Buy a Life Insurance Plan in a few clicks
Now you can buy life insurance plan online.
Kotak Guaranteed Fortune Builder
A plan that offers guaranteed income for your future goals.
Protect your family's financial future.
Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Savings Plan
A plan that offers long term savings and life cover.
Insurance and Investment in one plan.
Kotak Lifetime Income Plan
Retirement years are the golden years of life.
Our representative will get in touch with you at the earliest.
Ref. No. KLI/22-23/E-BB/492
Learn how to apply for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) online, check your status, update contact details, and download the PMJJBY certificate of Issuance with a step by step guidance.
Updated on: 25 May 2023
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a type of life insurance scheme that offers death coverage to the policyholder and can be renewed yearly. It is a pure-term insurance policy that covers only mortality with no investment component.
We will guide you on how to apply for Pradhan Mantri Jeevan Jyoti Bima Yojana, check the status of your application, download the insurance certificate, and claim the insurance amount.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme launched by the Indian government in May 2015. PMJJBY aims to ensure that all eligible individuals have access to a life insurance policy that offers financial security to their families in case of untimely demise.
The scheme has a simple enrolment process, which can be done through any participating bank. The enrolment form requires minimal documentation, including the policyholder’s name, date of birth, and nominee details. Once enrolled, the premium amount is automatically deducted from the policyholder’s savings bank account annually.
To be eligible for the PMJJBY scheme, individuals must fall under certain criteria laid down by the government. The eligibility criteria are as follows
The scheme is available to individuals between 18 and 50 years of age. However, individuals who join the scheme before the age of 50 can continue to avail of its benefits till the age of 55, even if they do not renew their policy.
The individual must have an active savings bank account with a participating bank. The scheme is offered through various public and private sector banks, which have tied up with insurance companies for the implementation of the scheme. An individual can only avail of one PMJJBY policy. If an individual has multiple bank accounts, they can only enrol in the scheme through one bank account.
The premium for the PMJJBY scheme is paid annually through auto-debit from the individual’s bank account. Therefore, the individual must ensure that their savings bank account has sufficient balance to pay the premium.
The individual must provide a self-declaration of good health at the time of joining the scheme. Individuals who have a history of serious illness or pre-existing medical conditions may not be eligible for the scheme.
The individual must provide consent for auto-debit of the premium amount from their savings bank account. The premium amount will be auto-debited annually on or before May 31st of each year.
The PMJJBY scheme offers several benefits to the subscribers, which makes it an attractive option for those who are looking for life insurance.
Here are some of the benefits of the PMJJBY scheme:
The premium for PMJJBY is highly affordable, which makes it accessible to a large section of society. The annual premium for this scheme is only ₹330 per annum, which is less than a rupee a day. The premium amount is auto-debited from the subscriber’s bank account on a yearly basis, making the process hassle-free.
PMJJBY offers high coverage to its subscribers. In the event of the policyholder’s death, the nominee will receive a sum assured of ₹2 lakhs. This sum can be a significant financial assistance to the family of the deceased in the event of their untimely death.
The PMJJBY scheme is valid for one year, after which it needs to be renewed. However, the scheme offers an auto-renewal feature, which ensures that the subscriber remains covered under the scheme without any breaks. The premium amount is auto-debited from the subscriber’s account on a yearly basis, and the policy remains active as long as the subscriber’s account has sufficient funds.
PMJJBY is available across the country, making it accessible to people from all walks of life. The scheme is available through various banks, making it easy for individuals to enroll and renew their policies.
The premium paid towards PMJJBY is eligible for tax benefits under section 80C of the Income Tax Act. This can help reduce the tax liability of the subscriber and provide additional savings.
The enrolment period refers to the specific duration during which individuals can apply for and join the PMJJBY scheme. It is a predefined timeframe set by the government to ensure a structured approach to the enrollment process. The enrolment period typically lasts for a month, usually from May 1st to May 31st, allowing interested individuals to avail themselves of the benefits of the scheme.
During the enrolment period, eligible individuals can approach their respective banks or insurance providers to apply for PMJJBY. The process involves filling out the necessary forms and providing the required documents, such as proof of identity and bank account details. The enrolment form should be submitted within the designated period to be considered for coverage under the scheme.
It is important to note that PMJJBY follows an annual renewal system. Therefore, once enrolled, individuals need to ensure that they renew their policy every year during the subsequent enrolment periods. Failure to renew within the specified time may lead to a lapse in coverage and the loss of benefits provided by the scheme.
The PMJJBY enrolment period acts as a mechanism to streamline the enrollment process, allowing insurance providers to effectively manage the influx of applications and ensure timely policy issuance. Having a specific timeframe, also helps individuals plan and take the necessary steps to join the scheme.
The PMJJBY scheme has been designed to provide affordable life insurance coverage to people from all walks of life, including those who are economically weaker and cannot afford expensive insurance plans. The PMJJBY scheme has been a game-changer in the insurance sector, providing financial security to millions of people across the country.
The PMJJBY scheme has been widely appreciated by people across the country. The scheme has been instrumental in providing financial security to people who are not covered under any insurance plan. The scheme has also helped to increase insurance penetration in the country, which is a major concern for the insurance sector.
The coverage under the PMJJBY scheme is for a period of one year, from 1st June to 31st May of the following year. The policy can be renewed every year by paying the premium amount. However, if the premium is not paid on time, the policy will lapse, and the coverage will cease.
PMJJBY scheme provides pure life insurance coverage and does not offer any maturity or surrender benefits. This means that if the policyholder survives the policy term, no amount will be payable. Additionally, the policy cannot be surrendered or transferred to another individual.
