Having life insurance may help protect your loved ones financially. However, the premium on a standard life insurance policy may be too high for some people to manage. Is there anything more reasonably priced? This article will explain the Pradhan Mantri Jeevan Jyoti Bima Yojana, why it is important, and the process for the PMJJBY certificate download.
What is PMJJBY?
PMJJBY is a program initiated by the government that provides life insurance at an annual premium that is inexpensive. It was first introduced in 2015. The government of India devised the PMJJBY program to make it possible for people of any income level to get life insurance.
PMJJBY certificate download
There may be some variation in how each bank handles the download of a PMJJBY policy certificate. Generally, the steps are as follows.
- Users must have the internet banking service available on their accounts.
- Log into your online banking profile on your bank’s website.
- Choose “social security plans” from the insurance menu. Choose the Pradhan Mantri Jeevan Jyoti Bima Yojana option under it.
- Select the type of transaction you want to make. Choose UID, then input your Aadhaar number to verify your identity. Users will be required to provide details such as Name, Date of Birth, Nominee, Aadhar Number, Bank Name, Account Number, etc., depending on the bank.
- After that, you’ll be asked to provide some identifying information. Next, choose the “Declaration of Good Health” option.
- After submitting your PMJJBY registration, you will be sent to a website where you may see your policy in detail.
Online PMJJBY registration and settlement
Here is how you may get your hands on the cash benefit if you are a beneficiary in a PMJJBY scheme.
- Visit the website of the policy-linked bank account that the PMJJBY account holder had and upload a copy of their death certificate in the tragic event that the PMJJBY account holder passed away.
- You may either fill out the claim form online or get one from the institution and fill it out there.
- Attach copies of relevant papers, such as the decedent’s death certificate, account information, cancelled checks, etc.
When you make a claim, the bank will check it over and then notify the insurance company that it’s OK to proceed. The insurer will double-check all submitted papers for authenticity. Upon completion of the verification process, the insurance company will deposit most of your payout directly into your account.
Since it has several essential features, the PMJJBY policy may be classified as a complete insurance program for lower-income individuals
- If the insured person passes away unexpectedly, the policy’s lump sum death benefit of rupees two lakhs will be granted to the nominee(s) the insured person specifies at the time of purchase.
- This policy’s coverage duration is one year (from June 1 of this year to May 31 of the following year) and is renewable each year (up to 55 years of age).
- The payment will be automatically deducted from the associated bank account from June 1 of this year to May 31 of the following year.
- To verify your identity, they will primarily use your Aadhaar card.
- You can only register for a PMJJBY life policy with one savings account, even if you have more than one.
If you purchase the insurance after May, the payment will be prorated by months left in the duration of the policy. Here’s a look at how the monthly premium changes depending on what time of year you decide to buy insurance.
|June, July, and August||Rs. 436|
|September, October, and November||Rs. 342|
|December, January, and February||Rs. 228|
|March, April, and May||Rs. 114|
PMJBY coverage advantages
The PMJJBY program comes with several advantages, the most important of which are listed below.
- If you purchase PMJJBY insurance, your premium is free from taxation under the Income Tax Act.
- You may take a break from the program momentarily and then return, provided you have a current health certificate, a linked bank account, and pay the fee.
- In the case of the insured’s death, the policy will pay out a large payment of Rs. 2 lakhs to the beneficiary, with no taxes to be paid on the money. The procedure of making a claim is also simple.
- The policy’s annual premium is just Rs. 436, no matter how old you are.
- The insurance premium will be automatically deducted from your account each year at the renewal date, so you never have to worry about forgetting.
What doesn’t PMJJBY cover?
The PMJJBY plan has several important exceptions, some of which are listed below.
- Intoxication-induced suicide attempt.
- Self-mutilation and/or suicide.
- Contravention of law, whether or not committed intentionally.
PMJJBY eligibility criteria
These are the requirements to qualify for PMJJBY insurance.
- Applying for this coverage requires your age to be between 18 and 50. Most policies, however, cover people up to age 55.
- You will need an Aadhaar card and a banking or postal service account to deduct your premiums automatically.
To submit an online application for a PMJJBY program, please follow the procedures that are mentioned below:
- Several banks are not on board with the PMJJBY program. Check with your financial institution to see whether they provide this service before you even consider applying for it.
- Go to your financial institution’s website and sign in to your account using the PIN for your debit card or the login information for your online banking service (as applicable).
- To enrol in the Pradhan Mantri Jeevan Jyoti Bima Yojana program, go to the tab labelled “insurance,” then “social services programs,” and finally, “Pradhan Mantri Jeevan Jyoti Bima Yojana.”
