Things To Remember Before Enrolling
- The coverage period runs from June 1 to May 31. Subscribers must enroll and provide auto-debit approval by May 31, 2021, for the cover period of June 1, 2021, to May 31, 2022. Those who join later would be allowed to pay the entire annual fee for projected coverage.
- Earlier life cover of Rs. 2 lakhs is provided under the PMJJBY plan of a premium of 330 Rs. insurance per member is renewed annually. In the event of a joint account, all account holders are eligible to join the plan if they match the qualifying conditions and pay the premium of Rs.330 per person per year.
- PMJJBY risk cover is only available after the first 45 days of enrollment. In other words, insurers are not required to resolve claims during the first 45 days following enrolment. On the other hand, accidental deaths will be immune from the lien provision and can still be reimbursed.
Prime Minister Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), established in 2015, is a one-year life insurance policy renewed yearly and provides death coverage. Both public and private insurance organizations manage Prime Minister Jeevan Jyoti’s insurance scheme in collaboration with scheduled commercial banks, regional rural banks, and cooperative banks.
The government has placed a strong emphasis on the insurance industry as most of the population lacks access to insurance coverage. This Prime Minister’s insurance yojana was designed to encourage the spirit of inclusive growth in parallel with the ‘Sabka Saath Sab ka Vikas‘ and include the impoverished and underprivileged sections of society. The government contributed to this scheme by paying Rs. 14,144 crores in claims under PMJJBY.