Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme Introduction
Pradhan Mantri Jeevan Jyoti Bima Yojana is a one-year life insurance cover. Finance Minister of India announced this policy in February 2015. This cover will be required to be renewed every year. PMJBY Government Scheme is available only for the people having a bank account. Government PMJJBY Insurance Scheme offers insurance cover of Rs. 2 lakhs for an annual premium of Rs. 330.
PMJBY Government Life Insurance Cover would be offered through LIC & other Life Insurance companies with required approvals and tie-ups with Banks to provide the product on similar terms. Coverage of 2,00,000/- will be outstanding to the family, in the case of death of Individual for any reason.
PM Jeevan Jyoti Bima Yojana Scheme Conditions
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Government Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme Features
The key features involved in Government PMJJBY Scheme are given below.
- One year renewable group insurance cover which will commence from 1st June to 31st May, 2015.
- Age group of 18 to 50 years and having a bank account are eligible to take the cover. Account should be in any of the participating banks.
- Bank will be the master policyholder. Individual members will be provided with COI (Certificate of Insurance).
- Risk Coverage will be 2,00,000/- in the case of death for any reason.
- An individual has to opt for this scheme every year, or he/she can also prefer a long term option of continuing.
- Tax Benefit: You can avail tax benefit for the premiums paid under section 80C.
Govt Pradhan Mantri Jeevan Jyoti Bima Yojana Enrollment period
- Enrollment is required for all bank account holders and has to give their auto-debit consent (agreement) by 31-05-2015.
- Late enrollment will be possible up to 31-08-2015.
- The Govt may extend the enrollment period for another three months, i.e. up to 31st November 2015.
- Those who are joining after 31-08-2015 will have to pay the full annual premium. They have to submit the self-certificate of good health in the prescribed proforma.
Termination of Assurance
PM Jeevan Jyoti Bima Yojana cover will be terminated based on below reasons.
- Account holder attains 55 years of age.
- In the case of Bank account closure or balance insufficiency for debiting premium.
- Even in the case of many coverages under this scheme, the cover will be restricted to Rs. 2,00,000/-. Other are terminated, and premium shall be surrendered.