Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form

Pradhan Mantri Jeevan Jyoti Bima Yojana is a state-backed life insurance system in India. It was mentioned in the budget speech of 2015 by Finance Minister Arun Jaitley in February 2015.

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

It was officially launched by Prime Minister Narendra Modi on May 9 in Calcutta to life. As of May 2015 only 20% of the Indian population any insurance, this regulation aims to increase the number.

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

Pradhan Mantri Jeevan Jyoti Bima Yojana is available for people between 18 and 50 with bank accounts. It has an annual premium of 330 ₹ (US $ 5.10). The service check is optional on Pradhan Mantri Jeevan Jyoti Bima Yojana. The amount is automatically debited from the account. In case of death due to a cause, payment to candidates ₹ 2 lakh (US $ 3,100) is.

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

This system is linked to the bank accounts that were opened under the Pradhan Mantri Dhan Yojana January system Most of these accounts had a balance first. The government aims to reduce the number of these zero balance accounts using these systems and related.

Now, all bank account holders can take this system at any time on their net banking service system to complete.

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

results

 

From April 24, 2017 already 11.3 crore people have enrolled in this scheme. It was paid 60,422 63,767 Claims claims.

Criticism

 

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

Banks have complained that revenues are very low. Some bankers have argued that the amount they receive is not enough to cover the cost of service. Since it is a group insurance policy, banks have received no indication of cases where excessive claims are in a year. The insurers also pointed out what is required no health certificate or information on the pre-existing disease.

 

Revised rules PRADHAN Mantri JEEVAN JYOTI BIMA Yojana
(For the year 2016 to 17 policy)
DETAILS OF DESIGN:
The PMJJBY is an insurance due to providing life insurance in case of death
For whatever reason. It would be a one-year renewable cover from one year to another.

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form

The plan would be offered / administered by LIC and other life insurance companies
Companies willing to provide the product on similar terms with the necessary permits
And lays with benches for this purpose. The participating banks will be free to engage
Such a company is a life insurance company for the implementation of the plan for its
Subscribers.
Scope: all individual account holders of the participating banks in the
An age group of 18 to 50 years will have the right to participate. In the case of a collection bank
By a person in one or more banks accounts, the person would be,
Eligible to connect the system through a single bank account.

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

Aadhar would Primary KYC for the bank account.
Application deadline: for the cover period 1 June 2016 to 31 May 2017
Subscribers are required to register their consent by direct debit before May 31 and
2016. Those who join late can do so through the payment
Annual premium to cover prospective buyers.
Registration Modality: Coverage must be for a period of one year
JUNE 1 – May 31, for which the option leveln / wage by self-influx
The single nominated bank account will be on the prescribed forms
Before May 31 of each year. Delayed registration with full annual payment
A bonus for possible coverage possible.

 

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

For participants who register for the first time or after June 1, 2016 insurance
Coverage can not be available for death (unlike by an accident)
During the first 45 days from the date of entry in the plan (Privileges
Period) and death (except for an accident) during the warning period,
No claims are subsidized.

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

People who can leave the plan at any time to join the new regime
Years. The exclusion of insurance benefits during the period is also applicable
Subscribers who leave the system during or after the first year, and arrive
Any date after 1 June 2016.
In the coming years new market participants in the selectable category or currently eligible
People who have not previously joined or stopped their subscription are eligible,
Join, while the regime continue to subject to the 45 days notice period
Above.

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

Advantages: Rs.2 Lakh is payable to the death of the member for any reason …
Premium: Rs.330 / – per year per member. The premium is deducted therefrom
The bank account of the account holder by installing “automatic debiting” in a single payment,
According to the given option, no later than May 31 each year cover period
Under the regime. Delayed application for prospective reporting after the 31st of May
Possible, with full payment of the year’s premium. The bonus would be
After the year of experience of the claims revised. But unless unpredictable
Unfavorable results of the extreme nature, efforts will be made to ensure that,
Not an upward revision of the premium for the first three years.

