You can obtain accidental insurance coverage worth Rs 2 lakh through the PMJJBY by making a yearly premium payment of Rs 436.
The Pradhan Mantri Jeevan Jyoti Bima Yojana was launched by the Modi government in 2015. The government intends to provide the advantage of insurance coverage under this scheme to the country's low-income population. Prior to the scheme's introduction, the policyholder would obtain accidental insurance worth Rs 2 lakh by paying a yearly premium of just Rs 330. Jeevan Jyoti Bima Yojana has lately undergone significant revisions from the government, boosting its annual payment of Rs 2 lakh worth of premium to Rs 436. In such a scenario, you will now have to pay more money in order to benefit from this scheme.
Learn some key details about the scheme:
1. This scheme was launched by the government in 2015.
2. This scheme functions like a term insurance policy that is in effect from June 1 through May 31.
3. A person's family receives an Rs. 2 lakh insurance payout if they pass away in an accident. In addition, a cover of up to Rs 1 lakh is available in the event of accidental disability.
4. Anyone between the ages of 18 and 50 may invest in this policy.
5. The auto debit mechanism is used to deduct premiums for this policy. In this case, money is automatically taken out of your savings account and deposited on June 1.
Also read: Post Office Scheme: Deposit Rs 10,000 per month and receive a lump sum amount of Rs 16 lakh at time of maturity
Checklist of documents required to benefit from this scheme:
Aadhaar Card
PAN Card
Bank Passbook Details
Mobile Number
Passport Size Photo
Pradhan Mantri Jeevan Jyoti Bima Yojana application procedure:
You must go to the Life Insurance Corporation of India branch in order to benefit from this plan. You may also submit an application online. In addition, complete the scheme form at the LIC branch and turn in all required documentation. After that, money will be deducted from your account as a premium through DBT on June 1 of every year.
How can insurance be claimed:
The insurance coverage may only be claimed by the nominee. In addition, the insured has the option to make a disability insurance claim. The nominee will need to present the policyholder's death certificate in order to do this. You must submit a claim for insurance in the event of an accident by presenting the discharge receipt.
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