Do you remember PMJJB Yojana - ₹ 330 Insurance Claim Complete Procedure !!

15,167 crore of policyholders money was lying unclaimed with 23 life insurers as of March 31, 2018. If the same is not claimed for the next 10 years, the amount will be transferred to the SCWF (Senior Citizen's Welfare Fund).

Why is most of the amount unclaimed because the nominee is either not aware of the policy or does not know the complete steps to get the claim straight away?

Pradhan Mantri Jeevan Jyoti Bima Yojana: It's a term insurance that provides a yearly life insurance coverage of Rs 2,00,000 in the event of the demise of the insurer. A renewable year-to-year insurance scheme offering coverage for death There are no investment-related components present as it is completely insurance, which covers only mortality, and in the event of death, the amount will be given to the nominee, with no maturity benefit attached to the insurer. Insurers can take advantage of tax benefits under Section 80C of the Income Tax Act.

Insurance Year coverage starts from 1st June till 31st May, and once enrolled for the coming year, the insurance holder's account will auto-debit by 330. Subscribers will get a message every year before the auto-debit of the amount to keep the required balances in the registered bank account.

Citizens who are interested must have a savings bank account and consent to an auto-debit of the amount each year. It's only applicable to citizens falling between the age bracket of 18 and 50 years, with a maximum maturity age of 55 years. Also, the scheme is eligible for one savings account per subscriber.

It assures a life cover of 2 lakhs at a premium of 330 rupees. Premium auto-debit continues between May 25 and 31 until a cancellation request is made to the bank if any subscriber wants to discontinue. Also, it's mandatory to have your mobile number updated along with your savings bank account.

Misshappening within 45 days of enrollment in the scheme will not get covered, or no claim amount will be received by the nominee except for accidental death.

Ways Of Enrollment 

Application forms Can be downloaded from government official Website  👇

JAN-DHAN SE JAN SURAKHA

Settlement Of Claims 

Claim settlement will be done (in case of any mishap) by the designated office of the insurance company, where the nominee and designated bank should initiate the process by following the below steps:

Steps to be followed by Nominee who is claiming the amount

Steps to be taken care by Bank post receipt of documents 

Steps to be taken care by Insurance company