Innocent and well-meaning individuals like yourself, who might not fully grasp the significance of certain insurance forms or schemes, often find themselves in situations where they need to understand complex insurance details. If you're already covered under a life insurance policy and are wondering if the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) can be an additional cover, this guide is here to help you.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed term life insurance scheme designed to provide financial security to the families of policyholders in the event of their untimely death. It offers a coverage amount of Rs. 2 lakh for an affordable annual premium of Rs. 436/-.
Yes, PMJJBY can be used as an additional cover, even if you are already insured under other life insurance policies. This means that the Rs. 2 lakh coverage provided by PMJJBY will be in addition to any existing coverage you have. For example, if you have a life insurance policy with a sum assured of Rs. 10 lakh, and you also enroll in PMJJBY, your total coverage would increase to Rs. 12 lakh.
For many people, the idea of insurance is not just about meeting legal or financial requirements—it's about ensuring that their families are well taken care of in case the unexpected happens. The additional cover provided by PMJJBY can offer that extra layer of security, which might make a significant difference in difficult times.
Check Eligibility:
Ensure that you are within the age group of 18 to 50 years and have a valid bank account with a participating bank or post office.
Understand the Premium Payment:
The annual premium of Rs. 436/- will be auto-debited from your bank account. If you enroll during the middle of the policy period, the premium will be pro-rated based on the quarter you enroll in.
Enroll Through Your Bank or Post Office:
Visit your bank or post office and request the PMJJBY enrollment form. Fill it out, providing your consent for the auto-debit of the premium from your account.
Keep a Record:
After enrolling, keep a copy of your enrollment form and any correspondence with the bank or insurance company. This will be important if you need to make a claim or if there are any discrepancies in your coverage.
Inform Your Family:
Make sure your family members are aware of the additional cover under PMJJBY. Provide them with the necessary details so they know how to make a claim if needed.
If you decide to leave the scheme, you can rejoin in future years by paying the appropriate premium. However, be aware that the insurance benefit will not be available for non-accidental deaths occurring within the first 30 days after rejoining.
The Pradhan Mantri Jeevan Jyoti Bima Yojana is a valuable tool for providing financial security to your loved ones. By enrolling in PMJJBY, even if you already have other life insurance policies, you can enhance the overall protection for your family. Remember, the primary purpose of insurance is to provide peace of mind, knowing that your family will be supported financially if anything happens to you.
Leave a comment