COVID-19 deaths: Nominees can claim Rs 2 lakh under Pradhan Mantri Jeevan Jyoti Bima Yojana

COVID-19 deaths: Nominees can claim Rs 2 lakh under Pradhan Mantri Jeevan Jyoti Bima Yojana

covid-19Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), launched in 2015, is a one-year life insurance scheme that offers coverage for death due to any reason. So, if you have your lost family remember to COVID-19, this insurance scheme may make you eligible for Rs 2 lakh insurance amount.

This is possible only when if the deceased has bought this policy in the financial year 2020-21. The nominee, in this case, may apply for the claim.

PMJJBY scheme is available to people in the age group of 18 to 50 years (life cover up to age 55) having a savings bank account and who give their consent to join and enable auto-debit.

Under the PMJJBY scheme, a life cover of Rs 2 lakh is available for a one-year period stretching from June to 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, according to Jansuraksha’s official portal.

For enrollment under PMJJBY, banks have tied up with insurance companies.
Participating bank is the master policyholder.

It’s important to check conditions under which assurance on the life of the member shall terminate and no benefit will become payable:

1) On attaining the age of 55 years (age near birth day) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).

2) Closure of account with the bank or insufficiency of balance to keep the insurance in force.

A person can join PMJJBY with one insurance company with one bank account only. Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self-declaration of good health.

n case of a claim, the nominees/heirs of the insured person have to contact the respective bank branch where the insured person was having a bank account. A death certificate and claim form is required to submit and the claim amount will be transferred to the nominee’s account.

Source: https://www.cnbctv18.com/personal-finance/covid-19-deaths-nominees-can-claim-rs-2-lakh-under-pradhan-mantri-jeevan-jyoti-bima-yojana-9423601.htm

Nysha Varshney

Naysha Varshney is an editor at Economy News. She covering finance and personal finance-related news.

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