PMJJBY: This government scheme has completed 10 years today, know how to get the benefit and what are the conditions..

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a term insurance plan that provides financial help to your family in your absence. The government had started it especially for those people who cannot buy insurance plans with expensive premiums. Currently, the benefits of this scheme are being taken in different parts of the country. This scheme of the government was started on 9 May 2015. Today, this scheme has completed 10 years. Let us know what the conditions are regarding this term insurance, what the premium is, and how much coverage is available.

You will buy it by saving 36 rupees a month.

Under this scheme of the government, in case of death of the policyholder, financial help of up to 2 lakhs is given to his family. This help can fulfill many needs of the family in difficult times. If a person wants to take advantage of this government scheme, he has to buy this plan by paying only 436 rupees annually. 436/12=36.3, i.e., if a person saves even 36 rupees every month, then he can easily pay its annual premium.

Who can buy the plan?

Any person between 18 to 50 years can buy this insurance plan. The cover period of the PMJJBY insurance plan is from 1st June to 31st May, i.e., you can buy it in any month of the year, but you will get coverage only till 31st May; you will have to renew it again on 1st June. To take advantage of the scheme, it is necessary to have a bank account. If you have chosen Automatic Renewal while registering under this scheme, then every year between 25th May to 31st May, Rs. 436 of the policy is automatically deducted from your account.

A medical test is not required.

You do not need any kind of medical test to take this policy. Certain diseases are mentioned in the consent form of the insurance policy, you have to declare in the declaration that you are not suffering from those diseases. If this declaration of yours proves to be wrong, then your family does not get the benefit of this scheme. Apart from this, the benefit of tax exemption under section 80C can also be taken on the amount deposited as insurance premium in this scheme.

How to take advantage of it
If you want to take this policy, then you can get its form from the bank in which you have an account. Through the form, consent is taken from the account holder whether he is ready to get money deducted from his account for the policy or not. After this, the bank does all the rest of the work. Apart from this, some banks have started providing the facility of this policy through net banking and some through SMS.

Registration conditions
If you are going to apply for this scheme of the Government of India, then you must have an Aadhar card, an identity card, a bank account passbook, a mobile number, and a passport-sized photo.
You have to link your bank account number with your Aadhar number because your identity is verified through Aadhar.
You can avail the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana only through one of your bank accounts. This policy cannot be linked to any other account.
The benefit of insurance cover is available only 45 days after taking out the policy. However, in the case of death in an accident, the condition of 45 days is not valid.

How can the nominee make a claim?
The nominee has to claim from the bank where the insured person was insured. A death certificate has to be submitted, and other necessary documents have to be given along with the discharge receipt. As per the rules, it is necessary to claim within 30 days of the accident.

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