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Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme

Pradhan Mantri Jeevan Jyoti Bima Yojana

Saving money is a skill and necessity. Skill because it depends and varies from person to person how he/ she manages his expenditures on the basis of necessity and want and saves for his post-work period. And, a necessity because you never know when the emergency and crisis occurs. But, is the theoretical scenario same always? No, in practical life what about the people who cannot think to save a sufficient penny after the hours of hard work and earning a petty wage at the end of the day? The Prime Minister of India, Shri Narendra Modi confronted and thought about the situation faced by the people employed in unorganized sectors and brought forward an idea of saving the returns of their hard work. He introduced a scheme named Pradhan Mantri Jeevan Jyoti Yojana, commonly known by the abbreviation PMJJBY.

The purpose of the scheme is to scope out the benefits of modern banking system. With minimum premium charges and the user-friendly attitude of the scheme, this yojana paved a way out for the large mass of commons to opt the opportunity to enjoy a safe and secure retirement benefits. Well, over here, we will discuss the scheme very briefly but with a compact bundle of information. So, let's begin our exploration regarding the scheme and the awesomeness it planned to provide its beneficiaries.

pradhan mantri jeevan jyoti bima yojana (pmjjby)
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More About Pradhan Mantri Jeevan Jyoti Bima Yojana

The yojana or the scheme has been modeled in such a way that the increase of life insurance gets penetrated to the country's poor and unstable group of income class. As you know, the health and proper life insurance coverage demand a heavy budgeted premium price. Also, the next generation of the country has been opted out from availing the pension from the service done. So, keeping in mind of the future security the scheme has been launched.

It has been decided that Life Insurance Corporation of India will be providing this generous scheme. Also, some other trusted insurance companies will be providing this yojana. But, obviously, the scheme needs to get tied up with the banks in which the beneficiaries are having their savings account. So, the decided insurance companies have tied up with several banks for facilitating the policy. Here, you will get the list of banks with whom the insurance companies have decided to collaborate for this scheme.

  • Canara bank
  • State bank of India
  • Bank of Maharashtra
  • IDBI bank
  • Vijaya Bank
  • Union Bank of India
  • Jammu and Kashmir Bank
  • Karnataka Bank
  • Dena Bank
  • The Madhya Bihar Gramin Bank (MBGB)
  • Tamilnad Mercantile Bank
  • ICICI bank
  • State bank of Travancore
  • Punjab National Bank
  • Punjab Gramin Bank
  • Syndicate Bank
  • Federal Bank
  • Corporation Bank
  • Jammu and Kashmir Bank
  • HDFC Bank
  • State Bank of Mysore

Moreover, the scheme has the nomination facility too. When the beneficiaries decide and fill up the application for buying this scheme he/ she can choose to nominate somebody desiring so that in case of any mishap the nominee can claim for the matured amount.

Also, as mentioned above the beneficiary's savings account will be tied up with the scheme, so you might think what if you have more than one savings account. Well, in that case, you can buy or enroll for only one insurance plan. And, do not worry if you have other insurance plans in your stock of life and medical insurance. You can still avail the facility.

Eligibility of the Pradhan Mantri Jeevan Jyoti Bima Yojana

Well, to avail such a wonderful life insurance scheme the beneficiary need to be eligible. So, here lies the eligibility criteria to avail the scheme. Also, the necessary documents have been clearly mentioned so that you do not fail or miss out any to present when stepped into the insurance office for filing an application.

  • The primary criteria are that the applicant must be within the group of 18 to 50 years of age.
  • The applicant must have an active savings account on any of the mentioned banks above. This is to link up the premium and the assured sum of the insurance.
  • Also, the applicant must have a written notice giving the auto-debit right to the said bank so that the yearly one-time premium can be debited.
  • At the time of premium pay, the account must hold enough balance.
  • A declaration must be placed for those who enroll within or after the announced date of the scheme. The declaration will be about the physical fitness of the assured insurer.

The document required to file up the application is just the photocopy of the person's Aadhar Card. Rest all the documents are there with the bank where your insurance will be linked with.

Enrollment Duration in the Pradhan Mantri Jeevan Jyoti Bima Yojana

During the launch of the scheme, the decided enrolment duration was made between 1st June of 2015 to 31st May of 2016. The applicant needs to give his/ her approval details to the linked up bank before 31st May 2015.

Now, if the applicant for some reason exists from this scheme then he/ she can reapply to the scheme whenever he/ she wishes for. But, at that time he/ she need to reassure regarding his/ her health condition.

Premium and Insurance Coverage of Pradhan Mantri Jeevan Jyoti Bima Yojana

The insurance scheme requires a minimum one-time premium charge of Rs. 330 excluding the service tax. This amount will be auto-debited from his/ her concerned savings account. After the age of 55 years, he/ she will get its benefit of minimum Rs. 2,00,000. That is the reason why the scheme can be termed as the pension plan too. Now, as the assured insurance coverage of the scheme plan says, the insurer can demand the plan as accident benefits of any type. in that case, the assured sum will be just Rs. 2,00,000.

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