Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme that provides life insurance coverage with affordable premium. The scheme is available to individuals between the ages of 18 and 50 and provides a death benefit to the nominee of the policyholder in the event of the policyholder's death. An investment calculator for PMJJBY can help investors estimate the premium amount and the sum assured under the scheme.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme in India that provides life insurance coverage to individuals. Here are some of the key features of PMJJBY:
1. Affordable Premium : PMJJBY offers life insurance coverage at a very low and affordable premium. As of my last update in 2021, the annual premium was just Rs. 330 per annum.
2. Pradhan mantri jeevan jyoti bima yojana age limit Age Limit : The scheme is available to individuals in the age group of 18 to 50 years. The age group may vary, so it's important to check the latest information.
3. Sum Assured : PMJJBY provides a life cover of Rs. 2 lakhs. In the event of the insured's death due to any reason, the nominee will receive this amount.
4. Renewable : The scheme is renewable every year. You need to renew it to continue the coverage.
5. Auto Debit Facility : Premiums for PMJJBY are directly debited from the insured person's bank account through the auto-debit facility.
6. Nominee : The policyholder can nominate a family member who will receive the sum assured in case of the policyholder's demise.
7. Risk Coverage : PMJJBY offers a death benefit only. There is no maturity or surrender benefit.
8. Enrollment Period : Individuals can enroll in the scheme during specified enrollment periods. Usually, it's between June 1 and May 31 each year.
9. Claim Process : To claim the insurance amount, the nominee or legal heir needs to provide the death certificate of the insured person and the required claim forms to the bank where the policy is held.
10. No Medical Examination : PMJJBY is a no-frills insurance scheme, and it oes not require a medical examination for enrollment.
11. Government-Backed : PMJJBY is a government-backed scheme, and it is administered by the Life Insurance Corporation of India (LIC) and other insurance companies.
12. Tax Benefits : Premiums paid under PMJJBY are eligible for tax benefits under Section 80C of the Income Tax Act.
Please note that the specifics of PMJJBY may change over time, so it's important to check with the relevant authorities or the official website for the most up-to-date information and eligibility criteria.
As of my last update in September 2023, the premium paid for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is eligible for tax benefits under Section 80C of the Income Tax Act, 1961 for individuals.
Here are some key points regarding PMJJBY / Pradhan Mantri Jeevan Jyoti Bima Yojana benifits on Tax :
1. Premium Payment : The premium amount paid for PMJJBY is eligible for tax benefits up to the specified limit under Section 80C.
2. Deduction Limit : The maximum deduction allowed under Section 80C for all eligible investments and expenses, including the PMJJBY premium, is up to Rs. 1.5 lakh per financial year (subject to any changes in tax laws).
3. Aggregate Deductions : The total aggregate amount of deductions claimed under Section 80C (including PMJJBY premiums, life insurance premiums, provident fund contributions, etc.) cannot exceed the specified limit of Rs. 1.5 lakh.
It's important to keep in mind that tax laws and regulations are subject to change, and the Pradhan Mantri Jeevan Jyoti Bima Yojana benifits on tax associated with PMJJBY may be revised by the government in subsequent years. Therefore, it is advisable to consult with a tax advisor or refer to the latest guidelines and notifications from the Income Tax Department to ensure compliance with the most current tax provisions.
As of my last update in September 2021, the eligibility criteria for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in India were as follows:
1. Age : The minimum age to be eligible for PMJJBY is 18 years, and the maximum age is 50 years. However, these age limits may vary, so it's essential to check the latest information, as government policies and eligibility criteria can change.
2. Bank Account : To enroll in PMJJBY, you must have an active savings bank account. The premium for the scheme is directly debited from the policyholder's bank account through the auto-debit facility.
3. Consent : You must provide written consent for auto-debit of the premium from your bank account.
4. Enrollment Period : You can enroll in the scheme during specific enrollment periods. Usually, the enrollment period is between June 1 and May 31 each year. It's essential to enroll during this period to be eligible.
5. Existing Life Insurance : You should not already have an existing life insurance policy under the same scheme. If you have a similar life insurance policy, you may not be eligible for PMJJBY.
It's important to note that the eligibility criteria for government schemes can change, so it's advisable to check with the relevant authorities or the official website for the most up-to-date information and eligibility criteria for PMJJBY. Additionally, there may be changes and updates to the program after my last knowledge update in September 2021.
1. Notification of the Insurer : - In the unfortunate event of the policyholder's death, the nominee or legal heir should contact the bank where the PMJJBY policy is held. The bank is the primary point of contact for initiating the claim process.
