The second wave of Coronavirus created a catastrophic crisis across the country. The number of covid-19 cases are going up day by day. Many are dying due to this virus. In this case, life insurance is important for the families of the deceased patients. If a member of family dies because of covid-19, a central government insurance scheme can provide an insurance sum of Rs 2 Lakh. The scheme name is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) introduced on May 9, 2015. Under this scheme, the citizens of age group of 18 to 50 years who have an account with a bank can get insurance of Rs. 2 lakh. The premium for this plan is deducted from your bank account. If a person who took this policy for the financial year 2020-21, and unfortunately dies, his registered nominee can claim the sum insured.
This policy is a one year term insurance policy. It covers one year from June 1 to May 31. This policy need to renew every year. In case of death due to any reason is insured under this policy. This includes deaths due to covid-19. These also include deaths due to murder or suicide.
The premium for PMJJBY is Rs. 330 per annum. The insurance cover of this plan is additional insurance cover if the policyholder already has any other policy.
This policy can only apply through a bank account. Therefore, the policy holder can claim in the same bank. Claims will consider after 45 days of enrollment. Of course, this condition does not apply in case of accidental death.
Documents like death certificate, cause of death, canceled check etc. have to submit while making a claim under this scheme. To get the claim amount It can take a few weeks or even a few months. So the nominee can stay in touch with the concerned bank for his claim without panic.
This policy can be purchased at any instant. Since this policy is for one year only, the premium depends on the month in which you take the policy. A maximum premium of Rs 330 has to be paid. However, the premium is Rs 330 from June to August, Rs 258 from September to November, Rs 172 from December to February and Rs 86 from March to May.
As of 31 March 2021, about 10.27 crore people has been registered. According to government figures, 2,50,351 claims were received in the financial year. out of which 2,34,905 claims were distributed.