New Delhi, India (CU)_ The Prime Minister Jeevan Jyoti Bima Yojna (PMJJBY) is a beacon of light for those who have lost loved ones to COVID-19, since it provides them with an INR 2 lakh insurance payout. The policy is managed by the Life Insurance Corporation of India (LIC) and other insurance companies, and it is renewed annually.
The PMJJBY Insurance Scheme of the Indian government also covers the Covid-19 fatalities. If the policyholder dies as a result of coronavirus or any other cause during the policy term, the family member or the nominee can collect the 2 lakh insurance benefits under the Pradhan Mantri Jeevan Jyoti Bima Yojana. PMJJBY is a one-year life insurance scheme offered by the Indian government. PMJJBY was established in 2015.
The policy period for the PMJJBY insurance plan is from June to May. The PMJJBY insurance policy is open to those between the ages of 18 and 50. The life insurance policy covers you up to the age of 55. It is necessary to have a savings account to register for the scheme, and the account will be linked to the insurance firm. The annual premium for a PMJJBY insurance coverage is INR 330 per member. The amount to be paid for the policy is automatically debited from the bank account.
To claim the PMJJBY insurance amount, the nominee or the family member needs to contact the bank where the policyholder is covered by the PMJJBY plan. The important documents like death certificate, claim form, refund receipt, discharge receipt from the bank and other necessary papers must be submitted by the nominee. The banks will then forward the documents to the insurance company within 30 days.