 

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

ELIGIBILITY:
Individual bank account holders aged 18 to 18 years of age
Years (completed) and 50 years (at the age of the next birthday), which give their consent,
Join / authorize the automatic debiting, according to the modality above, into which are recorded Scheme.

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

Owners of the main policy: participating banks will be the owners of the main policy. A
A simple and cost effective procedure for administration and judging will
Finalized by LIC / other insurance company in consultation with the participants
Bank.

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:
Termination of insurance: insurance on the life of a member must
Stop at one of the following events and no performances are due
sub:
1) At the age of 55 (age of proximity from birth) in annual extension reserve
At this time (the entrance will however not be possible, more than 50 years).
2) To close the account at the bank or balance failure to keep the hold
Insurance in force.
3) When a member of PMJJBY covered with LIC from India / Miscellaneous
Companies through more than one account and the bonus is received by LIC / others
Companies inadvertently cover insurance limited to Rs. 2 Lakh and
The premium paid for the double insurance is liable for a loss.

Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojna

Government announced insurance Pradhan Mantri Suraksha Bima Yojana (for accidental death and disability), Pradhan Mantri Jeevan Jyoti Bima Yojana (for life insurance) and Atal Pension Yojna (for pension). This article gives the highlights of these systems. These systems would enter into force as from 1 June 2015.

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

The government plans to use the technology as far as possible to reach the beneficiaries and thus to block leakages in the system. The JAM (Jan Dhan Yojana, Aadhaar and mobile) number triad will allow the government to transfer the benefits in a leakage-proof, targeted and cashless transfer.

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

Pradhan Mantri Suraksha Bima Yojana
Highlights of the Pradhan Mantri Suraksha are Bima Yojana (Pmsby – Scheme 1 – for accidental death insurance)
Eligibility: Available for persons aged 18 to 70 years with bank account.
Premium: Rs 12 per year.
Payment mode: The bank charges the premium directly from the subscription account. This is the only mode available.
Risk Coverage: For Inadvertent Death and Full Invalidity – Rs 2 Lakh and Partial Invalidity – Rs 1 Lakh.

 

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

Suitability: Anyone who has a bank account and an Aadhaar number linked to the bank account can submit a simple form to the bank before June 1 to join the program. Name of the nominee in the form.
Conditions of risk coverage: A person must decide for each year. He may also prefer a long-term option to continue, in which case his account will be automatically debited by the bank every year.

 

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

Who will implement this scheme? The scheme is offered by all public insurance companies in the public sector and all other insurers willing to join the system and to cooperate with banks for this purpose.
The premium paid will be exempt from tax under Section 80C, and the proceeds will also receive a tax exemption of 10 (10D). But if the proceeds from the insurance policy exceed Rs.1 lakh, TDS at the rate of 2% off The total amount if the insurer is not submitted a form 15G or form 15H.
Pradhan Mantri Suraksha Bima Yojna
Pradhan Mantri Suraksha Bima Yojn
Pradhan Mantri Jeevan Jyoti Bima Yojana
Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – SCHEME 2 – FOR THE LIFE INSURANCE COVER)

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

Eligibility: Available for persons in the age group from 18 to 50 and with a bank account. However, persons who enter the scheme 50 years ago can have the risk of life insurance up to the age of 55 until payment of the premium.
Premium: Rs 330 per year. It is automatically loaded in a tranche.
Payment mode: The payment of the premium is charged directly by the bank from the subscriber account automatically.

Pradhan Mantri Jeevan Jyoti Bima Yojana | PM Jeevan Jyoti Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana Form:

Risk cover: Rs. 2 Lakh in case of death for any reason.
Conditions of risk coverage: A person must decide for each year. It may also prefer a long-term option to continue, in which case its account is debited automatically by the bank every year.
Who will implement this scheme?: The scheme is offered by Life Insurance Corporation and all other life insurers who are ready to join the scheme and bind with banks for this purpose.
Pradhan Mantri Jeevan Jyoti Yojna
Pradhan Mantri Jeevan Jyoti Yojna
Comparison of Jeevan Jyoti Bima Yojana (PMJJBY) against Suraksha Bima Yojana (PMSBY)

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