The Pradhan Mantri Jeevan Jyoti Bima Yojana, introduced by the Central Government on May 9, 2015, is a comprehensive scheme aimed at providing insurance benefits to Indian citizens. This scheme has been running for nearly seven years and is designed to make insurance easily accessible, even for economically disadvantaged individuals. The scheme has proven to be effective, as the central government has already approved claims for over two hundred thousand deaths between 2020 and 2021, indicating its impact in assisting citizens during difficult times.
What is the Pradhan Mantri Jeevan Jyoti Bima Yojana?
The Pradhan Mantri Jeevan Jyoti Bima Yojana is a scheme introduced by the Central Government. Under this scheme, a sum of two lakh rupees will be provided to the family of the policyholder in the event of their death between the ages of eighteen and fifty. This scheme is specifically designed to ensure that even economically disadvantaged individuals can easily access insurance benefits.
Features of the Pradhan Mantri Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana offers several features that make it a valuable insurance scheme for Indian citizens:
1. Introduction and Eligibility
The Pradhan Mantri Jeevan Jyoti Bima Yojana was introduced by the central government in 2015. The policy plan covered under this scheme is available to Indian citizens aged eighteen to fifty. To be eligible for the benefits of this scheme, an Indian citizen must fall within this age range.
2. Annual Premium
Every year in May, an annual premium of Rs 330 is debited from the registered citizens’ accounts. This affordable premium amount ensures that individuals from economically weaker sections can comfortably access the benefits of the scheme.
3. Renewal and Auto-Debit Feature
The Pradhan Mantri Jeevan Jyoti Bima Yojana is renewed annually on June 1st. To avail the benefits of this scheme, the auto-debit feature must be implemented, and beneficiaries must ensure that their account maintains a balance of Rs 330.
4. Insurance Coverage and Payout
Under this insurance scheme, the nominee of the policyholder receives a sum of two lakh rupees in the event of their death. This payout provides financial support to the family during a difficult time.
5. Assistance during COVID-19
This scheme has been particularly helpful during the COVID-19 pandemic, providing support to families who have lost their loved ones due to the infection. The timely payout helps alleviate the financial burden faced by the affected families.
6. Savings Bank Account Requirement
To benefit from the Pradhan Mantri Jeevan Jyoti Bima Yojana, a savings bank account is required. The scheme operates through the auto-debit feature, ensuring ease of payment for the policyholders.
Premium Amount of Pradhan Mantri Jeevan Jyoti Bima Yojana
An annual premium of Rs 330 needs to be paid for the Pradhan Mantri Jeevan Jyoti Bima Yojana. This amount is auto-debited from the customer’s account every year. The affordable premium rate ensures that individuals categorized under the Economically Weaker Sections (EWS) and Below Poverty Line (BPL) can comfortably access the benefits.
Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana offers several benefits to eligible individuals:
- Financial Security: The scheme provides a life insurance payout of two lakh rupees to the nominee in the event of the policyholder’s death.
- Accessibility: The affordable premium amount ensures that individuals from economically weaker sections can easily access the benefits.
- Timely Support: The payout is a valuable financial support system for families facing a loss, providing stability during difficult times.
- Assistance during COVID-19: The scheme has been particularly helpful in providing support to families affected by the COVID-19 pandemic, ensuring financial security in the face of adversity.
Conditions Excluding Benefits under PM Jeevan Jyoti Bima Yojana
There are certain conditions under which the benefits of the Pradhan Mantri Jeevan Jyoti Bima Yojana will not be available:
- Insufficient Funds: If the beneficiary’s bank account is closed or lacks sufficient funds for the premium, they will not receive the benefits.
- Age Limit: The scheme ceases to provide coverage once the individual reaches the age of fifty-five.
- Exclusion Period: Claims under the Pradhan Mantri Jeevan Jyoti Bima Yojana cannot be made within the first 45 days of registration, except in cases of accidental death, where payment is received immediately.
However, during the COVID-19 pandemic, if a family member registered under the scheme passes away due to the infection, the family will receive the two lakh rupee payout. Eligible individuals between the ages of 18 and 50 need to have a bank account to take advantage of this scheme.
Eligibility and Application Process
To apply for the Pradhan Mantri Jeevan Jyoti Bima Yojana, individuals should follow these steps:
- Visit the official website of Jan Suraksha, which can be accessed at https://www.jansuraksha.gov.in/.
- Download the application form available on the website.
- Fill in the required information accurately.
- Submit the completed application form to the bank where the applicant holds an active account.
- Maintain sufficient funds in the account for premium payments.
- Provide consent for auto-debit of the premium amount.
Applicants must ensure that they attach the consent letter and necessary documents along with the application form to complete the process successfully.
Pradhan Mantri Jeevan Jyoti Bima Yojana Claims
In the event of a claim, the nominee of the insured individual can follow these steps:
- Contact the bank to obtain the Pradhan Mantri Jeevan Jyoti Bima claim form and discharge receipt.
- Complete the claim form, providing accurate information.
- Attach the death certificate, a photograph, and a canceled check.
- Submit the completed claim form and supporting documents to the bank.
Claims under the Pradhan Mantri Jeevan Jyoti Bima Yojana cannot be made within the first 45 days of registration, except in cases of accidental death, where payment is received immediately. If a citizen has exited the scheme, they have the option to rejoin by submitting a health declaration along with the premium amount.
Death Claims Received in the Last 5 Years under PM Jeevan Jyoti Bima Yojana
The following data showcases the death claims received and the disbursed amount under the Pradhan Mantri Jeevan Jyoti Bima Yojana in the past five years:
| Financial Year | Death Claims Received | Disbursed Amount |
|---|---|---|
| 2016-17 | 59,118 | Rs. 1,182.36 Crore |
| 2017-18 | 89,708 | Rs. 1,794.16 Crore |
| 2018-19 | 1,35,212 | Rs. 2,704.24 Crore |
| 2019-20 | 1,78,189 | Rs. 3,563.78 Crore |
| 2020-21 | 2,34,905 | Rs. 4,698.10 Crore |
Frequently Asked Questions
Here are some frequently asked questions and their answers regarding the Pradhan Mantri Jeevan Jyoti Bima Yojana:
Q: When did the Pradhan Mantri Jeevan Jyoti Bima Yojana start? A: The scheme started in 2015.
Q: How much premium is required for the Pradhan Mantri Jeevan Jyoti Bima Yojana? A: The premium amount is Rs 330 per year.
Q: Is there an official website for the Pradhan Mantri Jeevan Jyoti Bima Yojana? A: Yes, there is an official website at https://www.jansuraksha.gov.in/.
Q: What is the age group eligible for the Pradhan Mantri Jeevan Jyoti Bima Yojana? A: The age group eligible is between 18 to 50 years.
Q: How much money does the nominee receive under the Pradhan Mantri Jeevan Jyoti Bima Yojana? A: The nominee receives two lakh rupees.
To gain a complete understanding of the important aspects related to the Pradhan Mantri Jeevan Jyoti Bima Yojana, it is recommended to visit the official website and read the scheme details thoroughly
Official Site of Pradhan Mantri Jeevan Jyoti Bima Yojana Click here
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