2. Provide Necessary Documents : - The bank will provide the claimant with the necessary claim forms and instructions on how to complete them. - The following documents are typically required: - Original death certificate of the insured person. - Filled and signed claim form. - Discharge receipt. - Any other documents as required by the insurer.
3. Submit Claim Documents : The nominee or legal heir should submit the completed claim forms and the required documents to the bank. Make sure to retain a copy of all the submitted documents for your records.
4. Verification Process : The bank will review the submitted documents to ensure that they are in order and complete. They may also verify the authenticity of the claim.
5. Processing the Claim : Once the claim is found to be valid, the bank will forward the claim documents to the insurance company administering the PMJJBY policy.
6. Settlement of Claim : After verifying the claim and receiving all necessary documents, the insurance company will process the claim and disburse the sum assured (Rs. 2 lakhs) to the nominee or legal heir's bank account.
7. Notification to Claimant : The bank or the insurance company will inform the claimant of the status of the claim and the date of the disbursement.
A PMJJBY investment calculator is a tool that takes into account two main inputs: the age of the investor and the sum assured. Based on these inputs, the calculator estimates the premium amount that the investor will need to pay to receive the chosen sum assured. To calculate the premium amount for a PMJJBY policy, the calculator uses a formula that takes into account the age of the investor, the sum assured, and the mortality rate.
Estimating the Premium Amount : By using a PMJJBY investment calculator, investors can estimate the premium amount they will need to pay to receive their desired life insurance coverage.
Understanding the Impact of Age : The age of the investor can have a significant impact on the premium amount and the sum assured under PMJJBY. By using a PMJJBY investment calculator, investors can determine the impact of different ages on their premium and coverage.
Choosing the Right Sum Assured : The PMJJBY scheme offers different sum assured options that investors can choose from. By using a PMJJBY investment calculator, investors can compare the premium required for different sum assured amounts and choose the one that best fits their financial goals.
Planning for the Future : By using a PMJJBY investment calculator, investors can plan for their future and ensure that they have sufficient life insurance coverage to protect their loved ones in the event of their untimely death.
Taking Advantage of Tax Benefits : PMJJBY offers tax benefits under Section 80C of the Income Tax Act, which allows investors to claim deductions on the premium amount paid for the scheme. By using a PMJJBY investment calculator, investors can ensure that they take full advantage of these tax benefits.
Premium = (Sum assured * Mortality rate) / 1000
Premium = the premium amount to be paid
Sum assured = the amount of life insurance coverage chosen by the investor
Mortality rate = the rate of death among the population of the investor's age group
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What is pradhan mantri jeevan jyoti bima yojana?
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme in India. It was launched by the Prime Minister of India, Narendra Modi, on May 9, 2015. The scheme is aimed at providing life insurance coverage at a highly affordable premium to individuals in the age group of 18 to 50 years.
Pradhan mantri jeevan jyoti bima yojana under which ministry?
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance scheme in India that provides life insurance coverage. It falls under the Ministry of Finance, Government of India. The scheme was announced by the Government of India in the Budget for the fiscal year 2015-16 and is administered by the Life Insurance Corporation of India (LIC) or other insurance companies as selected by the concerned State Governments or Union Territory administrations. The Ministry of Finance oversees the implementation and coordination of the scheme.
How to stop pradhan mantri jeevan jyoti bima yojana?
Want to stop the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Contact Your Bank/Insurance Provider - through which you enrolled in PMJJBY. Visit the branch in person or contact their customer service helpline. Submit a Written Request - to stop or opt out of the PMJJBY to cancel the insurance policy. Include your policy details and any other relevant information. Provide Valid ID - along with your written request. Follow Bank's Procedures - forms provided by your bank or insurance provider for cancellation. Cancel Auto-Debit (if applicable) - If the premium for PMJJBY is being automatically deducted from your bank account.
How many days after death we can claim PMJJBY?
member shall be one who is a legal heir and submits a succession certificate or legal heir certificate issued by a competent court or authority. visible means. No claim shall be payable in case of death occurring within 30 days from the date of joining/rejoining the policy, except in case of death due to accident.
Who is not eligible for PMJJBY?
The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit.
Can I get my money back from PMJJBY?
People with more than one Savings account can only enrol for one PMJJBY policy. The premiums will be refunded to policyholder's account if such a case is discovered. Also, no coverage will be offered for such plans. The premium must be paid as per the requirement.