Rs 330 Per Year Premium Prime Minister Narendra Modi is keen on getting the unbanked population brought to the mainstream banking systems and thus have started Jeevan Jyoti Bima Yojana for the people employed and working in unorganized sector. Rs 2 lakh with just a mere lic nominee change form pdf of Rs 330. Pradhan Mantri Jeevan Jyoti Bima Yojana is an insurance scheme that would be renewable every year with a cover for just one year at a time.
The scheme covers death due to any reasons. The main administrator of the scheme would be Life Insurance Corporation along with few other insurance companies who are willing to offer a similar product under the scheme. Any Indian resident within the age group of 18 to 50 years is entitled to join the scheme. The cover period for initial launch of PMJJBY is from 01st of June 2015 to 31st of May 2016. All aspiring subscribers are required to give their consent to their respective banks by 31st May 2015. The government may extend the enrollment of the scheme till 31st August 2015 and may further extend it to another three months, i. The premium within PMJJBY would be paid through an auto debit that would be attached to the subscriber’s saving account.
Since 2015 happens to be the launching year of the scheme, an extension of 3 to 6 months would be provided for those willing to join scheme after the due date. However, in case of those joining the scheme after the last date would have to pay the full premium for the entire year in order to avail coverage for the year. The premium for PMJJBY is Rs 330 per annum to be auto-debited from the saving account of subscriber on a one time yearly basis. This money would be debited from the on or before 30th May of the given fiscal year. A detailed payment of the premium is also possible provided the subscriber pays the full premium in one time along with a self certificate of good health by a competent authority.
The assurance would be terminated in the event of subscriber attaining an age of 55 years. As a matter of fact, joining the scheme after the age of 50 years is not possible anyway. The assurance and benefits would be terminated in case of closure of the saving account through which auto-debit is guided. The cover would be terminated with all except one bank account if the subscriber has more than one saving account and more than one PMJJBY are running on those saving account. Only one insurance cover is allowed per individual. The scheme would be terminated if the subscriber fails to maintain a minimum balance to the saving account at the time of auto-debit. The scheme however, could be reinstated on payment of the full premium and certificate of a good health.
Rs 11 would go against Administrative Reimbursement Expenses to the banks participating in the scheme. As per the scheme, it is the complete responsibility of the participating bank to collect annual premium in one installment from the account holder before or on the due date. Subscribers have a choice of giving a onetime mandate for auto-debit of premium from their respective account. The proposed date of commencement of PMJJBY is 01st June 2015 and renewals would happen subsequently on 01st June of every year.
The central government has recently launched different insurance schemes and among them, one of the major is PM Jeevan Jyoti Bima Yojana. This is a life coverage plan and it covers both the natural and accidental deaths. A maximum sum of Rs 2 lakh rupees shall be provided as the coverage for insurance claims. In this article we are going to provide the complete details about the procedure for claiming the insurance coverage. This is one of the main reason this scheme has not gained much popularity in India.
I think Government should consider this. Sir, This premium is monthly OR yearly basis. Is this scheme need to be renew every year Or it will auto renew ? The benefits is available only for death or Hospitalization as well?