PMJJBY provides a renewable one-year term life insurance of ₹2 lakh to all subscribing bank account holders between the ages of 18 and 50, covering death from any cause, for a premium of ₹330/- per annum per subscriber, to be deducted automatically from the subscriber’s bank account.
The PMJJBY scheme provides coverage for death due to any reason, including natural death, accident, or death due to a pre-existing medical condition. However, suicide is not covered under this scheme, and no benefit will be payable if the policyholder dies by suicide.
The application period for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) starts from 1st June each year till 31st May of the subsequent year. This is also the time for which you get the coverage. Therefore, subscribers must enrol and give their auto-debit consent by 31st May. Below mentioned are some of the steps you must follow to apply for Pradhan Mantri Jeevan Jyoti Bima Yojana online:
Decide which account you want to use to pay your premium. Under PMJJBY, a premium of ₹436 per annum per member is deducted automatically from the savings bank account, with a facility for auto-debit instructions. One can enrol for PMJJBY by choosing one of the following methods:
One of the key concerns that policyholders have is the waiting period for the claims of the PMJJBY scheme. The waiting period is the time that must pass before a policyholder can make a claim under the scheme. The waiting period for the PMJJBY scheme is 45 days from the date of enrollment.
This means that if a policyholder dies within 45 days of enrolling in the scheme, the claim will not be honored. However, if the policyholder dies after the waiting period is over, the nominee can make a claim for the death benefit.
It is important to note that the waiting period applies to all policyholders, regardless of the cause of death. This means that if the policyholder dies due to natural causes or an accident, the waiting period still applies.
In addition to the waiting period, there are a few other important conditions that policyholders should be aware of.
For instance, the policy is renewable on a yearly basis, and the premium is automatically deducted from the policyholder’s bank account. If the policyholder’s bank account does not have sufficient funds to pay the premium, the policy will lapse.
Policyholders should also ensure that their nominee’s details are up to date with the bank. In case of the policyholder’s death, the nominee will have to provide the necessary documentation, such as a death certificate, to claim the death benefit.
To raise a claim under PMJJBY, the nominee or heir of the policyholder must follow the following steps:
The first step to raising a claim under PMJJBY is to notify the insurance company. The nominee or heir of the policyholder must inform the insurance company about the policyholder’s demise as soon as possible. The notification can be made through a phone call or an email to the insurance company’s customer care department.
The nominee or heir of the policyholder must collect all the required documents to make a claim under PMJJBY. The documents required include the original death certificate, the policy document, and a discharge form. The discharge form can be obtained from the insurance company’s website or the nearest branch.
The discharge form must be filled in by the nominee or heir. The form requires details such as the name of the policyholder, the policy number, the date of death, and the nominee’s details. The form must be signed by the nominee or legal heir and attested by a gazetted officer or a bank manager.
The nominee of the policyholder must submit the discharge form along with the original death certificate and the policy document to the nearest branch of the insurance company. The claim must be submitted within 30 days of the policyholder’s demise.
Once the claim is submitted, the insurance company will process the claim and verify the documents submitted. The claim amount will be credited to the heir’s bank account if the claim is approved.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme offered by the Government of India, which provides financial support to the beneficiaries in the event of the policyholder’s death. The scheme is designed to provide affordable and accessible insurance coverage to people. The PMJJBY claim process is a simple and straightforward procedure which aims to ensure that the beneficiary receives the claim amount without any hassles.
The first step in the PMJJBY claim process is to inform the bank where the policy is held about the policyholder’s death. The nominee or the legal heir of the policyholder needs to approach the bank branch and inform them about the unfortunate event. The bank will provide a claim form that needs to be filled out and submitted along with the required documents.
The next step is to submit the necessary documents to support the claim. The claim form needs to be filled out accurately and signed by the nominee or the legal heir. The documents required to process the claim include the following:
The bank will verify the claim form and the documents submitted by the nominee or the legal heir. The bank may also conduct an investigation to verify the authenticity of the claim. The verification process may take a few days to complete.
Once the bank is satisfied with the verification process, the claim will be approved. The claim amount will be transferred to the nominee or the legal heir’s bank account provided in the claim form.
The final step in the PMJJBY claim process is the disbursement of the claim amount. The claim amount will be credited to the nominee or the legal heir’s bank account within a few days of the claim being approved.
You can ask the bank for information about the PMJJBY status of your plan. The policyholder must pay the premium amount at the scheduled interval. For example, the beneficiaries of a life insurance policy who pass away before age 55 would receive ₹2 lakhs.
The process of obtaining the PMJJBY scheme certificate differs from one bank. You can get the certificate from the bank where you applied for the scheme. While each bank has a different procedure for PMJJBY policy certificate download, the overall steps are more or less the same. You need to follow the below-mentioned primary steps:
To download the certificate, and users must have the Internet banking service available on their accounts.
The PMJJBY can be claimed only after the death of the policyholder. Below mentioned are some of the steps that the nominee can follow for the claim settlement.
Steps to be Taken by the Nominee
Nominees must approach the bank wherein the member has the ‘savings bank account’ and the member’s death certificate.
Steps to be Taken by the Bank
Actions the Insurance Company Must Take
The scheme does not require any medical examination for enrolment, making it accessible to a large number of people who may not have had access to life insurance otherwise. Below are some other features of PMJJBY:
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) aims to provide financial protection to individuals and their families in case of the policyholder’s unfortunate demise.
Overall, PMJJBY is a beneficial scheme for individuals seeking affordable life insurance coverage and can provide them and their families with a sense of security and peace of mind. It is important to understand the terms and conditions of the policy before applying and keep the necessary documents handy to make the claim process smoother in case of unfortunate events.
Ref. No. KLI/22-23/E-BB/2435