Pradhan Mantri Jeevan Jyoti Bima Yojana
About twenty percent of India’s population has insurance of any kind. To tackle this situation, the government has initiated a low cost, affordable insurance scheme that aims to improve the current scenario.
The Prime Minister’s Jeevan Jyoti Bima Yojana is a Life insurance scheme started by the Modi government. The scheme was launched by the Hon’ble Prime Minister in May 2015. The Jeevan Jyoti Bima Yojana is a part of the Prime Minister’s ambitious societal protection vision.
- The scheme provides a life insurance cover for death (due to any reason). A one-year cover is provided which can be renewed yearly. In the recent revisions in the scheme too, this provision of yearly renewal has been retained.
- The scheme invites banks to engage with any life insurance company on the government terms. However, it should be noted that the scheme would be administered through the Life Insurance Corporation and other companies.
Advantages of the Yojana:
- The scheme, like an umbrella, provides protection at a very affordable cost. Monetary compensation on death is provided to the insured, whatever be the reason. The amount disbursed under the scheme is Rs.2,00,000/- (Two lakh Rupees)
- The government also aims to get over zero-balance accounts opened under Jan Dhan Yojana through this scheme. To keep this scheme low-cost, the government ensures that the premium does not increase for an initial period of three years.
- The scheme is open to all savings bank account holders from the ages of eighteen to fifty years. If the individual has multiple saving bank accounts, he can join the scheme only through one account.
- The scheme provides coverage for a period of 1 year after which the cover can be extended.
- A highlight of the scheme is that the individual is not required to undergo any medical tests/examination. Also to be noted is that fact that the Aadhar is the primary document- serving as the ‘Know Your Customer’ for the bank account.
- Low premium is the key highlight of the Jeevan Jyoti Bima Yojana- there is an annual premium of Rs. Three Hundred and Thirty only per individual. The scheme involves hassle free premium payment as it is automatically debited from the insured’s bank account.
- Individuals registered with participating banks aged eighteen to fifty years are eligible. The individual must give his/her approval to join the auto-debit to be enrolled in the scheme.
- A good health self-certification is required for persons who join after the initial enrollment period. They will also be required to certify that they do not suffer from any critical illnesses as stated in the Consent form.
- If any individual exits the scheme at any time and wishes to re join the Yojana in the future, he/she may do so by submitting a declaration of good health in the prescribed performa.
- New entrants shall also be able to join the scheme while it is in continuation provided they submit the self-certification of good health.
- Call the National Toll free Helpline number: 1800-180-1111/ 1800-110-001
- For subscribers who enroll after the 1st June 2016, insurance cover would not applicable for death (due to any other cause other than an accident) occurring in the first 45 days of enrollment. Even Non Resident Indians with eligible bank accounts are eligible to apply for the scheme benefits.