Pradhan Mantri Jeevan Jyoti Bima Yojana – Features, Benefits and Eligibility

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What is Pradhan Mantri Jeevan Jyoti Bima Yojana?

The government of India has come out with the Pradhan Mantri Jeevan Jyoti Bima Yojana for the welfare of low-income citizens. The scheme is available for people with an age group of 18-50 years. Basically, it is the pure term insurance plan that offers coverage of Rs 2,00,000 at an affordable premium of Rs.330 per annum. The sole purpose of the PM Jeevan Jyoti Bima Yojana is to provide financial stability for the people who are not in the position to get the high premium life insurance policies. This scheme is being offered by the Life Insurance Corporation of India.

As of May 2020, around 6.35 people have submitted the Pradhan Mantri Jeevan Jyoti Bima form so far. Are you willing to opt for the Pradhan Mantri Jeevan Jyoti Bima Yojana and want to know more about it? If yes, then you have landed at the right place. Now we are going to tell you everything about this scheme. So, let’s get started.

Salient Features of the PM Jeevan Jyoti Bima Yojana

  • This scheme offers insured 1-year life coverage. In order to continue this policy, the insured has a chance to renew it every year.
  • The PM Jeevan Jyoti bima yojana has come with a flexibility that enables the insured to leave policy at any time.
  • This scheme automatically gets terminated when a policyholder receives the sum assured.
  • If you compare this scheme with the other term insurance policy, it is relatively affordable than others.
  • One policy covers the one person risk coverage.
  • The claim settlement of the PM Jeevan Jyoti Bima Yojana is straight forward.
  • The maximum risk coverage of this policy is Rs. 2 Lakhs.
  • The renewed expenses of this policy is Rs.30 per annum through the agent or Rs.11 if you do through a bank.
  • As it is backed by the government, the premium submission and claim settlement procedures are legit.
  • The pradhan Mantri Jeevan Jyoti bima form is available online.
  • This scheme provides 30 days as a gracing period to submit the premium.
  • The renewal of this policy happens only one day, and that is one June.
  • There are specific cases in which death benefits offered by the policy is terminated.
    1. If the age of the insured is above 55 years. 
    2. When an insured receives the policy from other banks.
    3. If an insured is unable to pay the full premium. 

PM Jeevan Jyoti Bima Yojana Eligibility Criteria

If you want to avail of the benefits of this scheme, you should check the eligibility criteria first. All the Indian Citizens are eligible for this scheme who full fill the following criteria:

  • Who comes at the poor stage or have a low income only take the Pradhan Mantri Jeevan Jyoti Bima yojana benefits.
  • Age lies between the 18 years to 55 years can only avail the Pradhan Mantri Jeevan Jyoti bima benefits.
  • Should have one savings account in any bank.
  • Must have the Aadhar card, passport size photo, bank passbook to show their authenticity.
  • They have to submit medical proof that they are not suffering from a serious medical illness.

If your application matches with above-mentioned eligibility criteria, then you are free to take Pradhan Mantri Jeevan Jyoti Bima Benefits effortlessly.

Things to Know Before Starting the Policy

Tenure of PM Jeevan Jyoti Yojana

The Jeevan Jyoti Bima Yojana is only designed to offer some financial stability to the poor and low-income people. It has come with all impressive features and benefits. One of the most common facts of life insurance policy is tenure and the tenure period of this policy is one year from the date of signing. In the event, during the tenure period, if policyholder demise, the government will pay the full sum assured to the nominee. The maximum sum assured a policyholder would receive is Rs. 2Lakhs. If you are okay with the overview and eligibility criteria of this scheme, then you get the Pradhan Mantri Jeevan Jyoti Bima form online or from the nearest bank.

Coverage of PM Jeevan Jyoti Bima Yojana

If you purchase the Jeevan Jyoti bima yojana, the maximum risk coverage you will get of Rs. 2 Lakhs. It not only offers great financial stability in the poor or low-income based people’s life but also decreases the poverty of India. As more people become financially stable, the nation’s economy and it’s entire financial condition will improve. It is advisable for all low-income citizens of India that you should avail of this scheme to secure your future of the family.

Premiums

According to the recent guidelines of the PM Jeevan Jyoti bima yojana, the low income based Indian citizens have to pay a premium of Rs. 300 per annum. To renew the policy every year, they need to give Rs. 11 to the bank, or if they renew via an agent, then they have to give Rs.30 respectively. So, if you are fine with the premium, then you can get the Pradhan Mantri Jeevan Jyoti Bima form from your nearest bank or official site of the insurance policy.

Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana

It is needless to say; PM Jeevan Jyoti bima yojana is a remarkable step that has been taken by the central government. The flexible payment premium facility and risk coverage features have made this scheme very effective. Now we are going to tell you the Pradhan Mantri Jeevan Jyoti Bima Yojana benefits that will make your mind to avail the request for this scheme.

  1. Death Benefits: Like other life insurance policies, this government-backed scheme also offers death benefits to the policyholders. In the event, if a policyholder dies the sum assured offers to the nominee. So, while submitting the Pradhan Mantri Jeevan Jyoti Bima from it is advisable to write the name of the person which you want to give the sum assured after you.
  2. Maturity Benefit: As it is not a pure term insurance policy, so the policyholder will not get any maturity benefits.
  3. Tax Benefits: The policyholders paid the premiums paid towards the scheme are eligible for tax benefits under section 80C and 10D. It means the policyholders can avail of the tax benefits on the premium paid under section 80C. In the event, if a policyholder fails to submit Form 15G/15H then any life insurance proceeds exceeding Rs. 1,00,000 will be taxable 2%.
    At the time of the maturity period, the policyholder/ nominee can claim the tax benefits. As tax benefits feature gets changed from time to time, so it is advisable to consult with the advisory regarding it.
  4. Risk Coverage: When you submit the Pradhan Mantri Jeevan Jyoti Bima Yojana form, you will see that this scheme offers you 1-year risk coverage. Nevertheless, it is a renewal policy. You can renew this policy every year on paying rupees Rs.11 to the bank. 

Automatic premium deduction: The premium every year automatically deducts from the policyholder savings account. It means you don’t need to visit your nearest bank and wait in a long queue to pay the premiums. You will get a message on your mobile when premium deducted from your linked bank account

Conclusion

The Pradhan Mantri Jeevan Jyoti Bima Yojana is a term insurance plan that is only designed for the poor and low-income based people. People who can not buy expensive life insurance plans can avail benefits of PM Jeevan Joyoti Bima Yojana. The risk coverage, death benefits, auto deduct payment, and low premium rates are the top features of this policy. If you want to opt for this scheme, then fill the Pradhan Mantri Jeevan Jyoti Bima Form and activate it by paying premiums of Rs.330. In order to renew this policy, you need to pay Rs.11 to the government, along with a basic premium amount Rs.330.

Must read: Life Insurance Companies in India | Best Single Premium Policies

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