What is Jeevan Jyoti Insurance Scheme – Eligibility Criteria, How to Apply, Premium and Benefits Details of Prime Minister’s Newly Launched Jeevan Jyoti Bima Yojna
On 9th of May 2015, three schemes were launched by PM Narendra Modi ji. Jeevan Jyoti Bima Yojana is one of them. Other two are Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana. These schemes have been launched for the welfare of the needy people. The Jeevan jyoti Insurance Scheme is a helpful insurance scheme that will provide benefit of Rs. 2 Lakh which will be payable to the family of the member in case of his death due to any reason.
Complete Details of Pradhan Mantri Jeevan Jyoti Bima Insurance Scheme
As mentioned in the beginning, Jeevan Jyoti Bima Scheme is a insurance scheme started by Indian government and it provides cover of Rs. 2 Lakhs in case of death of the scheme member due to any reason. Eligible applicants need to join the scheme upto 30th August or 30th November 2015. Premium of Rs. 330 has to be paid by the member.
- Rs. 330 to be paid yearly, that means less than 1 re per day and Rs. 27.5 per month
- The payment of premium will be debited(deducted) from the bank account of the individual in single installment, so it is important to maintain the required balance
- Risk coverage of Rs.2 Lakh in case of death for any reason.
- The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.
- It is important for the policy holder to renew that policy each year
- While joining the scheme, the applicant need to provide the nominee name and details about the relationship
- Note : In case of minor, name of the guardian has to be specified
- The contribution of government towards this scheme is to be decided separately every year. It is to be noted that the contribution amount to be paid by the government will come from the unclaimed money that has been lying idle in various public welfare funds
PM Jeevan Jyoti Bima Yojana – Eligibility to join the Insurance Scheme
- Age of the applicant should be between 18 to 50 years.
- The applicant should have savings bank account in any of the participating bank accounts
- Duly Filled Application Form should be submitted by the interested person
- The applicant joining the scheme must provide a self -certification of good health in the Consent cum declaration form as on the date of enrollment or earlier
Enrollment Modality of Jeevan Jyoti Bima Scheme
- The cover shall be for the one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year, with the exception as above for the initial year.
- Delayed enrollment with payment of full annual premium for prospective cover may be possible with submission of a self- certificate of good health.
Details of Premium to be Paid by the applicant
- Member of the scheme needs to pay Rs. 330 per annum(yearly)
Specification of the premium :
Insurance Premium to LIC / insurance company : Rs.289/- per annum per member
Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.30/- per annum per member
Reimbursement of Administrative expenses to participating Bank: Rs.11/- per annum per member
Total – 330
Date of Starting of PM Jeevan Jyoti Bima Yojana Scheme
The scheme will start from 1st June 2015, so the interested applicants need to apply soon !
Mode of Payment of the Premium
The premium account will be deducted from the bank account member automatically in one installment. So. it advised for the members to keep the required amount in the respective bank account
How to Apply for Pradhan Mantri Jeevan Jyoti Bima Yojana Insurance Scheme
- Interested individuals need to download the application form
- Print out of the downloaded application form should be filled
- This duly filled application(enrollment/consent) form has to be submitted at the bank branch
- Make sure that enough balance is maintained in your bank account
Download the Application Form –
To download the PM Jiva Bima Yojana Insurance Scheme Application Form & Claim Form in your Desired Language Click here
We hope that this article helped you in understanding the details of the Jeevan Jyoti Bima Insurance Scheme. If you have any other query, kindly leave your comments below.