- Choose the bank account you want to be linked to the PMJJBY policy; the funds from this account will be automatically deducted once a year.
How to check PMJJBY policy status?
By following the steps below, you can check the status of your PMJJBY policy online.
- Log in to your online banking account by going to the main site of your financial institution and signing in there.
- To input your bank account number, go to the PMJJBY section of the website.
- After that, to see the status of your PMJJBY application, enter your registration details and click the submit button.
PMJJBY: Waiting period for the claims
Waiting period refers to the time that must pass before a policyholder is allowed to make a claim. The waiting period for PMJJBY scheme is 45 days from the date of enrolment.
This implies that the nominee is eligible to make a claim for the death benefit only when the policyholder dies after the 45-day waiting period
The waiting period is applicable to all policyholders, irrespective of the cause of death. So, the waiting period is applicable even if the policyholder dies due to natural causes or an accident.
PMJJBY Claim Status
A nominee can claim the PMJJBY amount only after the death of the policyholder. One must reach out to the bank where the member has the savings bank account and the member’s death certificate. They must obtain a claim form and discharge receipt and submit the duly filled form along with a copy of the cancelled cheque.
The bank will verify whether the cover was in effect on the date of the policyholder’s death or not. It will also verify the claim form and the nominee’s details. The bank will then submit documents such as the claim form, death certificate, discharge receipt, and a photocopy of the nominee’s cancelled cheque to the insurance company’s office. The bank will be required to send the claim form to the insurance company within 30 days
In the next stage, the insurance company will verify the documents. If the claim is admissible, it will check whether the policy coverage is in force or not. It will forward the same to the bank and obtain the necessary verification.
PMJJBY: How to raise a claim?
- The nominee of the policyholder should notify the insurance company regarding the policyholder’s demise and raise a claim under PMJJBY. This can be done through a phone call or an email to the insurance company’s customer care department.
- Collect the required documents, including the original death certificate, the policy document, and a discharge form duly filled by the nominee or heir.
- The nominee or legal heir must sign the form and get the same attested by a gazetted officer or a bank manager.
- The nominee must submit the discharge form along with the original death certificate and the policy document at the insurance company’s nearest branch.
- The claim must be submitted within 30 days of the policyholder’s demise.
- The company will process the claim and verify the documents.
- The claim amount will be credited to the heir’s bank account if the claim is approved.
PMJJBY fax address
Get in touch with the Department of Financial Services for help with enrolling in or claiming benefits under a PMJJBY program. Here are the contact details:
Department of Financial Services, Ministry of Finance, 3rd Floor, Jeevan Deep Building, Sansad Marg, New Delhi – 110001
Fax Number: 23742207, 23360250 (Banking Division), 23344605 (Ins.)
Cancel policy for PMJJBY
The two ways that you may cancel PMJJBY insurance are outlined in the following paragraphs.
- Pay a visit to the local bank branch associated with the PMJJBY program and ask to have the PMJJBY premium yearly auto-debiting procedure terminated while you are there. If the payments are not paid on time, the coverage will be terminated immediately and without further notice.
- You can also remove all of the money from your connected savings account by transferring it to a different one. In this scenario, the automatic debit won’t go through since there won’t be enough money in the account, and the insurance will therefore be cancelled as a result.
PMJJBY: Latest updates
May 18, 2023: Dr Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of Finance, chaired a VC meeting on April 10, 2023, with chief secretaries/ senior officials of all states/ UTs to highlight the salient features of the 3-month-long campaign to boost coverage of micro-insurance schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) at gram panchayat level. The campaign would cover all the districts from April to June 2023.
Which papers are necessary to submit an application for the PMJJBY program?
When applying for a life insurance policy with PMJJBY, the only piece of documentation that is often needed is an Aadhar card. It is used for the purposes of KYC verification.
Which documentation is required when submitting a claim for a PMJJBY policy?
When filing a claim for PMJJBY, you will often need to provide the documentation listed below. Death certificate Discharge receipt Hardcopy of the cancelled cheque Claims form duly filled
Where can I get the certificate of PMJJBY insurance?
The financial institution where you registered for the program will issue the certificate. Downloading a PMJJBY insurance certificate generally follows the same processes from bank to bank. However, specifics may vary.
Under what conditions may the PMJJBY policy be voluntarily terminated?
When you reach the age of 55 and beyond. The policy-linked account will be closed before the policy renewal. Inadequate money in the associated bank account as of the policy’s renewal date.
What is the PMJJBY 436 scheme?
Under the PMJJBY scheme, risk coverage of Rs. 2 lakh is provided in case of death of the insured at the premium is Rs. 436 per annum.
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