Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)
Insurance is one of the most important requirements for survival. In India, the scenario of insurance is quite reversed where most of the people in India are not able to understand the importance of the insurance policy. It is quite difficult thing for a person to make sure that they can able to support better their family in their absence. To make sure that such things are not happening, insurance is one of the most importance requirements.
There are a number of Indians who are thinking like insurance is not a requirement and spending money in the process of insurance is waste of money. This is not really as it is always a perfect thing for people if they are preparing for the future starting from today. For this purpose, insurance is one of the most important requirements.
In the recent days, the trend for insurance has increased a lot and there are many people now interested to do with insurance, but the drawback is that it is quite difficult for some people to get insurance in a perfect manner. They were not able to ask someone about the importance of insurance and how to make it in a proper manner.
Government backed life insurance scheme
Pradhan Mantri Jeevan Jyoti Bima Yojna scheme is one of the most ambitious schemes which are introduced by honorable prime minister to make sure that insurance is being taken everywhere and to all people in India. The important benefit of the scheme is that there is no separate insurance agency being created. If government has to do so, then they have to make new recruitment, create a new insurance board and it is not an easy task for people to make sure that they can deliver it to all people within a short span of time.
|S.No||Unknown Facts About Pradhan Mantri Jeevan Jyoti Bima Yojna Life Insurance||Detailed Information|
|1||Scheme Name||Jeevan Jyoti Bima Yojan (PMJJBY)|
|3||Coverage Period of PMJJBY||01st June of each year to 31st May of next year|
|3||Launched By||Narendra Modi|
|3||Premium Amount||Rs 330 per year|
|3||Entry Age Limit||Minimum Age 18 Years. Maximum Age 50 Years|
|4||Maximum Maturity Age Limit||55 Years|
|5||Administration authority of this PMJJBY carried by||Life Insurance Company|
Pradhan Mantri Jeevan Jyoti Bima Yojna is the scheme that is not being administered to people through any external agency. Whoever people having account in bank can now able to get insurance with a meager investment of rupees 330 per annum, which is the lowest ever insurance policy that can be found anywhere else in the world.
This scheme is originally introduced as an added benefit for those people who are having account in bank. Since it became a mandatory thing for all people to open up a bank account to receive stipend for gas, it is not a very difficult for government to administer insurance. At the time when people are opening up account at bank, they will be automatically entitled to Pradhan Mantri Jeevan Jyoti Bima Yojna plan as an option.
For those people who want to add their account to the scheme, there is no necessity to pay money at the time of enrolling for insurance. Money will be debited automatically from the account every year until people have enough money in their account. If amount is not there in the account, a letter will be sent to the concerned account holder.
Ever since, the new insurance scheme launched it’s never failed to grab the attentions of common middle class family man across the nation. According to report released by the officials as of 21st of December 2015, around 29, 239, 308 people has registered with it, and on 16th April of 2016 those numbers have reached to 30 Crore.
Benefits of insurance scheme
- The prime advantage of Pradhan Mantri Jeevan Jyoti Bima Yojna is that it is one of the schemes that provides very low cost of insurance for all people in India and they can take this insurance policy in any bank.
- There is no necessity to fill any kind of form for enrolling; just informing the bank official regarding the process of enrolling is enough. The only thing that people have to specify at the time when they are enrolling in this scheme is that they must specify the nominee to which the benefits will be reaching.
- Filling out the nominee form will not take a long. It can be done within 5 to 10 minutes. As amount will be auto debited from the account holders balance every year, there is no need to remember about anything else after people are being registered to the insurance scheme.
- Upon death of the account holder of Pradhan Mantri Jeevan Jyoti Bima Yojana, sum of 2 lakhs will be credited directly to the account of nominee within a short span of time once the details regarding insurance enrolment has been submitted to the respective bank or agency where insurance policy has been initiated.
- Only thing that insurance holder must do is that they must make sure that their account never goes zero balance. Even if account goes to zero balance, there is no need for the account holder to get concerned as a letter concerning issue will be sent to the account holder. Account holder must acknowledge that letter and keep account balance above zero or minimum balance level to make sure that the insurance policy is working fine.
- As claim process is also made as simple as it could be, it is not a necessity for people to get concerned about anything regarding Pradhan Mantri Jeevan Jyoti Bima Yojna. This policy is one off the greatest boon for all Indians.
- Since, the scheme was initially launched on the month of June 2015. Each and every year, this Jeevan Jyoti Bima Yojna insurance scheme launched by government of India will get renewed subsequently on every 1st of June.
- As far as current noticed released by government of India, this insurance PMJJBY scheme has no tax benefits under the act 80C. Experts across the nation, suggests government to re-think about offering tax relaxation for insurers so that the scheme would get popular.
|S.No||Useful Information about PMJJBY||Details|
|1||Who are eligible to own PMJJBY||All Savings account holder from 18 to 50 years eligible|
|2||Where to get application form for PMJJBY||Either from SBI or from LIC|
|3||National Wide Toll Free Number||1800 110 001 / 1800 180 1111|
|5||For downloading application form in online||http://www.jansuraksha.gov.in/FORMS–PMJJBY.aspx|
Claiming Process under PMJJBY:
As mentioned above, this new insurance scheme introduced by government of India has easy method of claiming process. In case of death of Insurer, the respective nominee person should visit the respective bank branch in which the deceased person owned the saving account. By submitting the death certificate of the insurer along with the simple claim form to the bank officials, the nominee person can able to transfer the claim amount to his/her respective accounts.
When compared with all other existing insurance schemes, the claiming process carried under the PMJJBY is simple and it received huge positivity among the insurers’ across the nation.
Though, the insurance scheme has so many good benefits for ordinary common life still in the insurance schemes lacks with certain points like proper promotional activities, Tax relaxation, and assurance from government side about the scheme to be alive and function in future and so would encourage more people to get involved in insurance procedure.
Apart from that, experts across the nation appreciate the government steps to forcing ordinary common man to get involve in insurance activities and banking too. It will lay strong foundation for practicing banking activities among all citizens of India.