Pradhan Mantri Jeevan Jyoti Bima Yojana 2024 – Overview

To learn about the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme, its benefits, eligibility, and application process, our article all the way to the end.

PMJJBY: Update

The Central Government revised the premium rates for the Pradhan Mantri Jeevan Jyoti Bima Yojana which began in May 2015 on May 31, 2022. The decision to raise the premium rates for this plan was made in light of the long record of negative claims experience. Beneficiaries will now have to pay a daily premium of  ₹1.25 under this scheme. As a result, the monthly premium will now increase from  ₹330 to  ₹436.  In the last seven years, there has been no other change in the premium rate under this scheme. The number of active customers under this scheme has been recorded at 6.4 crores as of March 31, 2022.

Objectives 

PMJJBY is an excellent scheme for citizens who want to provide social security to their families even after their death. This PM Jeevan Jyoti Bima Scheme pays out after the death of a policyholder between the ages of 18 and 50. Under the scheme, the government will provide ₹ 2 lakh to the policyholder’s family so that they can live a comfortable life. Note that only Indian citizens can be covered by PMJJBY scheme details. This scheme will also provide insurance to those people who are not poor or disadvantaged.

Pradhan Mantri Jeevan Jyoti Bima Yojana: Claim Statistics

Framework of Scheme  

1. All citizens who want to benefit from the Pradhan Mantri Jeevan Jyoti Bima Yojana can apply by checking the eligibility conditions. If you are already enrolled in this scheme, you do not need to reapply each year. The premium amount will be deducted from your bank account each year, and your renewal will be completed. 
2. This scheme is not available to all new policyholders until after the first 45 days of enrollment. Only after 45 days have passed can a claim be made. The insurance providers will not settle any claims within the first 45 days. However, if the applicant’s death was caused by an accident, the applicant will be compensated.
3. Anyone who was previously enrolled in the Jeevan Jyoti Bima Yojana is eligible to enroll again. To rejoin the Pradhan Mantri Jeevan Jyoti Bima Yojana, a premium must be paid and a health-related self-declaration must be submitted. By paying a premium and submitting a self-declaration, anyone can re-enrol in this scheme.

Eligibility and Key Features 

1. To purchase the Pradhan Mantri Jeevan Jyoti Bima Yojana, you do not need to undergo any type of medical examination.
2. To benefit from the PM Jeevan Jyoti Bima Yojana, you must be between the ages of 18 and 50.
3. PMJJBY reaches maturity at the age of 55. This policy must be renewed each year until then.
4. The maximum sum insured under this scheme is ₹ 200,000.00.
5. The Pradhan Mantri Jeevan Jyoti Bima Yojana enrollment period runs between June 1 to May 31.
6. Policyholders cannot make claims for 45 days after registration is completed. Only after 45 days can a claim be filed by a nominee unless the death of the policyholder is caused by accident.
7. The policyholder is mandatorily required to have a bank account under this scheme. This is because the government will directly transfer the funds to the beneficiary’s bank account.
8. Every subscriber must keep the required balance in their bank account at the time of auto-debit on or before May 31st of each year.
9. An applicant can avail of the benefits of the PMJJBY scheme details from only one insurance company or only one bank.

Pradhan Mantri Jeevan Jyoti Bima Yojana: General Statistics

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