The central government has introduced various schemes for the public. The most important of these is the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme. What are its benefits? Do you know how to join this program?
The Pradhan Mantri Jeevan Jyoti Bhima Yojana (PMJJBY) is a scheme to standardize medical insurance for economically backward people. It provides medical insurance up to Rs.2 lakh per annum to economically backward people.
Policyholder: To avail the benefit of Pradhan Mantri Jeevan Jyoti Bhima (PMJJBY) scheme, one has to pay a premium of Rs 436 per annum.. That means Rs 2 lakh cover less than Rs 40 per month. In case of death of the policyholder, the nominee or family member will be paid Rs.2 lakh.
This insurance scheme of the government will be taken into account from 1st June to 31st May. An annual debit of Rs.436 will be made from the bank or post office account by 31st May every year.
Insurance: To enroll in this plan, you must be between 18 years and not more than 50 years… As this insurance plan can only provide insurance coverage for one year, the policy needs to be renewed annually..
This scheme can be availed not only by public sector banks including SBI but also by individual account holders in post offices. Perhaps if your bank account is closed or if you don’t have enough money in your bank account at the time of premium collection, this insurance will lapse.
Bank Account: Similarly, you may have a savings account with several banks. For that you cannot start this scheme in all banks. This is because one can take only one policy through this scheme. Hence, one who is eligible for this scheme can avail the benefits jointly through a bank near you. Aadhaar number must be linked to bank account with bank account to join this scheme.
In case of sudden death of a person enrolled in Pradhan Mantri Jeevan Jyoti Bhima scheme, his nominee should approach the concerned bank and apply. The death certificate of the policyholder should be submitted to the bank.
Documents: In order to make a claim, apart from the death certificate, you have to provide other relevant documents like hospital receipt, discharge receipt photo, canceled check slip, nominee’s bank account. After the insurance company verifies your documents, the insurance money will arrive in the bank account. This will take up to 30 days.
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