Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY): Enrolment to Claim Processes
Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) and Pradhan Mantri Suraksha Bima Yojna (PMSBY) are two social security schemes dedicated to the nation by Prime Minister on May 9, 2015. The schemes provide low cost insurance to public at nominal premium. PMJJBY provides life insurance coverage of Rs. 2 Lakh for death due to any reason at an annual premium of Rs. 330/- whereas PMSBY provides accidental death and disability cover of Rs. 2 Lakh at an annual premium of Rs. 12/-.
Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)- Features
1. PMJJY offers one year cover , renewable from year to year.
2. Life insurance coverage of Rupees two laks for death of insurer due to any reason.
3. An individual maintaining savings Bank account in any participating bank can join the scheme. Almost all banks extend the scheme to their customers.
4. The scheme is administered by LIC of India/ other life insurance company
5. Master policy will be in the name of the bank who enrolls the person.
6. Insurance coverage from 1st June to 31st May of every year. Renewal in every year in the month of May.
7. An individual can join after 1st June too, but initial block of coverage will expire on ensuing May 31. Premium for the full year has to be remitted.
8. Those who exited the scheme too can re-join later on subject to fulfillment of other eligibility criteria and submission of one time self-declaration of good health and that he / she does not suffer from any of the critical illnesses as mentioned in the applicable Consent cum Declaration form as on date of enrolment or earlier.
9. Premium fixed is Rs.330/- per annum per individual, which will be deducted automatically from Savings Bank (SB) account in the month of May every year.
10. Risk cover commences after 45 days from enrolment. But this period not applicable for death due to accidents.
Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)- Eligibility criteria
1. All KYC complied savings bank (SB) account holders in any participating bank can enroll.
2. Aadhaar number is now mandatory for opening of bank accounts.
3. Age of account holder should be between 18( completed) -50 ( age nearer birthday) for entry into the scheme
4. Account holder should give consent to join the scheme and auto debit. Once agreed for annual auto debit, collection of premium is responsibility of the bank.
5. An individual eligible to subscribe only one PMJJY policy, even if maintains multiple accounts with different banks.
6. If the savings bank (SB) account is in joint names, all account holders can join individually in the scheme provided each one satisfies the eligibility criteria.
7. Auto debit mandate to collect the premium every year to be given to the bank at the time of enrolment. Customer has to make available premium amount in the account every year at the time of renewal. Normally debit happens in the month of May.
8. Self-declaration of good health to be given at the time of joining the scheme.
9. Application form, self- declaration form and automatic debit mandate available with respective bank branches. Click here for
For PMJJBY enrolment form click here: ENGLISH HINDI
Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)- Policy lapse conditions
1. On attaining age 55 years (age near birthday) subject to annual renewal up to that date. However, entry to the scheme shall be done before the age of 50 years.
2. Closure of account with the Bank .
3. Non availability of balance in the account to deduct premium. If insurance cover is ceased due to reasons such as insufficient balance, administrative issues etc, insurance can be reinstated with payment of full premium and self-declaration of good health.
4. If multiple applications are received at LIC of India/ other administering insurance company against same individual, from same bank or different bank for any reason, insurance cover will be restricted to Rs. 2 Lakh and the excess premium shall be liable to be forfeited.
5. In case of non-remittance of premium collected by banks to the insurance company, latest by 30th June of respective year.
Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)- Appropriation of Premium:
The annual premium per member per annum fixed is Rs. 330. The same is appropriated every year as shown below:
1. Insurance Premium to LIC / insurance company : Rs.289/-
2. Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.30/-
3. Reimbursement of Administrative expenses to participating Bank: Rs.11/-
Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)- Claim process
In order to claim the sum insured in the case of an insured, the following documents have to be submitted to the branch of the bank through which enrolment was made. The branch will make arrangements for onward submission to LIC/ other insurance company for claim processing. The process is mentioned below:
1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Original PMJJBY Claim Form signed by nominee.
2. Original PMJJBY Discharge Receipt duly filled in and signed by nominee signed across stamp for required value affixed.
3. Copy of proof of date of birth of the nominee
4. Copy of proof of date of birth of the insured
5. Copy of Death Certificate in English, Hindi or other language ( Translation may be required for death certificates in other languae)
6. Photocopy of cancelled cheque of the nominee/ appointee (if available). If the nominee is a minor, claim form shall be filled by the appointee on behalf of the minor.
Originals of the above documents also shall be produced before the branches for verification and attestation. The branch will then forward the same along with copy of enrolment form to their Head office/ LIC/ Insurance company for processing the claim.
In June 2017, it was reported by India First Insurance company that they alone had settled more than 8000 claims amounting to Rs. 161 crores. They maintain total 20 lakhs policies under PMJJBY scheme.
For down loading the claim settlement form in pdf, click here: ENGLISH HINDI
