Victims of Covid-19 Eligible For Rs 2 Lakh Insurance Under This PM Health Scheme

With the accelerating number of Covid-19 incidents across the country, the death rate is growing manifold too. Several are losing their parents, grandparents, and some even children to the second wave of the dangerous pandemic.

Amid daily report of families losing their breadwinners, the government-backed Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) can be recognized as a helpful measure of GOI.

Under the PMJJBY, a 1-year life insurance scheme, families who have lost their loved ones can claim an insurance cover amount of Rs 2 lakh.

The reason for death does not adhere only to Covid-19 and can be of any type, including suicide and crime death.

LIC, including other insurance corporations, manages this PM policy.

PM Jeevan Jyoti Bima Yojana 

The PMJJBY is a 1-year insurance term policy that continues from June 1 to May 31. It oversees life insurance cover for death due to any reason.

The scheme was launched six years back, on May 9, 2015, and offers an insurance cover amount of Rs 2 lakh savings bank account holders between the ages of 18 and 50, while the life cover comes up to 55 years of age.

Bank holders enrolling in this scheme are required to give consent to the bank for auto-debiting the premium from their bank accounts.

The policy must be renewed every year, while the cover starts from the holder’s request and ends on May 31 of next year

The annual payable premium is Rs 330 if signed up between June and August.

ICICI Bank’s website says that for a person enrolling in this scheme during the September-November period, the premium amount payable is Rs 258, further reduced to Rs 172 in the December-February period, an Rs 86 if signed up between March and May.

Once signed up, the following year’s premium will be? 330, and the bank will debit it between May 25 and May 31, adds Livemint.

The scheme will lapse or no longer be valid if:

  • The person/account holder attains the age of 55, or
  • The bank shuts their account due to insufficient balance for debiting the premium, or/and
  • if the person has insurance from different banks.

The exited individuals can rejoin the scheme by paying the annual amount and submitting the declaration of good health.

How to Register for the Scheme?

If you wish to register for PMJJBY, the process is easy and straightforward, as LIC and other insurance companies manage it.

If your bank account was linking with the insurance firms, you could contact your banker for registration.

How to Claim Insurance under the PM Jeevan Jyoti Bima Yojana Scheme?

The person who has succumbed to Covid-19 infection bought PMJJBY in the financial year 2020-21, and his nominee/heir/successor could apply for a claim.

According to IndiaToday Group,

  • Contact the bank where PMJJBY covers the member. The member’s death certificate is essential for claiming the insurance amount.
  • All the essential papers like claim form, refund receipt, discharge receipt from the bank, and other designated sources must be kept ready by the nominee. Important documents also include established websites, like branches of insurance undertakings, hospitals, primary healthcare centers, insurance companies, and others.
  • Please note that the concerned insurance corporations must guarantee that forms in all areas are available.
  • The duly filled out claim form, a receipt for discharge, death certificate along with a Xerox of the nominee’s canceled bank account, and all the relevant bank details must be sent to the bank.
  • Ensure that banks check all the claims forms and required fields, and the nominee’s information from the documents is appropriately filled out and ready for them.
  • The banks must forward all the duly executed claims to the insurance company within 30 days from the submission date.

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