attested medical certificate.

Process of Enrollment

• The Pradhan Mantri Jeevan Jyoti Bima Yojana form can be downloaded online at https://jansuraksha.gov.in/Forms-PMJJBY.aspx.
• Then, select the 'Application Forms' tab.
• Bangla, English, Gujarati, Hindi, Kannada, Marathi, Odia, Tamil, and Telugu are among the nine languages supported by the PMJJBY form.
• The registration process can also be initiated via internet banking or by sending a message to the onboarding organization's toll-free number.

Activate your policy through SMS Facility

• Receive the activation message
• Then, in response to the SMS activation, type 'PMJJBY Y'.
• An acknowledgment receipt will be issued.
• The bank will then manage the processing information from the savings account's back end.

Online application-

• Access your internet banking account.
• Select the insurance option.
• Next, choose the account that will be used to pay the premium. Check all of the details before you confirm.
• Take a copy of the receipt and make a note of the reference number.