PMJJBY Status Check: Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits

PMJJBY Scheme Details: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance scheme, renewable from year to year, offering coverage for death.

The cover under PMJJBY is for death only and hence benefit will accrue only to the nominee. PMJJBY is a pure term insurance policy, which covers only mortality with no investment component.

PMJJBY
PMJJBY Status Check: Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits

PMJJBY full form: Pradhan Mantri Jeevan Jyoti Bima Yojana.

Age Limit PMJJBY

This Scheme is available to people in the age group of 18 to 50 years (life cover up to age 55) having a savings bank account who give their consent to join and enable auto-debit.

Check Other Schemes: PM Schemes List

Eligibility Criteria of Pradhan Mantri Jeevan Jyoti Bima Yojana – PMJJBY Scheme, PMJJBY renewal

  • Any person aged between 18- 50 years having a savings bank account can join this scheme through participating banks.
  • Even if you have multiple bank accounts, you can subscribe to this scheme with only one saving bank account.
  • To avail of the benefits offered by the policy, it is mandatory to link your Aadhaar card to the participatory bank account.
  • Insurance buyers joining the scheme after the primary enrolment period ranging from 31st August 2015- 30th November 2015 will have to submit a self-attested medical certificate as proof that they are not suffering from any critical illness mentioned in the policy declaration form.

For the convenience of our buyers, here we have shown the policy details in the tabular form.

 MinimumMaximum
Entry Age18 years50 years
Maximum maturity age55 years
Policy Term1 year (Renewable yearly)
Sum AssuredRs2,00,000
Premium amountRs330 (inclusive of Rs41 towards administrative charges)
Lien period30 days from the enrolment date into the scheme

The PMJJBY Certificate Download: How to download PMJJBY policy certificate from SBI:

#1: Go to www.sbilife.co.in and open the home page of the website.

#2: You will be redirected to a new page. Here you will see a login option on the right upper corner of the page. Click on this option.

#3: Some more options will be appeared; Click on the option ‘Group customer’ from the list of the options.  

#4: Again a new page will be appeared, here you are asked to select product name under the login option. Select the product name as ‘PMJJVY-COI’. As you select the product name some more space will be appeared. Here you need to select your bank name from the drop down menu.

After select the Bank name you are asked to enter your Bank account number. Enter the account number through which you have applied for the PMJJBY policy.

Then enter your date of birth and the captcha code shown on the box. After entering all the details correctly click on ‘submit’ button.

#5: In this new page customer Id and customer name will be displayed. To download the PMJJBY certificate, click on the customer Id. Your PMJJBY policy certificate will be saved on your PC.

This is the process how you can download PMJJBY policy certificate online in SBI. If you want to see the above process in a video then you can watch the following video, In this video we have discussed the same process.

Also Read- Ayushman Bharat Yojana

Claim Settlement Process of Pradhan Mantri Jeevan Jyoti Bima Yojana

The claim settlement process of the PMJJBY scheme is very simple and hassle-free. Let’s take a look at it.

  1. Steps Taken by the Beneficiary
    • Step 1- In case of an unfortunate demise of the insured person, the nominee will have to visit the bank of the insured person, from where the savings bank account of the individual is linked to the scheme. The nominee will need to submit the death certificate of the insured.
    • Step2- The beneficiary will need to collect the claim form from the bank, the insurance company, etc.
    • Step3- Once, the nominee gets the claim form, they will have to fill the form thoroughly and submit it along with the required documents like discharge receipt, death certificate, photocopy of canceled cheque, bank details of the nominee, or bank account details of the policyholder.
  2. Steps Taken by the Bank
    • Step 1- Once the nominee submits the claim form along with the required documents. The bank verifies the form and documents.
    • Step2- After verification, the bank submits the following documents to the designated insurance company.
    • Thoroughly filled claim form.
    • Discharge receipt.
    • Death certificate
    • Copied Canceled cheque of the nominee.
  3. Steps Taken by the Insurance Company
    • Step1- After receiving the claim form and related documents from the bank, the insurance company verifies the filed claim from their end.
    • Step 2- After successful verification of the claim filed, the claim amount is transferred to the bank account of the beneficiary.
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Once the claim is made, the maximum period the insurance company can take to approve and disburse the claim amount is of 30 days.

