PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY)

I was flipping through the ePaper and came to know about the recent launch of three Insurance Policy Schemes by Government of India 2015

1. PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY)
2. PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY) &
3. ATAL PENSION YOJANA (APY)

In this post i will be emphasizing more on PRADHAN MANTRI JEEVAN JYOTI  BIMA YOJANA (PMJJBY) as i've myself taken the policy/insurance yesterday only.

Nature of Scheme:
This policy will cover you for one year Term Life Insurance Scheme on both Normal and Accidental Death Benefits, same must be renewed every year.

Benefits of the Scheme:
Rs.2 lakhs is payable on a subscriber’s death due to any reason. The premium payable is Rs.330/ per annum.

Requirement:
Active Savings Bank Account with any Banks as premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, you can also authorize bank for auto debit the amount every year on the month of May till the scheme is in force.

My Case: In my case i already have an active Savings Bank account with HDFC Bank., so i visited the branch and found they have recently started to insure subscribers for PRADHAN MANTRI JEEVAN JYOTI  BIMA YOJANA with HDFC Life (Is the insurance provider for me).

Who offers the Scheme (Master Policy Holder):
Insurance would be administered  through  LIC India  and  other  Life  Insurance companies willing  to  offer  the  product  with  necessary  approvals  on  similar  terms.

It will be the responsibility of the participating bank to recover the appropriate annual premium in one installment, as per the option, from the account holders on or before the due date through ‘auto-debit’ process and transfer the amount due to the insurance company.

Enrollment form / Auto-debit authorization / Consent cum Declaration form in the prescribed proforma, as required, shall be obtained and retained by the participating bank. In case of claim, LIC / insurance company may seek submission of the same.

My Case: HDFC Life is the insurance provider, but your could be LIC India or any other as per your locality., also local camps are being organized so Insurance provider can be anyone who abides necessary approvals and provides you the product.

Elligibility:
All savings bank account holders with age between 18 - 50 years.
Even if you have multiple savings bank accounts but you must only subscribe the policy with One savings bank account. As your policy gets linked with Aadhar Card which can be used to easily trace if anyone has opted for two Policy under one name., remember this is a fraud and you can be stuck under legal actions so insurance  cover  will  be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.

Enrolment Period:
Cover for the current year starts from 1st June 2015 to 31st May 2016.
so by May 2016 visit your branch and renew the policy or give your consent to Bank for 'Auto Debit' yearly. If somehow you've missed to opt/apply for policy this year you can continue same from coming year on payment of premium through 'auto debit' and submission of a self certificate of good health.

Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self declaration of good health

Policy Cover Stops:
1. On attaining age 55 years (age near birth day).
2. Closure  of  account  with  the  Bank  or  insufficiency  of  balance  to  keep  the insurance in force.
3. In  case  a  member  is  covered  through  more  than  one  account  and  premium  is received  by  LIC / Insurance Company.

Evaluating Jeevan Jyoti Bima Yojana (PMJJBY) & Suraksha Bima Yojana (PMSBY)

Features	Pradhan Mantri Suraksha Bima Yojana (PMSBY)	Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Eligibility	18-70 years	18-50 years
Number of Policy	One Policy Per Person	One Policy Per Person
When to Join the Scheme?	Any time	Any time
Sum Assured (Fixed)	Rs 2 lakhs	Rs 2 lakhs
Premium	Rs 12 per annum	Rs. 330 per annum
Cover stops at age	At the age of 70 years	At the age of 55 years
Maturity Benefit	Nil	Nil
Death Benefit (Natural Death)	Nil	Rs 2 lakhs
Death Benefit (Accidental Death)	Rs 2 lakhs	Rs 2 lakhs
Disability of both eyes, both hands, both legs or one eye and one limb	Rs 2 lakhs	Nil
Disability of one eye or one limb	Rs 1 lakh	Nil
Maximum Insurance cover	Rs 2 lakhs	Rs.2 lakhs
Risk Period	1st June to 31st May every year.	1st June to 31st May every year.
Mode of Payment	Premium will be auto debited from account in the month of May every year.	Premium will be auto debited from account in the month of May every year.

High Lights:

Life Insurance worth Rs. 2 Lakhs at just Rs. 330 per annum

• For All Bank account holders whose age in between 18 - 50 years

• Life Insurance amount for your family after you.

Period of Insurance, Annual: 1st June - 31st May

• The Premium will be deducted from the account holder's savings bank account through auto-debit facility.

• The person would be eligible to join this scheme through one savings bacnk account only.

• Contact your bank branch or Bank mitra/Insurance agent immediately.

For More information call:

National toll free number: 1800 110 001 / 1800 180 1111

Visit: www.jansuraksha.gov.in / www.financialservices.gov.in