PM Jeevan Jyoti Bima Yojana 2020 | PMJJBY Scheme Application, Eligibility, Benefits: PM Jeevan Jyoti Bima Yojana 2020 is an insurance scheme Launched by the Prime Minister of India, Narendra Modi. And Organized by LIC and other Life Insurance Companies. Through the PM Jeevan Jyoti Bima Yojana 2020, the insurance amount will be provided to the Nominee stated by the policyholders.
These Insurance Companies will tie up with the banks. The persons with the age group of 18-50 years (life cover will be up to 55 years) and with the savings bank account are allowed for the benefits of Pradhan Mantri Jeevan Jyoti Bima Scheme 2020. The person should pay the annual premium of Rs.330 and it is renewable every year. The claimed amount will be Rs. 2,00,000.
PM Jeevan Jyoti Bima Yojana 2020 – Complete Details
|Name of the Scheme||PM Jeevan Jyoti Bima Yojana 2020|
|Announced by||Central government|
|Managed by||Life Insurance Corporation|
|Benefits||Nominee will get the coverage amount of Rs.2,00,000 when the insurance holder dies.|
|Mode of Application||Offline|
|Beneficiaries||Residents of India holding Bank Accounts|
PMJJBY Premium Break-up
- The annual premium amount for the insurance company will be Rs.289 for a person.
- The annual reimbursement of the expenses for the agent or bank is Rs.30 for a person.
- The annual reimbursement of the administrative costs for the listed bank is Rs.11 for a person.
PMJJBY Eligibility Guidelines
- The person with the age of 18-50 years and having a savings account are eligible for the PM Jeevan Jyoti Bima Yojana.
- The candidates can enter into the Scheme only with one saving account irrespective of their other bank accounts.
- The candidate’s bank account must be linked with their Aadhaar card.
- A medical certificate will be necessary for the proof.
Pradhan Mantri Jeevan Jyoti Bhima Yojana Benefits
- If the policyholder dies for any reason, the beneficiary will get the coverage amount of Rs.2,00,000.
- The Pradhan Mantri Jeevan Jyoti Bhima Yojana doesn’t have any maturity period or surrender period.
- According to the section 80C of the Income Tax Act, the premium amount paid for the policy will be qualified for the tax benefits.
- The Pradhan Mantri Jeevan Jyoti Bhima Yojana is a policy that will renew every year and also issued 1-year risk coverage.
How to Register for PM Jeevan Jyoti Bima Yojana?
- The PM Jeevan Jyoti Bima Yojana 2020 is organized with the LIC and other Life Insurance Companies in the country
- A person can approach their bank Officials if it is tied up with any insurance companies for the process of registration.
- If the person has many bank accounts then they can enter the PM Jeevan Jyoti Bima Yojana 2020 only with one bank account
- Candidates can renew their plan with a full premium at any time in the year.
- The renewal date for all the subscribers is 1st June.
- If any person quits the scheme for any reason, they can have a chance to enter again into the scheme with the payment of an annual premium.
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PM Jeevan Jyoti Bima Yojana 2020 – Frequently Asked Questions
What is PMJJBY?
The Pradhan Mantri Jeevan Jyoti Bhima Yojana is an insurance scheme offered through the LIC and other Life Insurance Companies. The Beneficiary will get the insured amount when the policyholder dies.
Who is eligible for the Pradhan Mantri Jeevan Jyoti Bhima Yojana?
The people with an age group of 18-50 years and with a bank account are eligible for the Pradhan Mantri Jeevan Jyoti Bhima Yojana.
What is the mode of application for the Pradhan Mantri Jeevan Jyoti Bhima Yojana?
The applicants must go to the respective banks which are tied-up with the LIC and other Life Insurance Companies. The candidates must have a bank account in those banks. For more information, visit our website or check at https://www.licindia.in/Products/Pradhan-Mantri-Jeevan-Jyoti-Bima-Yojana-(PMJJBY).
What is the benefit of Pradhan Mantri Jeevan Jyoti Bhima Yojana?
The nominees will get the insurance amount up to Rs.2,00,000 at the time of the death of the insured person.