Pradhan Mantri Jeevan Jyoti Bima Yojana is a very beneficial scheme that can be subscribed to by simply linking the Aadhaar card with the participating bank account. The subscribers can enroll themselves after the normal due date as well, provided payment of full annual premium payment is made and a health certificate is submitted. 

As a government-backed insurance policy with the minimum premium rates, this plan is very advantageous for those individuals who have a low income. The plan efficiently secures the financial future of the individual and provides a backup so that they can fight against any kind of eventuality. The following are the three reasons that make this plan very beneficial –

  • The plan provides security to the family of the insured to cover any eventuality.
  • The plan has the simplest process of enrolment and switching.
  • With minimum premium rates offered by the policy, any eligible individual can subscribe to this policy without any hassles.

With all these benefits and features offered by the policy, this is certainly one of the best plans to purchase for the low-income section of society.

Also Read- Pradhan Mantri Kisan Samman Nidhi

How to Enroll for the Pradhan Mantri Jeevan Jyoti Bima Yojana?

The enrolment process of the Pradhan Mantri Jeevan Jyoti Bima Yojana is easy and simple. The popular PMJJBY scheme is being managed by the Life Insurance Corporation of India and various other private life insurance providers in India.

In case the bank is tied up or associated with the insurance companies, you could also contact your respective banker and get enrolled for the process. In case an individual has multiple accounts either in one or various banks then that person will be entitled to join the PMJJBY scheme with simply one account in the bank.

Anyone who still is looking forward to joining the scheme now can still do by renewing the plan anytime during the year simply by making the complete premium payment and not just the proportionate sum. The date of renewing will still be the same for all the subscribers i.e. first of June.

Process of Enrollment

  • The Pradhan Mantri Jeevan Jyoti Bima Yojana form can be downloaded online by simply visiting the website https://jansuraksha.gov.in/Forms-PMJJBY.aspx
  • Next, click on the ‘Application Forms’ tab.
  • The PMJJBY form is available in nine different languages namely
  • Bangla, English, Gujarati, Hindi, Kannada, Marathi, Odia, Tamil, and Telugu.
  • The process of registration can also be initiated through the internet banking facility or simply by sending a message on the toll-free number of the onboarding organization.
  1. Activating the Policy by Using SMS Facility
    • Receive the message of activation
    • Next, reply to SMS activation by typing ‘PMJJBY Y’.
    • A receipt of acknowledgment will be received.
    • The bank from the back-end of the savings account will then manage the processing information.
  2. An individual can also apply for the PMJJBY online:
    • Log in to the internet banking account.
    • Click on the insurance.
    • Next, identify the account that is to be used for paying the premium amount. Check all the details and then confirm.
    • Download the receipt and take note of the reference number stated.
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Features of Pradhan Mantri Jeevan Jyoti Bima Yojana

The following are some of the salient features of Pradhan Mantri Jeevan Jyoti Bima Yojana.

Enrollment Period- The enrollment period of Pradhan Mantri Jeevan Jyoti Bima Yojana is 1st June of each year to the 31st of May of the subsequent year. During the enrolment period, the subscribers need to enroll and provide their auto-debit consent. In case the insurance buyer wants to purchase the policy after 1st June, then they will have to pay the premium of the policy year as a lump sum from the month of joining.

Coverage- The Pradhan Mantri Jeevan Jyoti Bima Yojana offers coverage of Rs.2 lakh to the nominee of the scheme, in the event of the unfortunate demise of the insured person. The coverage amount offered to the beneficiary has tax exemptions as per the Income Tax Law. The Pradhan Mantri Jeevan Jyoti Bima Yojana offers a simple and hassle-free claim process.

Tenure- The Pradhan Mantri Jeevan Jyoti Bima provides coverage for a tenure of 1 year from the date of signing. As a term life insurance plan, the insured person can renew the PMJJBY every year up to the age of 55 years. In case the insured person wants to discontinue the plan then they can do it by not renewing the plan. On the other hand, the insured person can join the scheme anytime later by providing the heath certificate and paying the premium of the policy.

Premium- The Pradhan Mantri Jeevan Jyoti Bima Yojana offers insurance coverage at a minimum premium rate of Rs.330 per annum. The PMJJBY scheme is a lucrative option of investment for the low-income group of individuals. The premium of policy remains the same for subscribers of all age groups between 18 years- 50 years.

Tax-Benefit- The premium paid towards the PMJJBY scheme is applicable for tax exemption as per the Income Tax Laws, which are subject to change. It is important to consult for details.

