In a bid to widen the security cover of the Indians, Prime Minister Narendra Modi brought several security schemes such as Pradhan Mantri Jeewan Jyoti Bima Yojana (PMJJY) in 2015. It’s a life insurance scheme giving you a cover of ₹2 lakhs at a premium as low as ₹330 on an annual basis. But there are much more than just the premium and cover amount that you should know. So, let’s bring out all the information pertaining to PMJJY in this article.
Anyone with an age of 18-50 years is eligible for PMJJY, which is applicable for one individual per policy. The policy expires as soon as the subscriber attains the age of 55 years. Both natural and accidental deaths are covered to the tune of ₹2 lakhs. However, there’s no maturity benefit for the policyholders to gain from. Plus, there won’t be covers for disability in terms of ears, hands or eyes, etc.
PMJJY Claim Procedure
Here’s the procedure to make PMJJY claims.
- Firstly, the nominee must visit the bank wherein the insured maintains a savings account.
- After visiting the bank, the nominee must present bank the death certificate of the deceased insured.
- Afterward, the concerned nominee must collect the claim form and discharge receipt from bank or insurance company, hospital, insurance agents, etc.
- Then comes the duty to fill the form and submit the same along with death certificate, discharge receipt, photocopy of the cancelled cheque, as well as the bank account details of the insured.
- The bank would then see whether the policy is active on the date of death of the policyholder
- On finding the policy in active status, the bank will begin to verify the form and other details
- On details getting verified successfully, the bank would submit the form, death certificate, discharge receipt, cancelled cheque to the insurance company
- The insurer would thus settle the claim within 30 days of receiving it from the bank
Banks Where You Can Apply for PMJJY
There are more than a dozen of banks where you can apply for PMJJY scheme and get the necessary social security cover. The list includes the biggies such as State Bank of India (SBI), ICICI Bank, HDFC Bank, Axis Bank, etc. These banks have become the facilitators to the scheme by becoming a bridge between the subscribers and insurance companies. Let’s talk about a few of them here.
PMJJY SBI Apply Online
You can apply for PMJJY at SBI online using the net banking option, which involves a few steps.
- Log in to SBI net banking by entering your credentials
- Go to ‘Account Summary’ tab to find Social Security Scheme
- Click on the latter to jump to a page wherein you need to choose PMJJY and account number followed by clicking on ‘Submit’ button
- Thereafter, you must select CIF number and click on ‘Submit’
- An online form would appear on the screen requiring you to input basic account and personal details about the nominee whom you wish to make
- Click on ‘Submit’ button at the end to complete the process
PMJJY ICICI Apply Online
You can apply for PMJJY at ICICI using either its net banking or phone banking facility.