Pradhanmantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana useful Information For All

Pradhanmantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana useful Information For All

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Government through the Budget Speech announced three ambitious Social Special for the protection of the maximum number of people living under the lack of economic security

 Pradhan Mantri Jeevan Jyoti Vima Yojana has been implemented, the characteristics of which are as follows.This plan is a one year life insurance plan.  Which can be renewed every year.

 The purpose of this scheme is a type of life insurance policy.  In which Rs 2 lakh will be paid to the heirs / family members of the insured against death due to any reason.  For this, each consumer has to pay Rs.  You will have to pay a premium of Rs.

 Eligibility:

 A person between the ages of 18 to 50 who has a bank account can avail the benefit.  People who join the scheme before completing 3 years will get insurance cover till the age of PUP due to payment of annual premium. Advantages: The death of a member for any reason will be an amount payable of Rs. 5 lakhs.

 Procedure:

 Under the above scheme, customers will have to register for the period of protection from 1st June to 21st May as well as consent for automatic deduction from the account by 31st May every year, which will not be applicable to the first year.  No annual premium after due time as well as self certified certificate of good health   It will be possible to get protection under them.

 Implements:

 The scheme will be implemented by the public sector LIC and other insurance companies through the bank.MantriJeevanJyotiBimaYojana (PMJJBY), Pradhan Mantri Suraksha BimaYojanaPMSBY)and an the Atal Pension Yojana (APY) to move towards creating a universalsocial security system, targeted especially for the poor and the under-privileged. Hon’ble

Prime Minister launched PMJJBY and PMSBY schemes nationally in Kolkata on 9th May,2015.

The Pradhan MantriJeevanJyotiBimaYojana (PMJJBY) is a one year life insurancescheme, renewable from year to year, offering coverage for death due to any reason and 

is available to people in the age group of 18 to 50 years( life cover upto age 55) having asavings bank account who give their consent to join and enable auto-debit. The risk

cover on the lives of the enrolled persons has commenced from 1st June 2015.
3. Under PMJJBY scheme, life cover of Rs. 2 lakhs is available for a one year periodstretching from 1st June to 31st May at a premium of Rs.330/- per annum per member and  is renewable every year. It is offered / administered through LIC and other Indian private

Life Insurance companies. For enrolment banks have tied up with insurance companies.Participating Bank is the Master policy holder.4. The assurance on the life of the member shall terminate on any of the following

events and no benefit will become payable there under:

1) On attaining age 55 years (age near birth day) subject to annual renewal up tothat date (entry, however, will not be possible beyond the age of 50 years).Closure of account with the Bank or insufficiency of balance to keep the insurancein force.3) A person can join PMJJBY with one Insurance company with one bank accountonly.5. Individuals who exit the scheme at any point may re-join the scheme in futureyears by paying the annual premium and submitting a self-declaration of good health.Initial enrolment period in the scheme was from 1st May to 31st May ‘2015, which has nowbeen extended up to 31st Aug’ 2015, by this date eligible persons can join the schemewithout giving self-certification of good health, even though eligible persons can join thescheme on any date by paying the premium for full year. In case of claim thenominees/heirs of the insured person have to contact respective bank branch where theinsured person was having bank account. A death certificate and simple claim form isrequired to submit and the claim amount will be transferred to nominees account.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Government through the Budget Speech 2015 announced three ambitiousSocial Security Schemes pertaining to the Insurance and Pension Sectors, namelyPradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri SurakshaBima Yojana (PMSBY) and an the Atal Pension Yojana (APY) to move towardscreating a universal social security system, targeted especially for the poor andthe under-privileged. Hon’ble Prime Minister will be launched these schemesnationally in Kolkata on 9th May, 2015light of the fact that a large proportion of the population have no accidentalinsurance cover, the Pradhan Mantri Suraksha Bima Yojana (PMJJBY) is aimed atcovering the uncovered population at an highly affordable premium of just Rs.12per year. The Scheme will be available to people in the age group 18 to 70 yearswith a savings bank account who give their consent to join and enable auto-debiton or before 31st May for the coverage period 1st June to 31st May on an annualrenewal basis.Under the said scheme, risk coverage available will be Rs. 2 lakh for accidentaldeath and permanent total disability and Rs. 1 lakh for permanent partialdisability, for a one year period stretching from 1st June to 31st May. It is offered byPublic Sector General Insurance Companies or any other General InsuranceCompany who are willing to offer the product on similar terms with necessaryapprovals and tie up with banks for this purpose. Participating Bank will be theMaster policy holder on behalf of the participating subscribers. It will be theresponsibility of the participating bank to recover the appropriate annualpremium in one instalment, as per the option, from the account holders on orbefore the due date through ‘auto-debit’ process and transfer the amount due to 

IMPORTANT LINK::

OFFICIAL SITE DETAIL INFO::FROM HERE.

ALLPICATION FORM :: FROM HERE.

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READ ALL INFO IN GUJARATI : CLICK HERE

the insurance company.Individuals who exit the scheme at any point may re-join the scheme in futureyears by paying the annual premium, subject to conditions. Further, in order toassure a hassle free claim settlement experience for the claimants a simple andsubscriber friendly administration & claim settlement process has been put inplace.To ensure that the benefits of this scheme is brought to every uninsuredindividual, who holds a bank account, wide publicity was given for this socialsecurity measure through electronic media, radio, posters, newspapersadvertisements etc. Enrollment forms were widely distributed. Highly publicisedEnrollment camps were conducted by Banks, and Insurance Companies,mobilising the entire net work of SLBC Co ordinators, state and district level nodalofficers, agents and banking correspondents, thereby fully utilising the reach ofthese channels, for attracting large scale enrolment in the scheme.Between the date of commencement of enrolment on 01st May till the date oflaunch of the scheme by the PM on 9th May, 4.42 Crore subscribers were enrolledin the PMJJBY scheme.The simplified procedures and the documentary requirements and the proceduresto be followed in case of a claim under the policy has been widely publicisedthrough posters and advertisements at every location and point of contact whicha claimant is likely to get in touch in case of an accident resulting in a claim underthe scheme.An IT enabled, web based system is in the process of being established to keepthe claimants informed seamlessly about the progress and status of the claim, tillit’s settlement.Claim settlement will be made to the bank account of the insured or his nomineein case of death of the account holder.

The enrolment drive is continuing without loss of momentum till date. As on 31stMay, that is, on the eve of commencement date of the policy, the numberenrolled under PMSBY scheme had reached 7.29 Crores.Immediately after the close of the first phase of enrolments, banks have startedthe process of auto debit of premium in the accounts of the enrolees andremittance of premium to the insurers. So far premium has been debited toaround 65% of the accounts.The enrollment is open till 31st August and the drive is continuing. Till 18th June2015 the number of enrolled under PMSBY stands at 7.68 Crore.The scheme is expected to serve the goal of financial inclusion by achievingpenetration of insurance down to the weaker sections of the society, ensuringtheir or their family’s financial security, which otherwise gets pulled to the ground