Payment Mode- The bank auto-debits the premium from the savings bank account of the subscribers. This is the only way to pay the premium of the policy. The renewal period of the Pradhan Mantri Jeevan Jyoti Bima scheme is between May 25th – 31st May, the premium amount for renewal of the policy is also auto-debited from the savings bank account of the policyholder. In case the insured person wants to discontinue the policy then they can submit a cancellation requires to stop the premium payment deduction.

Also Read- Pradhan Mantri Suraksha Bima Yojana

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List of the Banks Providing PMJJBY Scheme

In the below grid is the list of banks in India the offers the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme at their respective branches:

Allahabad BankCanara BankIDBI Bank LtdPunjab National BankState Bank of Travancore
Andhra BankCentral Bank of IndiaIndian BankRatnakar Bank LtdSyndicate Bank
Axis BankCity Bank Union LtdIndian Overseas BankSouth Indian Bank LtdUCO Bank
Bank of BarodaCorporation BankIndusInd Bank LtdState Bank of Bikaner and JaipurUnion Bank of India
Bank of IndiaFederal Bank LtdJammu and Kashmir Bank LtdState Bank of HyderabadUnited Bank of India
Bank of MaharashtraHDFC Bank LtdOriental Bank of CommerceState Bank of IndiaVijaya Bank
Bhartiya Mahila BankICICI Bank LtdPunjab and Sind BankState Bank of PatialaYes Bank Ltd

Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits

  1. Death Benefit- In case of the demise of the insured person, the PMJJBY provides a death coverage of Rs2,00,000 to the beneficiary of the policy.
  2. Maturity Benefit- As this is a pure term insurance plan, PMJJBY does not offer any maturity or surrender benefit.
  3. Tax Benefit- The premium paid towards the PMJJBY scheme is applicable for tax exemption as per the Income Tax Laws, which are subject to change. It is important to consult for details.
  4. Risk Coverage- PMJJBY provides a risk coverage of 1 year. Nevertheless, as this is a renewable policy it can be renewed yearly. Moreover, the policyholder can also opt for a longer duration of more than a year by auto-debit option linked to your savings bank account.

PMJJBY and PMSBY

Pradhan Mantri Suraksha Bima Yojana (PMSBY) Vs Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

In the year 2015, the Government of India announced three Social Security Schemes for the welfare of the country’s poor and underprivileged citizens. PMSBY and PMJJBY are a part of those three schemes, the third one being Atal Pension Yojana.

These schemes are directed towards financial inclusion. The two insurance schemes aim to offer financial security to the weaker sections of the society. Here’s a table distinguishing between PMJJBY and PMSBY.

PointPMSBYPMJJBY
What does it offer?Accident insuranceLife insurance
Who is eligible?People in the age group of 18 to 70. They should have a bank account with an auto-debit facility.People in the age group of 18 to 50. They should have a bank account with an auto-debit facility.
What is the premium charged?Rs. 12 for a yearRs. 330 for a year
What is the coverage?The coverage is Rs. 2 lakhs for death and permanent total disability and Rs. 1 lakh for partial total disability.Coverage is Rs. 2 lakhs.
Insurance coverage up to?Coverage up to 70 years of age.Coverage up to 55 years of age.
Is there a waiting period?No waiting period.No waiting period for accidental death, but the waiting period for natural death is 45 days.

PMJJBY Policy- Additional Details about PMJJBY Scheme

There are some other relevant details that you should know in regards to the Pradhan Mantri Jeevan Jyoti Bima Yojana as follows:

  • The policy offers a 45-days cooling period upon enrolment only after that the coverage commences. In case of an accidental demise, the cooling period will remain exempted and the sum assured will be payable immediately.
  • In case the savings bank account is likewise linked to the plan is closed then the policy will be terminated.
  • The PMJJBY scheme is limited to one policy for every policyholder even though the person has multiple saving bank accounts with the banks that offer this scheme.
  • The premium sum will be directly deducted from the bank associated from 25 May to 31 May every year.
  • If the policy gets terminated for any stated reason, then it can be reinstated if the premium sum has been completely paid and with evidence of good health.

FAQs

Que. What is the PMJJBY customer care number ?

Ans. Helpline Number:- 18001801111, Toll Free Number:- 1800110001

Que. What is the enrolment period ?

Ans. 1 year (Renewable yearly)

Que. What is the PMJJBY age limit ?

Ans. 18 to 50 years

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