Nothing can be said about when and what situation will arise in life. Therefore, every person should be prepared to deal with unexpected situations. Health insurance, term insurance life insurance, etc. prove to be helpful for the family in these situations. However, their premiums are so expensive that poor and needy people are not able to buy them.
For such people, the government's Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) can be helpful. This is a term insurance plan that provides financial help to your family in your absence. The premium of this scheme run by the government is so low that even those earning Rs 5000-10,000 per month will easily buy it. Know the special things related to this scheme.
You can buy it by saving 36 rupees a month.
Under this government scheme, in case of the death of the policyholder, financial assistance of up to 2 lakhs is given to his family. This help can fulfill many needs of the family in difficult times. If a person wants to take advantage of this government scheme, then he has to buy this plan by paying only 436 rupees annually. 436/12=36.3 i.e. if a person saves even about 36 rupees every month, then he can easily pay its annual premium.
Who can buy the plan?
Any person between 18 to 50 years old can buy this insurance plan. The cover period of the PMJJBY insurance plan is from 1 June to 31 May, i.e. you can buy it in any month of the year, but you will get coverage only till 31 May, you will have to renew it again on 1 June. To avail of the benefits of the scheme, it is necessary to have a bank account. If you have chosen Automatic Renewal while registering under this scheme, then every year between 25 May and 31 May, Rs 436 of the policy is automatically deducted from your account.
A medical test is not required.
You do not need any kind of medical test to take this policy. Certain diseases are mentioned in the consent form of the insurance policy, you have to state in the declaration that you are not suffering from those diseases. If this declaration of yours proves to be wrong, then your family does not get the benefit of this scheme. Apart from this, the benefit of tax exemption under section 80C can also be availed on the amount deposited as an insurance premium in this scheme.
How to take advantage of it
If you want to take this policy, then you can get its form from the bank where you have an account. Through the form, the consent of the account holder is taken whether he is ready to get the money deducted from his account for the policy or not. After this, the bank does all the rest of the work. Apart from this, some banks have started providing the facility of this policy through net banking and some through SMS.
Registration conditions
If you are going to apply to this scheme of the Government of India, then you must have an Aadhar card, identity card, bank account passbook, mobile number, and passport-size photo.
You have to link your bank account number with your Aadhar number because your identity is verified through Aadhar.
You can avail the benefit of Pradhan Mantri Jeevan Jyoti Bima Yojana through only one of your bank accounts. Apart from this, this policy cannot be linked to any other account.
The benefit of insurance coverage is available only after 45 days of taking the policy. However, the condition of 45 days is not valid in case of death in an accident.
How can a nominee make a claim?
The nominee has to claim in the bank where the person concerned had insurance. A death certificate has to be submitted and other necessary documents have to be given along with the discharge receipt. As per the rules, it is necessary to claim within 30 days of the accident.
Disclaimer: This content has been sourced and edited from NDTV India. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
